Market still strong in Tooele County!
May final numbers show that the market is still strong in Tooele County. Not a big surprise...
New listings in May increased over 5% with year to date numbers virtually identical to last year. Pending sales for May were off almost 21% but still remain strong for the year, up over 19%. I still think a weak inventory has much to do with this number...
Closed sales were up a whooping 44%, with year to date continuing to show strong improvement of 25%. Look for these numbers to be down for June, as pendings are off and USDA is pulling their shenanigans on turnaround time again. Strange how it's only Utah that seems to have this issue. That's a subject for another day...
Prices Of Sales
Prices again are rising at a very strong rate, again reflective of the scarcity of listings. Median for May was up 16% to almost 194K. For the year, median price is now up over 13% to over 185k. Average price is up almost 15% for May at almost 207K. For the year, we are flirting with the 200K mark for the first time I can recall. Sounds scary until you realize that those numbers are STILL 20-50K lower than the Wasatch Front areas.
Percentage of original list price is still hanging around the 97% mark, which isn't surprising. Sellers aren't having to bend off their number too much in this kind of market.
Which leads us to my last set of numbers. Inventory for sale in Tooele County is down May to May over 8%. This leaves us at roughly a 5 month supply. I usually figure 6 month as the 'neutral' line between a buyers and sellers market. We've been hovering around 6 for a couple of years. 5 is scary.
Hopefully, new listing numbers will improve. Sellers are doing very well in this market, and we are letting all of our past clients know that this may not last much longer. Rate increases MUST be coming soon. Years of low rates make mortgages less attractive to investors. Loans are hard enough to come by as it is!
What does it all mean? Simply put, Tooele County is still the best place to buy, to sell and to live!
Blog Archive2019-04-20 07:13:45
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