Tooele Home Sales up, Prices Down ???
The Salt Lake Tribune reported today, Sept.12, 2007 that the National Association of Realtors has lowered the 2007 existing home sales forecast for the 7th straight month. They have predicted an almost 9% drop from last year.
The "Trib" quoted a Salt Lake Board of Realtors report of a 2% decline in Home sales in Tooele County during the second quarter of 07.( more than 95% of County sales come from Tooele City, Grantsville, and Stansbury Park).
Two things bother me about that article appearing in a morning newspaper:
1. The article is not timely and presents a distorted view of whats happening NOW in Tooele County.
2. Home prices cannot continue to increase when there are fewer buyers competing for them. Sometime soon we will see prices retreat in the face of fewer home buyers.
The first I have a simple answer for. Ask your Real Estate Agent to log in to the Wasatch Front Regional MLS and provide you with any answers you might need regarding home sales in your area. UP TO THE MINUTE. Don't make decisions using yesterdays news.
Heres the real picture as of August 31st: For Grantsville, Tooele City, Stansbury Park.
You will see from the following chart of August Home Sales provided by the WFRMLS ,that more current information presents a slightly different picture than the newspaper report. Home sales were down almost 15% on 17 units, and the average house price of $215,365 was up nearly 17%.
YEAR SALES AVE. PRICE D.O.M.
2006 116 $183,005 29
2007 99 $215,365 50
My second issue is all about economics, and whose crystal ball is better. But the problem is not something you or I can influence, and our only solution relates to heartburn #1. Whatever Real Estate information you want needs to be Real, Fresh, Accurate, Verifiable, and easily obtained. That's where I come in. I update my site daily, and strive to provide you with the most current, up to date information possible. Visit me often, I'm here to help. Or give us a call 435-840-5029