No one likes being right more than I do. Berna would say it's because it's so rare...However, my being right in this case is great news for the Real Estate market in Tooele County!
According to the Utah Association of Realtors, March showed a year over year increase in closed sales of almost 38%! That shows that the trend we talked about last month may be here to stay for awhile. Year to date, that puts us up a very healthy 20% over 2011.
Pending sales were also up in March by over 10%. This makes the year to date numbers on that almost 25% higher than 2011. I like actual closed sales as an indicater better, but who am I to complain?
Listings in March were down by some 10%. Year to date, listings are off a touch, by 1.4%. This continues a trend we are seeing State-wide, as inventory continues to shrink. Last year this time, we had almost a year worth of inventory. Now, we are looking at a bit less than 8 months, which is a much more balanced market then what we have seen of late.
Median sales price is off a bit, down about 3% to $139,950. For the year, we are down 2%. In addition, days on market is up almost 10% to 98 days. That's pretty close to where we are for the year, at 100 days.
Finally, one of my favorite stats has always been percentage of original list price received. For March, it's up over 10% to 95%! For the year, it's up 7% to 91%. That means we're doing a much better job on our list pricing than we were previously. It also shows that banks are no longer taking lower offers on HUD and Bank owned homes. Lot's of reasons for that, but I prefer to think that Tooele County Realtors just rock!
Well, as Berna says I've exhausted my quota of being right for the year. But, if I had to pick one, it would be news about a strong Real Esatet market in Tooele County! I love it when I'm right!
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