Lake Powell Real Estate Market Report for 2008 – Page, Arizona

Like most of the country the Page Arizona, and the Lake Powell area, real estate market has made some adjustments from the high numbers posted in 2006 and in to 2007. However, as mentioned previously, Page and Greenehaven have had a rather insular real estate market in the past and that has helped through this latest downturn.

Please note these numbers reflect what has passed through our local Page AZ MLS system and not real estate transaction that were completed without a real estate agent.

Single Family Homes – Sold

25 Single Family homes sold in 2008 as compared to 32 in 2007, a almost 22% reduction.

Average Selling Price in 2008 was $245,800 down  4% from $255,680 in 2007.

(DOM) Days on the market rose in 2008 to 133 days up from 125 in 2007, a change of 6%.

Manufactured Homes – Sold

18 Manufactured homes sold in 2008 as compared to 33 sold in 2007, a 45% reduction

Average selling price in 2008 was  $102,633 down 16% from $122,400 in 2007.

(DOM) Days on the market Fell a huge 55% from 227 in 2007 to just 103 in 2008.

There are few things that really stand out in these above numbers. Manufactured home price have fallen some, but what is amazing is how fast the right priced ones are selling. In our “buyers” market right now there are a lot of homes and properties for sale which are all competing for the same buyers. A decrease in DOM is unusual in this case. Single family homes DOM only rising 6% is also noteworthy.

Single Family Lot sales did not fare so well in 2008 for the Lake Powell area. While 19 lots sold in 2007 that number decreased 74% to 5 lots sold in 2008.

While number of housing units sold has decreased across the board, it is encouraging the percentage has not been overwhelming. Also the fact prices have remained stable indicates Lake Powell real estate is a solid investment.

Next post we will look at what is currently on the market for sale in the Page Lake Powell area and the year end stats.

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