February was a fairly active month in the Lake Powell real estate market in Page, AZ. Four homes sold, a mobile home and a airport hanger.
Average price of homes sold in February – $275,375
Median Home Price of Sold homes – $301,000
Because the Page Lake Powell real estate market is rather small compared to large cities, sometimes these numbers don’t tell the story. The Median Home Price is the price where half the homes were above that price, and half below. In a month where several larger homes sold it can skew the price higher.
Absorption Rate – 11.75 months
With the number of homes currently on the market in Page, AZ only – it would take 11.75 months for all of them to sell. However, the Page Lake Powell area is driven by a tourist season, which also includes real estate, so we should see sales pick up as we move into the spring and summer months.
Homes for Sale in Page, AZ
Median Listing Price – $250,990
Average Listing Price – $322,833 a 3.4% drop over last year at the same time
Manufactured Average Listing Price – $113,570 which is a 17% drop over last year at the same time
Currently there are only 4 single family lots for sale in Page with an average price of $130,000. This should lighten up with more lots available as we have a new subdivision coming on the market. We will do a post on the new subdivision in the next couple of days.