Lake Powell – Page AZ Real Estate Market Report Jan 2011

It appears home prices are beginning to fall in the Page Lake Powell area. While we have maintained a pretty steady market through the downturn, homes sold in January reflect a lower price point. Without knowing the personal story behind each of the homes it is difficult to determine if these were sellers in distress either personally or financially.

4 homes sold in Page, Arizona during the month of January.

Two bureau neighborhood homes sold: one on Cedar went for $159,000 and one on Birch for $135,000.

A home in Stonecliff sold for $168,000 while one on 15th went for $170,000.

Using these four closed sales the average sold price was $158,000.

Comparing to January of 2010, when 2 homes closed at an average price of $164,500.

January is not a month indicative of strong Lake Powell home sales as it is off season for us and people are just getting back in to the groove after the holidays.

Five homes in the Lake Powell MLS, which covers both Page and Greenehaven, are listed as “pending”. Pending homes have accepted contracts on them and are awaiting financing or repairs or other conditions of sale.

No Manufactured homes sold in the Page Lake Powell area in January, but 3 older mobile homes did with an average price of $37,166. These mobile homes are all on privately owned property.

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