The latest statistics (for March), recently released by the Utah Association of Realtors once again demonstrate the fabulous current opportunities for home sellers in Iron County.
Demand from buyers continues to inform the figures and one of the really big highlights is the progress that both median and average sales prices have made during the past year. Median sales price is up by 9.9% and average sales price shows an even more impressive 15.3% increase.
With mortgage rates still threatening to go even lower, buyer sentiment remains high and March saw 12% year on year growth in closed sales, as the selling season really starts to gather momentum.
In other recent market updates, we've talked about low inventory of available homes for sale in the area. It's therefore interesting to note what might be the beginning of a reversal of this trend. So far this year, there has been a 12.7% increase in new listings and a 16.3% rise in pending sales.
To counter balance these figures, it's interesting to note that overall inventory is still falling, with a 6.5% annual drop in March and a 17.7% fall in the months' supply of inventory in the Iron County marketplace. So far in 2016, there has been a 2.6% rise in the average percentage of original list price received (standing at 94.8% at the end of March).
In summary, we are still in what is unquestionably a seller's market. However, these latest figures do suggest that more competition is entering the market, as more sellers recognize the opportunities.
Our advice therefore remains the same - playing a waiting game hoping for even better conditions is a significant gamble. It's also worth remembering that we are in an election year, so delaying your sale until 2017 will carry even more risks of a change in the current highly favorable circumstances.
Why not call us today for an informal discussion of the best options in your individual situation.
