Tooele County market report for November
The Tooele County market report for November looks very similar to the last several months. Actually, it hasn't changed much for 2013. The good numbers stay good, and there aren't many bad numbers.
Total new listings in the county are down a bit this month over 2012, but year to date are still up a healthy 15%. This leaves total inventory at 499 Tooele listings for an increase of over 8% over the same time last year.
Pending sales and closed sales are up 17% and 25% respectively. This may be explained somewhat by the looming loss of the USDA Rural loans in Tooele City, as this has created some urgency with potential buyers. It's our hope we can figure out a way to extend this program, which will still be available throughout the rest of the County.
Regarding price, median sales price continues to rise, with November's increase a healthy 9.8% to 179k. Year to date, median price has increased a steady 6.7% to 160K. Average price for November gained a more modest 3.7% to 184k. For the year, the average has risen 6.6% to 172k. In comparison, median price next door in Salt Lake County is still over 224k.
A couple of the numbers I like to track (as a numbers geek) are days on market and percentage of original list price received. Days on market continues to drop, down 10% for November to 66 days and for the year down 14% to 70 days. Why is this important? A couple of things jump out at me. First, it means that short-sale inventory continues to go away (Yay!) and that delays with the USDA program are shaking themselves out. This all means a quicker, smoother transaction. As for percentage of list price, it tells us that agents are listing properly, short-sales are not ruling the market and that we are still seeing a sellers market.
As we wind down the year, a couple of things are worth noting.
First, the real estate market state-wide is as healthy as it's been in years.
Secondly, I believe Tooele County is getting ready to rock, as our lower prices, better quality of life combine with the fact that the Wasatch Front has become saturated. both in residential and commercial. People and businesses have gone as far north and south as they can, and still be convenient to SLC. They can't reasonably be expected to go very far to the east for numerous reasons. West, and that means us, is looking more promising by the day. I think 2014 is going to be a great year in Tooele County!
Finally, if Berna or i can help with your real estate needs in any way give us a call. 435-840-5029
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