08 January 2007

2006 Tooele County Home sales

I just could not wait for the 2006 Tooele County Home Sales report to come out! If you've read my previous posts, you know I'm a numbers geek. So, I get excited at the end of every quarter, especially when the Tooele County Real Estate market has been going so crazy over the first 3 quarters of '06. According to the Wasatch Front Regional MLS, the numbers for 2006 show total sales of single family homes at 1212 sales, or an increase of over 11%.

The average sales price for the year in Tooele County increased nearly 22% to $174,194!

The average days on market for Tooele listings fell to 39 from 58 in '05, a decrease of well over 32%.

Tooele Condos did well also, with 10% more sales and a 12% increase in average sales price.

Total listings in Tooele County for the year were up 9.40% over '05, with percentage of listings sold up to nearly 73%.

Here's the one that really jumped out at me: Average asking price of a Tooele home or condominium jumped from 147k to over $191,000, an increase of over 31% from a year ago!

Now, that includes a couple of monster new construction homes in Grantsville Utah that are skewing the numbers somewhat, but it would still be a huge increase without them.

To temper all of that wonderful "sellers" market news, let's visit the 4th quarter numbers on their own and see if there are any surprises there.

Days on the market continued to fall to 39 days which is consistant with year end numbers.

Average sales price is actually higher than any other quarter at $184,900, an increase of over 18% from last year.

Condos in Tooele also were consistant with the total '06 numbers. 

But there was one number that may come as a big shock. While new Tooele County listings for the quarter rose nearly 27% to 374, sales of new listings fell dramatically by nearly 21% from a high of over 93% last year.

What does all of that mean? Well, probably nothing earth shattering. As I said, that 93% was very high last year. It may have simply corrected itself this year. Strangly enough, there were exactly as many sales in the 4th quarter of '06 as '05 at 277. I think it all just means that we still have a very strong market here in the Tooele County area, one that will continue to grow, although I can't see it continuing at the amazing rate of appreciation that we have seen this past year. But, it does tell me one thing: if you are not currently playing in the Real Estate market, you are missing out. Name me another investment or savings plan that yielded over 21% last year! 

If you have any questions about Tooele Real Estate or the 2006 Tooele County Home Sales, give us a call @ 435-840-5029. 

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