The latest stats for Iron County (for June) published by Utah Association of REALTORS® demonstrate an almost 9% fall in new listings compared with the same period last year, together with a 3.6% drop in actual inventory numbers since last June.
This means that there are just over four months of supply in the market, a 2.3% year-on-year decline.
This is great news for sellers at a time when the combination of the first Federal Reserve interest rate fall in eight years and continuing low mortgage rates has created excellent buyer sentiment.
With less choice for buyers, asking prices remain robust and sellers also benefit from less competition. It therefore isn't surprising that median sales price has risen by 6.9% over the past twelve months. The average sales price of a home in our area was $241,497 in June.
It's simply a great time to put your home on the market, if you have been contemplating doing so. The news on interest rates will help to make it a great end of summer/early fall market, so please don't hesitate to get in touch with us to discuss your best options.