Tooele County November market numbers are in!
Tooele County November market numbers are in! I'm starting to sound like a broken record, but at least it's with good news! Not like it was back in the bad old days of 2010!
As has been the case the last several months, most of the numbers that need to go up are going up. Some going down. According to figures provided by the Utah Association of Realtors, one number jumps out immediately. New listings are up by nearly 57% over the same month last year. This is one of the few months we've had an increase, with year to date listings still being down over 5%, even with this huge number. However, this didn't make a huge diference in our available inventory, which is still hovering around the 6 month mark.
Both pending and closed sales are off a bit, at 7.8% and 3.1% respectively. However year to date pending sales remains stong, at nearly 12%, with closed sales upnearly 10% for the year.
As far as price is concerned, median sales price continues it's rise with November prices up 14.8% over last year to nearly 163k.Year to date,median price has risen over 7% to 150k. Average sales price also is also up about the same percentage, to around 178k. Year to date, average sales price is up a healthy 8% to a bit more than 161k.
As far as the numbers that geeks such as myself care about, days on market continues its drop, with November numbers coming in at 74 days,vs 99 for last year. This is likely caused in large measure to the thinning of the short sale inventory as this product is working through the system.Fortha year, days on market has dropped by about 12%, to 82 days. Shorter is better!
The current supply of homes in Tooele County is off significantly over last year, by almost 30% to 415 homes. As I mentioned before, the inventory continues to hover around the 6 month mark, indicating a further move into 'sellers' market territory. This is supported by the rising prices and the number of multiple offer situations we're starting to see in Tooele County. In addition, we are getting roughly 93% of initial listing price, so we aren't seeing the 'steals' we saw in years past.
Is the increase in number of listings an anomoly, or the sign of a trend? Will the scary economic news out of DC have an effect? Will last nights extension of the Mortgage Debt Relief act cause a market reaction? I'd love to say I knew! Stay tuned for December numbers for Tooele County to tell the tale! Happy New Year!
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