Payson Real Estate Market Update

By Tamra Lee Ulmer
Broker

Housing market summary

Payson, a city located in Arizona, currently has a home listing of 226 active homes as of June 2022 and 24 of them being new. In May 2022, the median price listing of homes in the town was $592,000, which shows an increase of 11.1 % year over year, and the median market days were 32 in this compared to 33 last year. In May 2022, there were 113 homes, while at the same time the previous year, only 44 homes were sold. Payson has an average of 13 schools,5 high schools, 4 middle schools, and 4 elementary schools. The average listing of the schools is 5 out of 10 excellent schools. Payson remains a seller market, indicating that more people are willing to buy homes in the place compared to the number of homes available for sale. Most homes are sold below the listing price in Payson in 2022, averaging 0.94% below the asking price.

Payson’s market trend for single-family homes.

In May 2022, Payson recorded a decrease in the home price listing from $640,000 in May 2021 to $598,750 in May 2022. Between January and June 2022,February records the highest medial list price at $681,000 while April shows the lowest median list price of $600,000.

May 2021, the median price per square foot was $278, and 12 months later, the price rose to $302. June 2022 records a slight increase since the price is at $307.Data shows that between January and June 2022  median home price per square foot was highest in February and lowest in April and May.

May recorded 110 homes for sale in 2022, while in May last year, the home prices were at 43. In June 2022, the number of homes available for sale was approximately 136. Within the first six months of 2022, the number of homes available for sale has increased steadily. Currently, June records the highest number of homes available for purchase, while January and February have the lowest number of homes.

The median home size per square foot for single-family homes has decreased from 2509 in May 2021 to 2052 in May 2022. The home size was further reduced to 1980 in June 2022. April  had the highest number of home sizes while January had the smallest home size, 1929.

The median market days for single-family homes were 13 in May 2022 while the median market days for last year were 33. Within the first half of the year, January has the highest number of market days, while June has the lowest number of market days. It shows that homes are being bought at a faster rate.

Market trend for condos.

The median list price for a townhome in May 2022 was $275,000, increasing from $220,000 in May 2021. The median list price was highest in January at $299,000, which decreased steadily up to April 2022 and May 2022, whereby the price remained constant. In June 2022, the price is at $283,900

The median price per square foot has also shown an increase in price between May 2021 and May 2022. In 2021, the price per square foot was $185; in May 2022, the price was $201. In June of 2022, the price is currently at $217.In the first half of 2022, the price per square foot was highest in January at $218 and lowest in February at $199.

The number of homes available for sale in the last two years has been deficient since last year May, an open house for sale for a condo was just one, while in 2022 May, the number of homes available for sale was just three. The low number of condos is a bit worrying for those who would prefer to buy a condo. In the first half of the year, January had three homes available for sale, the number decreased to two, and later in March, the houses open went down again to one. From April to June, three homes were available for sale up to June.

The median home size square feet for condos in May was 1306 in 2022, while in 2021, the median length was 1188 showing an increase in the home size. Within the last six months, home size square feet was highest in February, having square feet of 1,441, while June recorded the lowest number being 1,000.

Condos in 2022 have proven to stay in the market longer than the other years. In May 2022, houses remained in the market for 46 days, while last year, the same month, homes stayed in the market for 11 days before being sold out. Thew market days have been fluctuating over the previous six months where by March, the most extensive market days were 70 while January had the lowest number of market days, 13. Currently in June, there are 58 market days. It is suspected that the price might continue to increase for the rest of the year.

Conclusion.

Between May and June of 2022, there has been a decrease in the median list price of homes by 4%. Also in June, inventory levels are currently 23% higher than last. The information indicates an enormous gap in the housing market of Payson between demand and supply.