There is not a nickels worth of difference of how supply and demand works in Tooele Utah real estate than anywhere else in the country. And… the same rule applies whether we are talking produce, real estate, jewelry, or automobiles. The less there is of something, the more it costs.
The graphic below from Keeping Current Matters explains things pretty well from a real estate perspective. If you are thinking of buying a new home, selling your house or just trying to find out about property in Tooele County, you might find this post helpful.
The Concept of Supply And Demand
The concept is simple as pointed out below. The best time to sell something is when that item is in low supply & the demand is high. Supply and demand makes a difference in what you can offer to buy and what you can expect to pay for property.
This graphic talks about real estate on a national level. Take a look and then read further as we put those same criteria to the test to determine specifically how supply and demand works in Tooele Utah real estate.
- The concept of supply & demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
- Anything under a 6-month supply is a seller’s market!
- Nationally, there has not been a 6-months inventory supply since August 2012!
- Inventory levels differ depending on the area of the country and price range, so let’s get together to discuss the exact market conditions in our area.
What About Supply and Demand In Tooele County?
- In Tooele County the inventory of “good listings” in the $200 to $250,000 range is pretty scarce. We see that the concept of low inventory driving prices is in play by the fact that prices are up the first 8 months of this year by almost 8.5%.
- Everyone knows that anything under a 6-months supply is a sellers market. In Toole it has been that for quite some time. But……………. the more important guideline, at least to me is “days on market”. The number of days a listing is available before the seller has a deal. There is a simple off the top of your head equation for this one. The quicker the sales, the more offers you get, the more offers you get higher the prices nudge up. When D.O.M. is short an atmosphere similar to an auction takes place and this is really what sellers look for.
- So far, according to the WFRMLS, home sales logged in this month, show an unbelievable 26 days on market. Less than half what the sales time was in January. Tooele homes are selling 17 days faster than a year ago.
- As the graphic points out different areas and neighborhoods sell faster than others and finding out where the most activity and why should be part of your due diligence. No matter whether you are buying a home or selling your house I can help with that.
Bottom line, I’d like your business. I’m a local professional ( read my bio), that has invested a lot of years in making myself into the best partner you could have when it comes to Tooele real estate. I write about it, I talk about it, and I don’t think any one in Tooele spends more time learning stuff that can possibly help our clients have a worry free experience than I do.
Give me a call! Berna Sloan 435-840-5029. I guarantee you, I know how supply and demand works in Tooele Utah real estate.