How is The Housing Market in Tooele County

Tooele Housing Market
Find out about the Tooele Market

I know it seems silly to post annual Tooele County real estate market stats in March, but that is when all the numbers get sorted out.

Folks rhat pay attention to those kinds of things depend on their information to be more accurate than timely.

But, for those that are just looking for a response to the casual question  “how is the housing market in Tooele County”., I can only say “better late than never”.

So,   I know; the info is delivered 2 months after the fact. But that is the way that the information is delivered to us. In defense of this info. It is accurate, and that is why it takes WFRMLS so long to get it to us.

That is opposed to all of the stats and information we publish each and every day which generally pulls together and is wrapped around a sales pitch of some kind.

Tooele County real estate market is strong!

Market Report Final sales numbers show that the market is still strong in  each of the 5 major cities

in Tooele County………………………… Not a big surprise

  1. Tooele City Utah
  2. Grantsville UT
  3. Stansbury Park UT
  4. Erda Utah
  5. Lake Point UT.

New Listings in Tooele County Thru 2019

New listings increased by 4.4% from December 2018 thru Dec. 2019  the current time frame. (from 1847 units to 1928 houses)

Pending sales for December were up over 24% and still remain strong for the year; up over 16 units. I think a weak inventory has much to do with this number being under twenty five per cent.

Closed Sales

Closed sales were up a whooping 9.3%, but a December decrease of almost 6% is driven by the lack of sale-able inventory of houses and condominiums.

Our observation is that willing ready and able home buyers outweigh premium homes available to buy could best describe the housing market in Tooele County.

Prices Of Sales

Prices again rose at a very strong rate for the year. We think they are reflective of the scarcity of listings.

Median price for the year was up almost 7.7% to $279,900. For December, median price is now up almost 20% to over $302,000. For the year, we are flirting with the 300K mark for the first time I can recall.

Sounds scary until you realize that those numbers are STILL 20-50K lower than houses are selling for in some of the Wasatch Front areas of Salt Lake County.

What Percentage Of List Price Are Owners Getting

Percentage of original list price is hanging around the 99% mark, which isn’t surprising. Sellers don’t need to bend off their number (asking price) too much in this kind of market. For the year, home sellers are still getting about 98.6% . About the same number as last year.

We expect that number to change very little until inventory loosens up.

Home Inventory

Which leads us to my last set of numbers. Inventory for sale in Tooele County is down Dec. 2018 to December 2019 over 27.7%. This leaves us at roughly a 2.1 month supply. I usually figure 6 month as the ‘neutral’ line between a buyers and sellers market. We’ve been hovering around 6 for a couple of years. Anything under 3 is scary.

Hopefully, new listing numbers will improve. Sellers are doing very well in this market, and we are letting all of our past clients know that this may not last much longer. Rate increases MUST be coming soon. Although, noise is out there that rates could be facing another cut.

Years of low rates make mortgages less attractive to investors. Loans are hard enough to come by as it is!

What does it all mean? Simply put, Tooele County is still the best place to buy, to sell and to live!

I hope this has been helpful.. And……  If it encourages you to move ahead. If so, I hope you will think of me when you need a real estate partner.

Take a look at my bio ABOUT BERNA SLOAN to see what I have done over my last 27 years in real estate. Or, just call me 435-840-5029.

Mention you would like to talk about the housing market in Tooele County.