Tooele County 2nd quarter sales stats
I've been saying that the Tooele County Real Estate market is "interesting" to say the least, and our 2nd quarter stats continue to show that.
Let's jump straight to the numbers. Actual sales are down over 19%, with 65 less homes sold compared to last year. However, average selling price is up nearly 20%! Like I said, interesting. Homes are spending 10% less time on the market, however less than 54% of listed homes have sold, compared with 78% last year, a drop of 31%. One of the most telling numbers we're seeing is that actual listings are up over 19%, with 88 more homes on the market. The funny thing about all of this is that even though sales are down and inventory is up, usually a perfect recipe for buyers to make a great deal, average list price for new listings is up 27% to over $231K!
Grantsville's numbers for this same period are as follows. Actual sales are UP over 6%, with sales price up a whopping 48%! New listing are also up almost 28% with the asking price increasing 39% to over 273K. However, here is the important number to me: less than 45% of listings have sold in the second quarter, a drop of 14%, again a sure sign of a flattening market you'd think. A bunch of this is explained by a large number of spec homes sitting unsold compared to last year.
The Wasatch Front Regional MLS doesn't separate Stansbury Park from Tooele, so I'm currently manually putting those numbers together, but I think it's fair to say that we will see similar results. Numbers aside, we are seeing some actual changes in the market that make more sense. For example, sellers are now needing to reduce their prices. We are also seeing many more listings with lease option or seller financing being advertised.
What does all this mean? I see two things. First, large inventory means that buyers can be a bit more choosy than they've been able to for a while. Also, sellers are negotiating price more than they have the last couple of years. These things tell me that it's a great time to buy a home in Tooele County. The only thing hanging out there that hasn't started to correct is average sales price. But it will, and I imagine it will be starting soon. But, sellers shouldn't stay out of the game . It's a great time to use the equity you've gained the last several years and use it to move up to that "dream" home. The inventory is fairly heavy in the upper end market. All of this means what I've been saying for a long time: The Tooele County Real Estate market is great!