We recently received the latest Iron County real estate market statistics (for November) issued by the Utah Association of REALTORS® and one figure really stood out.
The median sales price for the area of $181,700 is actually the highest figure in this category in over a decade!
As if that weren't impressive enough, we also noted that average sales price now stands at $220,576, which is over 20% higher than the same period in the previous year!
These stats confirm what we're seeing every day, in terms of a very lively market, even through the winter months. To emphasize that, pending sales were a massive 68.2% higher than the same period in 2016, which is a huge increase and a reflection of how traditional busy seasons are being challenged by vigorous sales activity throughout the year (helped this winter by the very mild weather of course). Closed sales showed a 12 month improvement of 11.2%.
There are also clear signs that more sellers are recognizing the amazing opportunities at present, when we consider that new listings showed a year-on-year 20.4% increase. To balance that, however, months supply of inventory of available homes for sale in our market showed a 19.2% drop in the same period. It was therefore no surprise to see virtually no annual improvement in the number of homes for sale, with a figure just 0.7% up on 2016.
It all highlights a wonderful opportunity for sellers, with growing returns on sale and the continuance of a general short supply of homes.
Why wait for spring when the market is already booming! Contact us today and we'll work closely with you to develop a winning strategy to make the best of the excellent current market conditions.
