We are grateful to Inwest Title for the above and below graphs showing how the Iron County real estate market performed last year, compared with recent years, setting the scene of where we are at, as the market really gets underway in 2025.

We'll analyse each graph individually:

Median Sales Price
2022 marked the peak of the post Covid-era boom in our area, from a sales price perspective, and it's notable that median sales prices last year challenged those highs, and mostly exceeded them across the year. We can also see a significant general improvement on 2023 prices. This bodes well for potentially even better returns for sellers in 2025.

Days On Market Until Sales
2021 saw amazing Covid-era demand and quite exceptionally low average days on market until a home was sold. The black line for 2024 shows an extremely encouraging trend for a reduced selling period, compared with either of the last couple of years. It's a very good sign of excellent buyer sentiment, even though mortgage rates aren't where anyone would like to see them. There's wider recognition that it's better to find the home you want, then refinance when rates do significantly fall.

New Listings
Last year saw a quite large difference between the highest number of listings and the lowest, across the 12-month spectrum. Less choice does usually mean that prices are higher, due to lower supply, so this unquestionably influenced the generally higher median sales price profile for last year. With that said, there are seasonal variations at play here and it should be noted that listings were near a multi-year high in late spring. The low number of listings at the end of the year isn't especially significant, as the graph amply demonstrates that December almost invariably represents the low point in the annual cycle in terms of available inventory.

Homes Sold
The first half of 2024 saw impressive month-on-month growth in sales. Things pretty much leveled out until the fall and then we saw the traditional decline through the holidays to year end. The inevitable uncertainties leading up to the election in November may also have delayed some purchases. Nonetheless, we've started 2025 in a stronger position than at the beginning of last year and should expect similar progressive growth each month, as home buying interest accelerates as spring and summer approaches.

In conclusion, these very informative graphs show the cyclical nature of our market across the year. There's every expectation that buyers will again be out in large numbers as the busy selling period really gets under full steam. If this upturn in activity is matched by what everyone hopes to see with mortgage rates heading south, then it could be a very good year indeed.

As always, please feel free to contact us at 435-327-2090 to discuss your best options in current and likely future market conditions. 

First of all can we take this belated opportunity to wish you and your family a very happy, healthy and successful New Year.

There are plenty of reasons to be optimistic about the prospects for real estate in our area in 2025.

One key aspect is that inventory of available homes for sale is, if we take the usual holiday season dip in numbers into account, better than it has been for some time. We can also expect this to further improve as the buying season really gets under way as spring approaches.

Better inventory is highly motivational for buyers who, at this time last year, had significantly less choice of homes than they currently enjoy. Fewer homes to choose from is often a demotivating factor and can lead to buyers temporarily calling off their home search.

The uncertainties of last year's election are now in the rear view mirror and this adds a further layer of confidence for buyers.

Mortgage rates are expected to fall this year, but certainly not immediately and possibly not at the much lower levels we would all like to see. Nonetheless, many buyers have now adjusted to the new norm of higher rates and there is no longer the expectation of a return to the unprecedented, and likely unique, low rates that we saw a few years ago. There is always the option to refinance when rates do fall significantly, of course.

So the outlook is very positive and, if we see further general improvements in the economy, things could look even better.

Why not contact us on 435-327-2090 to informally discuss prospects related to your own situation.

There are currently some really good reasons for optimism among home buyers and sellers.

The recent drop in Federal Reserve interest rates makes the general cost of borrowing cheaper and is part of a downward trend in Fed rates that can only help to boost buyer sentiment.

Another key factor is that we are now in a post-election environment. The run up to an election is traditionally a time when many buyers pause for the outcome, but that uncertainty is now over and it will be interesting to see how this influences the market from now on.

Inventory levels of available homes for sale in this area are higher than for some considerable time, meaning that buyers have more choice today. Lack of options is often a major reason for buyers to sit on the fence longer.

The holidays are now approaching and, despite what many think about this period of time, it is always a busy one for home selling for a variety of reasons, including taxation and imminent job relocation. Consequently it can be a very good period for buyers to secure the best deal when sellers are often extremely keen to close before year end.

