As this week's signal that home buyers are returning to the market, both Existing Home Sales and New Homes Sales posted improvement versus month-prior figures this April.
According to the National Association of REALTORS, the number of Existing Home Sales rose by 130,000 units in April.
In Tooele County however existing home sale decreased by 26.6%.
To prove that Real Estate is local 2 major population areas in Tooele county show different levels of home sales.IE:
Tooele Home Sales decreased 51% in April 2009 as compared to homes sold last year.
Stansbury Park homes sold in April 2009 increased two and a half times over homes or Condos sold a year ago.
New Home Sales rose by a modest 1,000 units in April.
As a twist in the story, however, although sales activity is rising, the available housing inventory is rising faster.
Versus March 2009, there were 300,000 more homes for sale in April -- an increase of 9 percent. In addition, the "housing supply" rose to 10.2 months, its highest level since October.
This is good news for home buyers, of course, because home prices are a product of Supply and Demand. Depending on local conditions, buyers may find themselves in a position to demand lower sale prices or additional seller concessions.
As recent home sales in Stansbury Park have demonstrated we are already there, but in Tooele City, not so much.
The housing market has not fully rebounded but it continues to show signs of strength. With a few more months like March and April, it's reasonable to assume that home buyers will lose some of their leverage for contract negotiation.
When that happens, expect home prices to rise.
For a list of all the available homes for sale in Tooele, Stansbury Park and Grantsville, check out our website @ Tooele homes for sale. You'll get prices of homes and condos, photos of homes for sale and directions of how to find your new home.
Or, for more Real Estate information give us a call @ 435-840-5029.