March definitely came in like a lion...In Tooele
March definitely came in a like a lion in Tooele County Real Estate, and it never turned into a lamb!
With the final sales numbers from March in, it appears that the Tooele County Real Estate market is red hot! While February's numbers showed a slight slowdown, it appears that was just a breather.
New listings were up almost 6% leaving us at a 1% increase year to date. Pending sales was up a ridiculous 36.6% over last year with year to date at an amazing 27% increase. Closed sales were up nearly 30% over last year, leaving us up a healthy 13% for the year.
Pricing was also up significantly for March. Median sales price was up over last year 17% to $190k. For the year, we are sitting at 182K, an increase of 9.6%. Average price also rose steeply, with a price of over 207k, an increase of over 19%.
Average days on market is hovering around 76 days, which is down a bit more than 3% over last year. Percentage of original list price received ( not including concessions) remains around 94%, meaning that agents are pricing things right, and 'steals' are still few and far between in this sellers market.
The rising prices show clearly the theory of supply and demand. Inventory for March was down over 8% to 452 properties. At current rates, that's a bit more than a 5 month supply, down over 17% from the same time last year. Great news for our sellers, not as great for buyers!
What does he future hold? Well, if Berna's activity level is indicative of the market, April numbers promise to be a repeat. The low inventory is really being felt, with multiple offers and accepted contracts in just a few days (or hours!) becoming the norm. Rates remain incredibly low, but I don't know how much longer that will last, as forecasts suggest as much as a 1 point rise in rates before years end.
Tooele County Real Estate is definitely on the rise. Will it continue? Depends on those sellers out there. It's a great time to list and sell your home-sometimes in the same day!
March definitely came in like a lion!
Need help? Give us a call; Chris or Berna Sloan 435-840-5029.
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