I just took a look at the latest Iron County housing market report I have received from Utah Association of REALTORS® and one statistic really stands out.
Median sales price for our area has so far risen by no less than 16.3% this year. Average price has increased at more or less the same rate - by 16.2%!
This means that we're now seeing prices in the area that are actually higher than they were before the Great Recession began, in the last real estate boom!
This is confirmation of what we've been seeing in the market for some time, as strong economic conditions, much better job confidence and an influx of people new to the area continue to push demand ahead of supply.
We're seeing slightly better news on inventory of available homes in one way at the moment, with an 18.9% improvement in new listings so far this year. However, demand is so high that even this significant uptick has not been enough to overtake the very high number of pending and closed sales we're seeing, so overall supply is still in a downward direction.
Sellers are seeing an average of 96% of their original list price when they sell, pointing to the fact that some homes are actually selling for over asking price and attracting multiple offers.
To summarize, these are incredible seller's market conditions and the shortfall in supply suggests that there are great oppportunities right now to get a fantastic return and sell fast.
And while you may think it's not worth listing until the New Year now, keep in mind that, with low inventory, buyers often cannot afford to take a break from looking for the right house. What's even better is that competition will be much reduced until 2018 really gets under way.
Please don't hesitate to contact me today and discuss your best options.
