The latest Iron County real estate market statistics, for March, demonstrate a fantastic start to the spring home selling season in our region.
Published by the Utah Association of REALTORS®, the figures bring great news to sellers.
Closed sales were up by 5.4% on March 2018 and average sales price increased by an impressive 14.5% during the same period.
There was also a quite dramatic 18.7% year-on-year fall in the average number of days a home is on the market before it sells to 74 days.
This all happens at a time of high buyer sentiment, with lower mortgage rates than have been seen for over a year.
Sellers can only benefit from this, especially when one considers some other important metrics in the latest Iron County stats, related to the supply of homes.
Overall inventory fell by 2.8% in the year to March, while there was also a 5.1% decrease in the months supply of inventory figure to just 3.7 months. The number of new listings in our market showed a 10.3% drop over March 2018.
With buyers keen to find the right home and lock in a low interest rate, plus the continued low supply of homes in the area, this is a great recipe for less competition for sellers and an even better opportunity for a robust asking price.
Why not contact us today to discuss your best options.