Are we seeing actual signs of a recovery in Tooele
I think we are seeing actual signs of a recovery in Tooele Real Estate. You've all heard the term 'long, cold winter'. Well, for those of us in the Real Estate industry here in Tooele UT, that winter has gone on for a few years now. I should say, those of us STILL in the industry, as more than a few have left to pursue other interests. Interests like making a living, putting food on the table, etc.
Here in Tooele County, that number comes to something above 40% of agents that have moved on in one way or another. That doesn't take into account the builders, subcontractors and other folks involved in the building business.
All in all, this industry accounts for somewhere between 25-30% of the economy of our State. Fairly important, don't you think? Tooele is no different!
However, we're starting to see signs of spring, and more than just an isolated instance.
Having spent the first decade of my Real Estate life in new construction, I'm always very sensitive to trends in building. My position on the Tooele City Planning and Zoning Commission makes me more aware of these things as well. It's been a long time since we've had any subdivisions to approve!
But, in the last 30 days, I've started to get a bit of hope. We've actually seen new home builders come back to Tooele County, in a fairly substantial way. Building permits for Grantsville and Stansbury Park are up significantly over the last year, and I see signs that this trend will likely follow in Tooele City as well. Several builders are already at work here, and I'm hearing of another that will be taking over an abandoned subdivision to complete. That builder is also purchasing more ground. However, much of that stuff is future.
How about right now?
Right now is huge for us here at Group1. We currently are working with three different clients on new construction build jobs. That's after a couple of years with none!
We have clients interested in building on 5 acre horse property in Stockton, half acres in Grantsville and quarter acre stuff in Tooele City. That pretty much covers all the different markets here in Tooele County. In addition, our existing inventory is down significantly over the last year, with an absorbtion rate at a less scary 5-7 months, vs the 24 month supply we've seen in the not so distant past.
I know that real estate is local, but even our good friend Jay Thompson, from Gilbert, AZ is blogging about some life in new construction in his neck of the woods, and you know how hard the Phoenix area has been hit.
The fact is, the phone is ringing. Interest rates are insanely low. Our prices seem to have reached the bottom. We're even seeing increases in some segments. And anytime we get to work with buyers that are wanting to build homes, I get excited! I truly believe spring is in the air. It's been a long, cold winter!
If your interested in looking at new homes in Tooele, call us 435-840-5029 we'll tell you why we think we are seeing actual signs of recovery in Tooele Real Estate.
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