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2017-03-15 10:36:12
Is Tooele County a Home Buyer or Sellers Market

Homes Selling FastIs Tooele County a home buyer or sellers market?

This mornings Keep it Current post that I shared with my friends on Face Book, painted in broad strokes the market by looking at days on market comparisons by month.

As all of you know, and I remind you at least once a week, 'all real estate is local'. This article brings the point home.

Days on the market of current inventory is an indicator of market strength. It doesn't answer the questions about quality of houses or condition of properties Etc , but it will give a place to start the evaluation process.

I pulled up the statistics published by the Wasatch Front Regional Multiple Listing Service, (MLS) and am going to include those to show you what's happening in the area near and dear to my heart, Tooele County Utah.

Compare these local numbers with the stats from KCM.

UtahRealEstate.com | WFR Multiple Listing Service | Statistics / Absorption Report

This report shows the absorption, or supply of homes, within the last 12 months.

Search Criteria: State is UtahCounty is Tooele 

  2 Months 3 Months 4 Months 5 Months 6 Months 12 Months
Active Properties: 190 190 190 190 190 190
Backup Properties: 3 3 3 3 3 3
Under Contract Properties: 200 200 200 200 200 200
Sold Properties: 123 195 311 437 567 1,381
Market Absorption: 61.50 Per Month 65.00 Per Month 77.75 Per Month 87.40 Per Month 94.50 Per Month 115.08 Per Month
Inventory: 6.39 Months 6.05 Months 5.05 Months 4.50 Months 4.16 Months 3.41 Months
 
Created with Highcharts 3.0.10Properties Per MonthInventory AmountAbsorption Rate / Inventory61.56577.7587.494.5115.086.396.055.054.54.163.41Absorption RateInventory2 Months3 Months4 Months5 Months6 Months12 Months02550751001250 Months2 Months4 Months6 Months8 Months10 Months6 MonthsAbsorption Rate: 94.5

This report was generated automatically by the Wasatch Front Regional MLS on 03/15/2017 at 10:11 AM

 Here is the KCM report.
 

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | MyKCM

The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors latest Existing Home Sales Report. Inventory is now 7.1% lower than this time last year, marking the 20th consecutive month of year-over-year s.

Historically, inventory must reach a 6-month supply for a normal market where home prices appreciate with inflation. Anything less than a 6-month supply is a sellers’ market, where the demand for houses outpaces supply and prices go up.

As you can see from the chart below, the United States has been in a sellers’ market since August 2012, but last month’s numbers reached a new low.

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | MyKCM

Recently Trulia revealed that not only is there a shortage of homes on the market in general, but the homes that are available for sale are not meeting the needs of the buyers that are searching.

Homes are generally bucketed into three groups by price range: starter, trade-up, and premium.

Trulia’s market mismatch score measures the search interest of buyers against the category of homes that are available on the market. For example: “if 60% of buyers are searching for starter homes but only 40% of listings are starter homes, [the] market mismatch score for starter homes would be 20.”

The results of their latest analysis are detailed in the chart below.

A Tale of Two Markets: Inventory Mismatch Paints a More Detailed Picture | MyKCM

Nationally, buyers are searching for starter and trade-up homes and are coming up short with the listings available, leading to a highly competitive seller’s market in these categories. Ninety-two of the top 100 metros have a shortage in trade-up inventory.

Premium homebuyers have the best chance of less competition and a surplus of listings in their price range with an 11-point surplus, leading to more of a buyer’s market.

“It leaves Americans who are in the market for a home increasingly chasing too fewer options in lower price ranges, and sellers of premium homes more likely to be left waiting longer for a buyer.”

 Lawrence Yun, NAR’s Chief Economist doesn’t see an end to this coming any time soon: 

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range.”

Bottom Line

Real estate is local. If you are thinking about buying OR selling this spring, let’s get together to discuss the exact market conditions in your area.

 

 

I'd love to help you figure out what these numbers mean. No matter if you are a buyer or seller, I can help.

Call me or my partner Chris; 435-840-5029. Ask for Berna! I know if Tooele County is a homebuyer or sellers market.  (and I know what that means for you)

 
Blog Archive
2017-06-20 05:46:38
About Tooele Real Estate Week # 24

2017-06-05 06:13:41
4 Things to Know about Buying New Construction In Tooele Utah

2017-06-03 13:02:03
Have Your Agent Answer These Questions

2017-06-03 10:18:35
Real Estate Info in Tooele County Utah

2017-05-23 16:36:22
More Important Real Estate Information About Tooele County

2017-05-01 10:50:14
On the fence about selling in Tooele County? Jump!

2017-04-30 10:52:44
Week #17 Post About Tooele Real Estate

2017-04-26 13:43:39
What Does Solar Do To Home Values in Tooele UT

2017-04-24 13:27:55
Appraisals Can Be An Issue in a Hot Market

2017-04-22 09:32:18
Week #16 in Tooele County Real Estate

2017-04-22 09:13:05
Look At Buying a Home Now or Later in Tooele UT

2017-04-22 09:03:55
5 Reasons To Sell Your Tooele County Home

2017-04-18 06:10:55
New Home Construction in Stansbury Park UT Heating

2017-04-16 11:09:28
Get 100% Financing in Tooele UT With VA Loans

2017-04-11 12:57:56
Wondering How You Can Buy A Home in Tooele UT

2017-04-10 11:04:10
Tooele Utah Real Estate Information

2017-04-08 08:05:06
Big Week in Tooele County Real Estate #14

2017-04-07 16:33:38
VA Loans in Tooele For 100% Financing

2017-04-05 10:40:08
Grantsville Utah Homes Selling Fast

2017-04-04 11:15:51
Buying a New Home in Tooele UT

2017-04-03 05:29:35
Tooele UT New Home Sales Heating Up

2017-03-15 10:36:12
Is Tooele County a Home Buyer or Sellers Market

2017-03-14 13:44:39
Tooele County UT Has 6 Bedroom Homes For Sale

2017-02-25 11:50:56
About Buying a New Home in Tooele County

2017-02-19 06:55:30
Berna Talks About Tooele Real Estate

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