Tooele County Real Estate keeps rolling along...
Most of the numbers reported show a continued strong market in Tooele County. New listings were up 6.1% over August of 2012, which is great news, as our inventory continues to sit at levels consistent with a 'sellers market'. For the year, listings are up a healthy 10.2% Actual inventory for the County is up 1.6% to 505 homes.
Actual closed sales are also up, by 10.7%, a bit off our 20.6% pace year to date, but still very healthy. Under contracts are also up 7%, with a year to date number of 20.4%
Average sales price for Tooele County is up 5.8%for August, to nearly 171k. For the year, we are hovering around 172k for an increase 7.1% Median price was off for August by 3.4% to 150k, but I don't worrk too much about that, as selling one 5 acre ranchette can put us up by a similar amount in a market our size. For the year, the median price is up 6.0% to 159k.
A couple of other interesting numbers for us geeks. Average days on market continues to drop, this month by over 19% to 67 days. This shows that the 'short sale' product we've been dealing with is slowly getting sold. In addition, if the USDA would speed up their turn-around time on Rural loans in Utah (vs relatively short turn-around in surrounding states), this number would likely drop even further. For the year, days on markey is down from 85 to 71 days, a drop of 16%.
Finally, one of my favorite numbers, the 'percent of original price received'. This number tells us a couple of things. First, for August, sellers received 95.3% of their list price. When you consider the fact that an overwhelming number of sellers also pay 3% of buyers closing costs, you can see that buyers aren't 'stealing' homes in Tooele County. There are still good values out there, but the market is obviously quite healthy for sellers. In addition, this number show that Tooele County Realtors are pricing homes correctly at the begining, as they've always done, with year to date sales prices at 96.5% of original list price.
So, what does all this mean? Well, if you've stayed with us this long, it's easy to see that Tooele County Real Estate keeps rolling along..
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