While it's true to say that mortgage rates are struggling to regain their welcome recent downward momentum, there are still some truly compelling reasons that suggest we will again see excellent activity as the year begins to wind down.

Contact us at 435-327-2090 to informally discuss your best strategy.

We all tend to accumulate too much stuff.

A simple life-laundry audit of things you feel you can part with certainly helps, but what if there are things you must keep that would make your home an easier place to live in if they were safely kept elsewhere?

Self-storage facilitates this and even enables you to swap furniture and ornaments around from time to time to create a different look or different seasonal feel.

If you've acquired new toys such as boats, RV's, trailers or ATV's this summer, why not store them off-site and reclaim the large space they take up.

And with the holidays coming into view, what better than a decluttered and more spacious home to entertain your guests in!

The best news is that you achieve all this securely, conveniently and affordably with EZ Storage!

EZ Storage - A Great Storage Option in Cedar City

Situated off Aviation & Highway 56, EZ Storage provides a convenient solution for individuals and businesses in need of extra space.

Our units come in a variety of sizes to accommodate your specific needs, whether you're storing seasonal items, furniture, business inventory, boats, RV’s, or trailers. They can be rented on a short-term or long-term basis.

Our facility is equipped with 24 hour security to keep your belongings safe and secure. Renters can access their units at any time, making it easy to retrieve or add items as needed.

Trust us to provide you with the peace of mind and convenience you need for your storage needs. Visit ezstoragecedarcity.com or call 435-704-6178 to reserve a unit today!

• 24 Hour Access
• Digital Video Surveillance/Onsite Security
• Fully Fenced
• Automated Gate
• Paved Lot
• Drive-up Access
• Great Customer Service
• Online Bill Pay
• RV & Boat Parking

Rental Pricing:
10 x 10 - $70/month
10 x 15 - $90/month
10 x 20 - $120/month
8.5 x 36 Parking - $40/month
12 x 40 Parking - $50/month

The recent announcement of the first Federal Reserve interest rate cut since before Covid is incredibly significant.

It won't just be leaves that are dropping this fall - this great news is very likely to lead to lower mortgage interest rates.

Rates have, of course, been falling recently in any case, so we can reasonably expect the situation to improve even further, turbocharging the fall real estate market.

If you have been on the fence about listing, or even if you're thinking of waiting until early next year, lower rates are going to attract a lot more buyers, so it makes complete sense to put your home on the market now and take advantage of what could be the best buyer sentiment we've seen for a long time.

Why not contact us today at 435-327-2090 to discuss your best options.

Here's some good news for buyers and sellers alike!

The average 30-year fixed mortgage rate has ticked down this week to the lowest level for 15 months - since May 2023!

And with the widespread expectation of a fall in Federal Reserve interest rates next month, the stage is set for possible further mortgage rate drops as we head into fall.

This has the potential to make the end of summer/early fall homes market the liveliest we've seen for quite a while. We're already seeing more buyers in the market with the huge incentive of better affordability.

If you've been considering listing, now is a very good time to consider entering the market, while lowering rates enhance buyer sentiment and before there's increased competition from other sellers looking to take advantage of the situation.

Contact us at 435-327-2090 today to discuss your best options ahead of what could be some very busy weeks here in Iron County.

The above and below graphs, kindly provided by our friends at Inwest Title, provide an ample demonstration of some of the key real estate trends we've seen in Iron County during the first half of 2024.

While they took a small dip in June, there's been an upward trend in sales during the year to date, improving on where we were at this time 12 months ago and pretty even with what we saw in 2022. 2021 was, of course, at the tail end of an exceptional, arguably once-in-a-lifetime pandemic-driven market with sky high demand.

Median sales prices have been under some pressure during the year, but this can be viewed as market price correction, for the most part. Where we're at right now is roughly on a par with last year.

At the same time, however, demand has been good, which leads to the almost continuous fall in average number of days on market throughout the year so far.

Until May, we'd seen a climb in the number of new listings hitting the Iron County market, in line with the more widespread national trend for growing inventory. June saw a drop in home availability in the area, possibly indicating an opportunity for sellers for the rest of the summer selling season.

