01 August 2015

Sellers Market in Tooele Utah

It's a sellers market in Tooele Utah! Here's the proof!

It's easy to say stuff like this, but sometimes the numbers can lie. But, I'm seeing numbers that can't be explained any other way. Definitely a sellers market. Let's look at the stats for June.

Starting to think I should just cut and paste a previous post. The trends we've seen the last year keep on going.

New listings are up for June by almost 6%. That's the good news right? Well we actually have 75 less homes on the market than we did at this time last year, which may not sound like much, but in a market our size it means over 14% less inventory. 

Speaking of inventory, we are at 4.9 months supply, down almost 25% from last year. And we called LAST year a sellers market! I've never seen supply this low in over 22 years of working in Tooele County.

That's the 'supply' side of supply and demand, and we're seeing the results in our pricing. Median price for June is up 15% to a bit over 200K. For the year the increase is a very similar 14.6%. Average price for June is up 12% to over 212K. Average is up a very robust 11.7% for the year, to over 202K. High demand plus low supply equals...well, you get it.

Days on market has also ped an amazing 34% for June to 53 days. For the year, we're at 66 days, or a reduction of almost 15% Again, supply and demand at its best. 

If all of that math doesn't convince you that we're in a sellers market let me give you one more bit of evidence. Sellers are getting 99% of their original list price for June! 99%! For the year, it's an amazing 96%! 

Sellers, obviously the ball is in your court. Homes that are priced right are flying off the shelves. Those sellers that are sitting on the fence, now may be the time to jump. We are seeing a long anticipated rise in interest rates. this will start to affect the market soon.

Time to get in the game, because it's definitely a sellers market in Tooele County!

June

- See more at: http://www.tooelehomes4sale.com/fine/real/estate/blog/20953#sthash.UksbNqKd.dpuf
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