In Tooele County, home values are way up.
One of the key indicators used in the report to determine the health of the housing market was home price appreciation. CoreLogic focused on appreciation from December 2012 to December 2017 to show how prices over the last five years have fared.
Frank Nothaft, Chief Economist at CoreLogic, commented on the importance of breaking out the data by state,
“Homeowners in the United States experienced a run-up in prices from the early 2000s to 2006, and then saw the trend reverse with steady declines through 2011. After finally reaching bottom in 2011, home prices began a slow rise back to where we are now.
Greater demand and lower supply – as well as booming job markets – have given some of the hardest-hit housing markets a boost in home prices. Yet, many are still not back to pre-crash levels.”
The map below was created to show the 5-year appreciation from December 2012 – December 2017 by state.
Nationally, the cumulative appreciation over the five-year period was 37.4%, with a high of 66% in Nevada, and a modest increase of 5% in Connecticut.
In Tooele County, primarily in the cities of Tooele, Stansbury Park, Grantsville Utah, Erda Utah, Lake Point UT, and Stockton UT. the average price per square foot of a single family residents is as follows
Over the last 5 years then, the value of property out here has increased $38.89 SQFT or 52% from the price of a home in February 2014. That’s 5% greater than the average increase across the State of Utah.
A example of what that means in dollars and cents is that a homebuyer in 2014 who bought a 2500 sqft house for $186,425. could sell that same house for $280,975.
That’s a handsome $94,550 profit.
Where were prices In Tooele UT expected to go?
Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists and asks them to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).
According to the December 2012 survey results, national homes prices were projected to increase cumulatively by 23.1% by December 2017. The bulls of the group predicted home prices to rise by 33.6%, while the more cautious bears predicted an appreciation of 11.2%.
I Think They Missed IT:
You have heard us say over and over again that all real estate is local. This proves it.
While the national strategists were evaluating Tooele County on a map, and seeing us as a part of SLC they missed some key elements that make our community so desirable. IE: lifestyle,value, accessibility.
It is no surprise that Tooele exceeded projections of both national as well as statewide statistics.
Want to know what your home is worth? Here is a quick FREE non scientific estimator that’s fun to use.
Where are Tooele County Home Values headed in the next 5 years?
Data from the most recent HPES shows that home prices are expected to increase by 18.2% over the next 5 years. The bulls of the group predict home prices to rise by 27.4%, while the more cautious bears predict an appreciation of 8.3%.
What I Think:
For various reasons we are looking for an up market in Tooele County. Favorable price competition with some Salt Lake Cities, available land for new subdivisions and a rural lifestyle are just a few. I think that with the uncertainty of the cost of money we should split the difference between the bulls & bears. At 22.4% appreciation rate. That same $186,000 house could be worth almost $62,000 more than the current value of $281,000 in 5 years.
No bank that I know of offers those rates of return.
Every day, thousands of homeowners regain positive equity in their homes. Some homeowners are now experiencing values even higher than before the Great Recession. If you’re wondering if you have enough equity to sell your Tooele County house and move on to your dream home, let’s get together to discuss conditions in our neighborhood.
Give me a call, Berna Sloan 435-840-5029. I know this market, and I know this business. I have lived here all my life, and sold hundreds of houses in the last 25 years.
I’m a good one to work with.
I know why Tooele County home values are way up.