Iron County Real Estate Market - First Quarter Review

The first quarter of 2023 has seen a modest but encouraging reversal of recent negative trends in Iron County.

The above graph demonstrates that the number of sales have begun to climb again, following the downward trend over the past year. This is partially explained by the recent lower mortgage rates and, as can also be seen in the above graph, an overall drop in inventory of available homes for sale, putting sellers in a slightly stronger position. New listing numbers have been quite flat in the past couple of months, setting up a good situation for sellers who are already listing as the inevitably stronger spring market takes hold.

Looking at the Listing Prices graph below, we can also see a corresponding jump in sold median sale price in the area. Significantly, median listing prices are now more realistic and are closer to what homes are actually selling for than for some months. Another encouraging sign that sellers' expectations are becoming more in tune with actual market conditions and what buyers are able/prepared to spend.

With all these factors in play, March saw a significant drop in the average number of days a home is on the market before it sells (see final graph below). Another strong indicator that the market is moving more fluently again.

The next few weeks will see more buyers out and about and seriously looking for a home, so if you've been on the fence about listing at the moment, there is now some clear evidence that conditions are improving.

Please don't hesitate to contact us at 435-327-2090 today and discuss your best options and find out how we are continuing to achieve great results for our clients.

Iron County Real Estate Market - First Quarter Review