To summarize, there are some really good indicators of strong buyer activity and success for sellers. More inventory and sensible pricing has undoubtedly attracted more buyers to look at moving once again, while sellers who have a realistic attitude to asking price are seeing very decent returns.

Don't hesitate to contact us at 435-327-2090 if you'd like to informally discuss current market conditions in relation to your particular circumstances. We always love to help.

Monsoon season is almost upon us, so it makes sense to be as prepared as you possibly can be.

Clean drains and gutters - It's really important to ensure you have efficient drainage that moves rainwater away from the structure of your home and prevents localized flooding/water build-up, so be sure to clear any obstructions in your gutters and drainage systems. These are important measures at any time of year, but especially so in times of potentially very heavy downpours.

Sealing doors and windows - Poorly sealed building apertures can let water into your home, especially wind-driven rain etc. Even if your windows and doors have been sealed in the past, sealant does deteriorate, so make a thorough inspection and carry out repairs as necessary.

Strong winds - Monsoon season can also coincide with very heavy winds, so try to make sure that there are no loose items outside that can cause damage if they take flight and be certain to strengthen fencing at any weak points. Potted plants should be placed out of harm's way. Loose outdoor furniture and trash cans should also be secured or moved inside.

Inspection after heavy rainfall - Even though you may have cleaned out gutters and drainage systems, they can quickly become blocked again after heavy rainfall, so inspection needs to be carried out when safe throughout monsoon season. Also look for areas where water is accumulating around the home and try to effect better drainage where possible.

Be monsoon aware - Be sure to pay extra attention to weather forecasts at this time.

We hope at least some of these tips are helpful and that we all have a safe and uneventful monsoon season.

As always, please don't hesitate to contact us at 435-327-2090 if you have any questions on real estate.

The conventional wisdom in real estate is that a bigger inventory of available homes for sale means more competition between sellers, with potentially lower returns as a direct result.

The above graph shows that more homes have been coming onto the Iron County market for some months. However, right now, this is really good news for sellers.

The fact is that, even before the pandemic, inventory levels in our area were an issue and, until very recently, that trend was continuing.

Since the beginning of this year there has been a nationwide trend for more inventory coming onto the market in numbers not seen for some time.

It's something that seems to be gathering pace, as the graph demonstrates, with growing inventory every month since February. We have a good many more houses on the market now than at this time last year.

This is great news for buyers, who've had to cope with severely reduced options when moving home. It's also a reflection of sellers finally accepting that mortgage rates aren't likely to drop any time soon and you can only put off your next move for so long.

It all means that buyer sentiment is up, even though mortgage rates are still high. Listing prices in the area are actually rising and the average sold-to-original-list-price-ratio in the area has been moving steadily upwards since December (it currently stands at just under 97%).

These figures also tell us that sellers are pricing their homes more realistically and at the moment we are seeing a pretty harmonious linkage of more choice for buyers and better prices.

The last thing sellers need is overly cautious buyers, so here's a really strong argument for listing during the summer peak season, while buyer sentiment is so positive.

Why not contact us today to discuss your best options - 435-327-2090.

Congratulations if you bought your home when mortgage rates were 5% or below. What's happened to rates since that time has only served to prove what a shrewd move that was.

Some would-be home sellers are still sitting on the fence, waiting for those times to return. The truth is that, for now at least, those kind of rates are very much a thing of the past and a new normal has set in.

If you are playing the waiting game, consider that this spring market in Iron County is very active with good buyer sentiment and selling activity.

It's also true that many buyers have been delaying their next move too. However, in many cases, people cannot put their next home on hold indefinitely and we are increasingly observing an acknowledgement that the situation we are currently in is, in fact, the new norm.

Buyers also know that, while mortgage rates are high compared to a few years ago, there will always be an option to refinance when they do fall significantly, whenever that may be.

And we shouldn't lose sight of the fact that, for the majority of the past 50 years, average mortgage rates have been higher than they currently are (click here to see a graph that shows this). Historically speaking, they have been much higher (over 18% for a 30-year loan in 1981...).

And never forget that not everyone needs a home loan!

If you'd like to informally discuss the current opportunities in the local market, feel free to call us at 435-327-2090.