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2012-01-08 05:39:15
Tooele Real Estate Then and Now

I did not know whether to title this post Tooele Real Estate Then And Now, or Whoops!

Going back over some of my old Real Estate posts about the housing market here in Tooele County has been both an eye opener and a humbling experience. how could so many professionals have been so wrong in so many ways?

Looking back, Realtors weren't the only ones to have misjudged the housing market. City planners, budget officers, land speculators, builders and banks are just a few of those that are paid to project growth, missed the fact that homes sales were about to go into free fall, housing prices would soon see double digit decreases, Tooele new home sales would dry up, and the number of jobs in what is called the building trades would vanish.

In fact many of us talked like the supply of people wanting to buy a home or condo in Tooele, Stansbury Park or Grantsville UT would never end.

Here is what it was like, and what I had to say about Real Estate in Tooele, back in 2006.

 

As we approach the end of the year, I've been reading lots of news items telling about the 'recovery' of the housing market in '07. It occurred to me that I'm not sure I want to recover more than we have in 2006! Let me give you some of the growth and appreciation numbers from this year. As we all have heard, (and some have experienced) we had some fairly amazing appreciation. I was taught early on in my career that a 3-5% increase per year was fairly normal. More than that was icing on the cake. What do you suppose 20% would be considered? As of this moment, according to the Wasatch Front Regional MLS, for year to date '06, our average selling price stands at almost $174,000, or a 22% increase over '05. Keep in mind, '05 finished almost 12% higher than '04! So we are talking about over 2 years of amazing appreciation in this County, only rivaled by Washington County (St. George). In addition, the average days that a home stays on the market has dropped from 59 days in '05 to 39 days this year. But here's the one that really got to me: Average Listing price right now for a new listing is over $190,000! I don't know how long we can stand this kind of housing 'recovery', but I suspect it will correct itself soon. I'm not talking about a reversal by any stretch of the imagination. People will always want to move here because this is an amazing place to live and raise your kids. But I would expect a return to a more sustainable rate of 5-10% for the next year or so, simply because the market is driven from the bottom up. What I mean is, the 80k buyer moves up to the 120k house whose owner moves up to the 180k house and so on. The problem is becoming a matter of not having any 80k houses! Or, frankly, 120k houses either! So while I expect 2007 to be another wonderful year in Tooele County Real Estate, I would not be shocked to see something of a slowdown. Now, don't panic if this proves to be the case. Remember, appreciation could drop in half and still be twice what has always been considered a 'healthy' rate. Remember that when the media is talking about a 'housing recession' next year!

And of course there is the 'rest of the story' about Tooele Real Estate Then And Now. Which is! 

 

Six years later, Tooele Real Estate had changed, just like the rest of Utah and the country. The average selling price of a home for sale in Tooele Utah has decreased by about $20,000; From $174,000 in 2006 to only a little less than $154,000 in the 3rd quarter of 2012. (The 2006 average price of a Tooele House sold  was up 22% from 2005).

In 2006 homes listed for sale in Tooele, condos in Stansbury Park or Ranchettes in Grantsville UT were on the market only 31 days, while the number of days on the market for homes sold last year was 81, the average number of days it took to move the average Tooele homes for sale in the 3rd quarter was over 204.

Maybe that is because the average sale price of the homes for sale in Tooele is $153,943.00, the average Tooele listing price is over $190,000.

So the bottom line is: I'm done predicting just about everything that has to do with Real Estate in Tooele County. Instead we are bringing you this new search tool, that gives you all the information you could possibly need to make your own home buying and Tooele Real Estate decisions.

Well, maybe one more prediction (or 2).

With interest rates the lowest they have been in years, home prices at levels below 2006, and a great selection of Tooele homes for sale, now is the time to buy Tooele Real Estate.

Use our new website to search for that new home in Tooele.................................... It's the best search tool around.

If you have any Utah Real Estate questions give is a call @ 435-840-5029, or just ask us about Tooele Real Estate Then and Now.

 
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