The latest real estate statistics, published by the Utah Association of Realtors, paint an incredibly positive picture for sellers in Iron County.
The figures demonstrate a 19% year on year fall in the number of months supply of inventory of available homes in the area. The figure now stands at just 5.1 months of supply.
This is happening against the backcloth of a 10.4% year to date rise in pending home sales and significant increases in both median (11.5%) and average (14.5%) sales prices so far this year.
This year has also seen a 9.8% drop in the average number of days a home is on the market in Iron County until it sells.
The entire market is being driven by very high buyer sentiment as low mortgage rates continue to inform and positively influence the market. Just this week, CNBC reported that 30 year home loans are now at their lowest interest rate level this year, with some stronger recent signs that they could fall even further!
There's also evidence to suggest that more on the fence sellers are finally recognizing the incredible opportunities presented by low inventory, rising prices and high demand. February saw a 29.2% increase in new listings, compared with the same period last year. Although the percentage sounds dramatic, it actually amounts to an annual rise of about 28 homes in the month, so it isn't going to make a vast difference of itself. What will be more interesting is to see how trends progress as we approach the busiest selling period of the real estate year.
For now, however, the message to would-be sellers couldn't be more clear. There are qualified buyers ready and willing to purchase the right property and lock in a low mortgage rate. Delaying listing your home is not a smart strategy, as there are never any guarantees that these positive dynamics won't suddenly change.
Call us today to discuss your very best options.
