We've been taking a close look at the latest statistics released by the Utah Association of REALTORS® for our Iron County market.
In recent blogs we've been talking about a noticeable trend toward a buyer's market, however these latest figures provide a very mixed message in that respect.
Unlike many areas of the country, inventory of available homes is still falling here. In fact it dropped by 10.4% in the year up to January 2019 and new listings fell by 3.7%, year-on-year, in that month. The number of months supply of homes in the market fell by over 17% to just 3.3 months during this 12-month period.
Lower supply will continue to help make prices more robust here, so it isn't perhaps a surprise to also discover that January also saw a 4.6% rise in median sales price from January to January. This continues a price growth trend that actually extends back to 2012!
Percentage of original list price received has also basically remained unchanged in that period.
With all this in mind, it has to be noted that January saw a 25.7% fall in closed sales over the past year. However, when we look at pending sales, there was almost exact compensation, in a 25.3% rise over the same period.
We can also see that it took four days longer to sell a home, on average, compared with January 2018 (73 days).
Given the wider situation in many other real estate markets, this is a really encouraging start to the year and definitely emphasizes the value in listing right now, while conditions continue to still be favorable for sellers.
Please don't hesitate to reach out to us today to discuss how we can help you to achieve your real estate aspirations as we transition to the traditionally busier spring period.