We've just taken a close look at the latest set of statistics for the Iron County real estate market (for May), published by the Utah Association of REALTORS®, and thought we should share some of the good news it contains with you.
Median and average sales prices have risen by 4.5% and 4.9% respectively so far this year and closed sales showed an impressive 21.9% year on year increase. Pending sales were 2.2% ahead of the same period last year.
We are also tracking an encouraging 10.1% increase in new listings compared with the corresponding month a year ago, but high demand is ensuring that the months' supply of inventory has actually fallen by 14% since May 2018. In terms of numbers of homes for sale, this translates to a 9.1% fall over the twelve months until May this year.
Median prices were actually 5.1% higher in May of last year, so with all the current evidence of excellent buyer demand, significantly driven by lower mortgage rates so far in 2019, we have arguably seen a very slight price correction in our market that is now resulting in an overall more healthy and sustainable activity level to build on.
Of course much depends on the continuation of historically very low mortgage rates as a key motivational force for buyers to lock in a low rate while they still can. It will therefore be interesting to share figures for the corresponding months with you, when they are available, as this set of statistics mainly reflects already brisk activity before rates went lower than the important psychological level of 4% in very late May.
It's clearly a great time to sell a home, so don't hesitate to contact us today on (435) 327-2090 to discuss your best current options.