The latest year-to-date Iron County real estate market statistics once again point to the great sellers' market conditions we're experiencing right now.
With median sales prices up by 9.7% in the past year and average prices having risen by 9.2% in the same period, we're now seeing the best sold prices in the area for over six years!
It's also interesting to note that the average number of days a home is on the market until it sells has fallen by 12.9% so far in 2016.
Last time I wrote to you I commented how inventory of available homes for sale was pretty flat, at a time when we would expect to see a high number of listings coming on to the market. That situation hasn't changed significantly and, in May, we saw a very slight 1.4% year-on-year improvement.
With limited supply in the market comes less choice for buyers and this possibly explains why the overall number of closed sales for the year-to-date is 5.6% down on the same period as last year, as buyers continue to look for a home that exactly matches their needs. In May, however, closed sales were up on 2015 by 4.3%, as the peak selling season got under way and mortgage rates continued their dramatic move south, a phenomenon that continues today.
The impact of ultra-low home loan interest rates cannot be overstated, as buyers are highly motivated to lock in near historic rates while they still can.
This means that, with inventory still levels less than ideal, prices are holding up very well indeed. If your home is priced correctly for the market and condition, it will sell!
All this of course points to a fantastic opportunity for sellers to take advantage of the current situation. Why not call us today to make the most of it!
