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2020-02-07 17:10:53
Are Tooele UT Home Prices Still Increasing
Tooele Sales StatsA few months ago I posted about home prices in Tooele. In fact the title of the blog post was 'are Tooele UT home prices still increasing'? 

Then I asked, 'or have things settled down in the county?' 

Those are 2 of the more important questions potential home buyers are asking about the real estate market out here. 

We have more of a history now and can absolutely answer those questions with an enthusiastic .... YES!

In that post, along with the numbers I published an article from my friends at Keeping Current Matters last week that addressed this matter, but it was on a national level.

I was reminded by a couple of folks that home buyers looking to buy property in Grantsville UT or Erda Utah are not interested about the percentage of increase of housing prices in Pittsburgh PA. 

I get that.

After all who is the agent that reminds people at least weekly that 'all real estate is local'?

So, while national numbers are helpful (they help sophisticated investors spot trends ) I have decided you might like some local stats to see how things are going out here.

Local Market Updates For Tooele County

In December 2019 the number of closed sales in Tooele County was down from last year almost 6%. Closings went from 105 last year to only 99 during this period.

But now the stats are in for the entire year, and we find ourselves in a very aggressive market,.We can report a finish off the year with total sales of 1535 sold; an increase of 9.3%.

That activity pertains mostly to Tooele City, Stansbury Park, Grantsville UT, Erda Utah, and Lake Point UT as over 98% of all property transactions occur in those 5 areas.

Year to date sales increased 9.3%%, (more than the national average), logging in 1536 against last years housing unit sales of 1404.

The behind the scenes numbers are also good. They show that the median sales price was up over 20.8 percent to $302,000 YTD. That suggests support for a YTD figure of 7.7 or $279,900 for the year.

The number I like best though is the average sales price which shows  $296,200, Up almost 7.3% in Tooele County.

Home Prices Increase in Every Price Range | MyKCM

CoreLogic’s Home Price Index (HPI) Report revealed,

National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.

They also analyzed four individual home-price tiers, showing the increase in each.

Home Prices Increase in Every Price Range | MyKCM To clarify the methodology, CoreLogic explains,

“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”

What does this mean if you’re selling?

Price appreciation can differ depending on your price range. If you’re a homeowner thinking of selling, let’s get together to find out how much your home is increasing in value, so you can price it competitively for today’s market.

The final number that should be of interest, mostly to sellers (although a good offering clue to home buyers) is the percent of asking price received. Both YTD numbers and monthly comparison figures showed a small softening. Still good at 98.9%, should be watched.

I hope you found this a helpful post and it has made your real estate journey easier.

If you are thinking of buying or selling property in Tooele County I will suggest, as I always do that you hook up with a local professional. A REALTOR that understands the business and the market.

If you don't have an agent, I'd like to apply for that responsibility.

It's what I do!

It's what I have done for the last 25 years.

Love to talk to you about it, and dig deeper into the question of 'are Tooele UT home prices still increasing'?

Give us a call, Berna Sloan 435-840-5029. We love Tooele and we know real estate.
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