October housing stats for Tooele County!
October housing stats in Tooele County! Doesn't that just sound like pure reading excitment? Well, for a real estate numbers junkie like me,it sure is! Also, as a homeowner in Tooele County, I'm big on our market's return to good health! Also, if you're looking for bad news, you'll have to look elsewhere.
As I hinted above, most of the 'good' numbers are up, and the 'bad' ones are down, according to numbers supplied by the Utah Association of Realtors. Let's start with the down. New listings are down for October by 12.9% This is a bit lower than our year to date numbers of a bit above 9%. Our inventory is down significantly over last year, by some 28%. What this translates to in an area our size is that we have a bit more than 400 homes on the market right now. Our 'months supply of inventory' is sitting at 6.2 months. As I've said many times before in this space, I like to use 6 months as the transition between buyers market and sellers market. Last year at this time, we were at 9.7 months of available inventory. Definitely a sellers market back then!
Our 'days on market' number is coming down too, to 80 days, vs 113 last year. Think moving most of our short sale inventory is helping here? I think so! In addition, the percentage of original list price that homes are selling for is right around 93%, meaning that Realtors are pricing their listings correctly, and that while there is a bit of wiggle room, there aren't a ton of 'steals' available any more. Love a stable market!
Now,how about some 'up' numbers? How about pending sales up nearly 37% over October of last year? For the year, we are also up a very healthy 14%. In addition, actual closed sales are also up for Oct. at over 24%, with YTD up over 10%.
But, perhaps the number most people are concerned about, median and average price. Both are up, with the median price for Tooele County at $147,500 for an increase of 14%, keeping us up 6.2% YTD. Average for Oct was nearly 160K for an increase of 10% over last Oct, with YTD up 7.3%
So, what's it all mean? Well, simply put, it means the real estate market in Tooele County is very healthy. Supply being down and demand coming back means values are still rising, which is great for homeowners. But, they aren't out of control, as we saw in years past. Just a nice, healthy rate of growth. In addition, if you factor in the affordability that these values provides over the Wasatch Front, as well as the availability of great financing programs like USDA Rural loans, it's a great time to buy in Tooele County. Insane interest rates don't hurt either!
So, what's not to be excited about? Buying or selling, it's a great time to call us! That's why I love the October housing stats for Tooele County!
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