We've taken a good look at the latest real estate statistics (for May) in Iron County and thought we'd pass on the great news they contain.
Pending sales are up by almost 39% on the same period last year, and by just under 10% for year to date, while closed sales have improved over by just over 17% in a year and by over 13% since the beginning of 2017.
We're also seeing excellent price growth. Over the past year, median sales price has increased by over 17% to $190,000, while average sales price is up by nearly 14.5% to $207,276.
And, as multiple offers above asking price are more and more common these days, it's not too surprising to see that the average percentage of the original list price received has jumped to 97.7%, a leap of 1.8% in 12 months.
Low inventory of available homes for sale has for some time been the weak spot in this market, so it's good to note that we're now seeing a 4.6% rise in overall availability since May 2016 and a big leap in new listings of just over 36% in the past year and just over 15% so far in 2017.
This has set the scene for the great summer peak period we're currently enjoying and demonstrates how keen buyers are to secure the right property while borrowing is still available at very low interest rates.
It's hard to imagine a better seller's market than the present one, so contact us today to discuss how we can help you make the most of a fantastic situation.
