Whats happened to home prices in Tooele County Utah?
Yesterday I posted on Face Book about Tooele UT home prices being up. Actually it was an article from KCM about what was happening about housing prices across the country by various regions. I promised to post about what’s happened to home prices in Tooele County Utah & the 5 cities that make up over 90% of all of the real estate activity out here. This is not scientific and not designed to provide anything more than a thumbnail of what’s happening in our market.
Those Cities are
First take a look at the national averages, noticing that the mountain states had an increase of over 6.5% year over year. Then scroll down to compare how Tooele County house prices increased. Then…. take a look at the value of homes in any city in our area to see how things have gone in the place you are most interested in.
- The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
- In the report, home prices are compared both regionally and by state.
- Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
- Alaska & West Virginia were the only states where home prices are lower than they were last year.
These national numbers are pretty good, and show the mountain region leading in home value appreciation in all of the regions except the pacific are of California, Washington & Oregon.
Only Washington, Idaho, Colorado & the state of Florida properties have increased greater than the 9.3% uptick experienced by Utah last year.
Now… Let’s break it down further, and see how Tooele County Real Estate values measure up by city, compared to our state increase of over 9%..
Tooele County Average Home Price Increases:
The average price of a home sold in Tooele in August 2017 was about $249,900. Twelve months ago the average price of sold houses was $225,500.
Value on average has increased to homeowners more than $25,000. That 11% increase was far better than the Utah Composite.
Tooele City Home Sales Comparison:
The city of Tooele had a nice increase of over $30,000 in home values over the last 12 months. From $186,290 last August to an average $216+ this year.
That number is a very robust 16%. Almost double the national average.
Here are homes for sale in Tooele City.
Grantsville Utah Price Comparisons
The increase of only 3% in value of houses sold in Grantsville UT over the last 12 months gives a distorted look at the market. While a $7,000 increase is nothing to sneeze at, we would hope that the balance of new home sales to previously owned houses would help balance out these numbers. That will require some of the larger subdivisions like Anderson Ranch be sold out for new construction building to begin to move up. Take a look at what’s available for sale in Grantsville UT.
Compare Stansbury Park House Values By Year
The average house purchase in Stansbury Park increased in value about $9,000 on an average sale last year of $273,450. However if your property investment was made in August 2014 you could be looking at an increase of over $40,000. That’s not bad! Here is a list of the latest homes for sale in Stansbury Park UT
Property Value Compared in Erda Utah
An increase in average price in Erda, like Grantsville is deceptive. A year over year increase of over $92,000 seems way out of line. But…..Large lots with big houses and animal rights can open up the possibilities for a wide basis of comparison. The 30% increase just deals with a few samples a couple of which can be outliers. If we extend out the comparison to 2015 Erda sold values log in at just under 10%. Still a pretty good way to save money if you can afford the $393,000 buy in. Todays listings in Erda Utah
Lake Point Utah Price Comparisons:
Like Erda & parts of Grantsville, mixing new home construction with older houses & larger lots (5 or 10 acres) with traditional quarter acre subdivision lot sites makes these numbers meaningless. But here goes.The average purchase in Lake Point in August of this year has been $446,000 in 2016 it the average home sold for $323,000. That is a big spread. As we said we could be mixing apples and oranges here. To prove that point; going back to August of 2014 the average sale was $174,000. I rest my case. To see what I mean, check out all of the homes for sale in Lake Point UT.
There … I’m done! Not sure these numbers will be of help but a promise is a promise. And who knows, this could be the exact type of Tooele Real Estate information you are looking for.
I write a lot of stuff that may only be of interest to me, but it’s the best way I know to keep up to date with info my clients may need. If you don’t follow my blog check it out @ Berna talks Tooele.
Have any questions about Tooele Utah? Call me! Berna 435-840-5029. We can always discuss Whats happened to home prices in Tooele County Utah