Tooele County 2nd Quarter Home Sales Report !
The Real Estate report of homes for sale, and homes/ Condominiums sold in Tooele County Utah is in and the results are pretty much what we all thought they would be. They are also about the areas we thought they would be, Tooele City, Stansbury Park, Erda and Grantsville Utah. These cities account for about 99+% of homes sold in Tooele County.
If you read this blog, there will be few surprises, as we keep you pretty much informed as to what is happening in local Real Estate around the towns in Tooele Valley on a weekly basis.
The information in this report has been provided by the Wasatch Front Regional Multiple Listing Service,(MLS) and is a composite of all the home sales and listing information supplied by local Realtors/members. We think it's accurate. As Realtors we depend on it to keep our clients informed about trends in the market, house prices in an area. how long it takes to sell a house in a particular price range, etc.
The commentary is our own however, based on the Real Estate experience and knowledge of our agents. It's only our opinion, and even then often not a consensus.
You will notice that the information supplied by the MLS does not include all of homes for sale by owner, (FSBOs) as homeowners selling their own houses don't always list their homes for sale.
The same is true of New Homes for sale by builders. Many new home builders do not list their new homes on the MLS, opting instead to build Model Homes and to staff them with their own well trained sales people, guaranteeing a certain level of representation.(to the builder). To understand how that concept could affect you as you look for a new home, go to Buying a New Home? Examples of this are the wonderful new Town Home and Condominium projects "Benson Mill" by Ivory Homes, the adjacent single family complex by Richmond America or Fieldstone Homes "Copper Canyon" in Tooele. These very successful new construction PUDs will not be represented here but certainly add a positive note to development in the area, and a unique niche of homes for sale. Homes sold and homes for sale in these ares would more that likely influence this report in a positive way.
Tooele County UT. 2nd Quarter Real Estate Report: Tooele, Stansbury Park, Erda, & Grantsville UT.
Number Houses Sold:
In Tooele, Stansbury Park, Erda, Grantsville from April 1,2008 thru June 30, 2008 only 187 single family homes were sold. That is a decrease of over 35% from the previous year, and 155 fewer houses than the 342 homes sold in 2006.
Average House Sales Price:
The average price of a home in Tooele, Stansbury Park, Grantsville dropped for the 1st time in a long time. Prices went from $207,907in 2007 to $201,013 in08. While the 3.32% decrease doesn't seem like much, the nearly $4,000.00 it represents in lost home equity per home is. After significant housing price increases over the last 2 years (over 46%) this seems like a modest give back, but like in many areas along the Wasatch front this may be just the beginning. .
Number Condominiums Sold:
The number of condos sold during the second quarter of 08 decreased by almost 56%. That is only 9 condominiums less than were sold in 07, and 7 fewer than in 06. Condominium sales have not had a significant impact in the used home market in Tooele County. In the New Construction sector however they have increased activity in the Stansbury Park area.
Average Condominium Price:
Prices for the average condo in Tooele, Stansbury Park slipped a bit also. Condominium prices were on average $135,512 last year to $131,971 this quarter, this year.(-2.61%)
New Listings:
New, home listings is interesting in that with all of the talk of foreclosures, short sales and mortgage resets, you would think more folks would be trying to unload their home. Not so. According to the MLS new listings are up only slightly from 543 to 564. New listings actually make up the core of residential Real Estate in an area, as they are the available homes for sale and how they move determines to a large extent the health of a resale home market. Only 34.40% of new listings sold in the 2nd quarter of the year in the Tooele County market.
Average New Listing Sales Price:
We believe the reasons new listings were sluggish is obvious. New listing asking prices went up almost $63,000 from the price that homes have been selling for. These unrealistic listing prices, or inventory, pressure from the New Homes sector, particularly in the Stansbury, Erda area and development projects like those mentioned previously have sucked the air out of resales.
Having said that however, the foreclosure, short sale , bank owned part of the market that is not nearly what you would expect from a market recently ranked 10th in the country for homes about to be foreclosed on.
Days on Market:
At 64 days on the market and an almost 78% increase that looks like an alarming number. Maybe it is, we just don't know. The MLS has changed (for the better) the way the number of days homes have been listed for sale before they are actually sold is reported. We need to wait until next month to get a more accurate comparison.
I think we can safely say though that homes are not selling as rapidly now as they did a year ago.
It is for sure a real buyers market.
To look at all of the homes for sale in the Tooele Valley, visit Tooele Homes and get pictures, prices, maps, and information on individual homes/condos listed in SLC. It's FREE, and we update daily so you can come back often. This will give most of the same information that local Realtors use to search for homes..
We can be reached at 435-840-5031 to discuss further our take on the Second Quarter Real Estate Report about homes for sale in Tooele County