Have you noticed that in Tooele Utah sales of new homes is heating up? At least the number of new construction listings is way out of whack. Of the 182 listings available for sale on the multiple listing service, 76 are newly constructed, (spec homes) to be built houses or listed as homes under construction. That means almost 42% of the housing inventory is being offered by home builders.
Generally, new home listings represent no more than 10 or 12% of available inventory in a market. Even in its real estate heyday, (i think that should be hay-day), the county was no more than 20%.
Our friends @ Keeping Current matters wrote a good article last year about why new home builders have been stepping out with spec homes at a rate never seen before. That information is not stale. In fact it is truer now than when it was first published.
Here is our update!
Enjoy learning why, and then see where construction is happening in Tooele County.
Many experts have been calling upon home builders to ramp up construction to help with the lack of existing inventory for sale. For the past two months, new home sales have surged, with July’s total coming in at the highest since October 2007.
Since KCM wrote this article and I re-posted it to Face Book & other media, contractors have become even more aggressive, and the inventory of previously owned homes has dwindled.
Her are some stats about the New Construction market in Tooele & how it relates to new home sales.
Where Are New Homes Being Built
While the average price of new homes is in the neighborhood of $377,000 @ $107 sqft, there are new homes being built all over Tooele County.with various price tags. Large swings in prices usually can be attributed to the size of land parcel that the house is built on so price per sq.ft. can be a critical part of the comparison.
Prices start in the mid $200s in Tooele City and climb to over $400 thousand for a home to be built on acreage in Erda Utah.
New Homes By City
- Lakepoint UT: There are 44 homes being built in Lake Point UT. The average listing price is about $430,000 with a cost per square foot of $117.000.
- Grantsville Utah:An average price of around $290,000 makes new construction here worth looking at. For those that care that’s only $87.00 sqft for the 13 homes listed.
- Tooele City: The 8 new homes in the city proper have an asking price that averages about $ 255,000 which equates to CPSQ of $ 91.00
- Stockton Utah: Six homes are being built with an average price of $92.00 sqft or around $301,000.
- Erda Utah: You can expect to buy lots of land on any new construction here. The 3 homes for sale in Erda average over $430,000 w/ a cost per sq.ft. of $120 dollars. Highest in the county of Tooele.
- Stansbury Park UT: Once a leader in new construction and a great place to find spec homes or visit a model home, Stansbury has only one house listed in this category @ $ 304,000 and $99.00 a foot.
So…. There you have it. The latest on new construction out here. Where it is, how much it costs and now you know where to find it.
If you are ready for the next step, we should talk. Chris and I have over 30 years of new home sales experience, hundreds of homes closed and hundreds of satisfied clients. You can read about us on our “about us page“.
We hope you will call us before you begin your search for a new home, but if you decide you want to go it alone, read our post about buying a new home and pay attention to the part about needing representation. It’s FREE, and you really should have it. The on site agent works for the builder and by law has a fiduciary duty to the client (builder or contractor). As my father in law says ” you can’t chase 2 rabbits at the same time”.
So if you don’t pick us, pick a local agent with new construction experience. You may be glad you did.
You can reach Chris or me @ 435-840-5029.
We would love to talk to you about why Tooele Utah sales of new homes is heating up.