Naisbitt-Bagley Team’s Gratitude Attitude 2015 November Real Estate Newsletter Update! Is The Market Getting Better? YES!
First things first: WINTERIZE! Freezing temperatures are here. Crunching beautiful autumn leaves is fantastic fall fun as is crunching snow! However, frozen pipes are frightful so please prepare!
Now for your realty news: Everywhere we go, people want to know, “How’s the market?” So we’ll tell you! The market seems to be steady with an increase in closings and in the median price.
I quote from “MARKET PULSE” found in “REALTOR” Magazine “November/December 2015” issue as follows, “Home sales are outpacing last year’s sales, but tight inventories and mortgage underwriting continue to weigh on the market. First-time buyers are slowly emerging but make up just 30 percent of
buyers, down from historical norms of around 40 percent.” This quote is on the national level.
Let’s take a look at our local real estate market: Statistics have been compiled and graphs are attached showing market statistics for all the Iron County Board of REALTORs offices for 07/01/2015 to 10/30/2015. There are 612 single family homes on the market with 172 under contract. Under contract means the seller has accepted an offer and signed the contract to sell. 428 homes sold in that time period. There are 1015 lots for sale with 38 under contract and 109 lots sold showing that Iron County MLS has way too many lots for sale for the number of buyers buying lots. There are 146 condo/townhomes on the market with 42 under contract and 89 sold. Only 30 parcels of acreage sold and there are 452 on the market with 17 under contract. Commercial properties are not included in this report but there are a very few that have sold.
In the “Residential Market Summary Report by Price 07/01/2015-10/30/2015” in the attached Iron County Board MLS statistics graphs, we learn that there were 341 homes that sold under
$199,999 while only 184 homes sold $200,000 and above. Clearly more homes are selling locally in the lower price ranges, but homes are selling in all ranges that are priced with the market.
Our Team is happy to compile a market value report for you to make sure your home or property is priced correctly at top dollar to sell quickly. Isn’t that what you want?
The “Utah Association of REALTORs Local Market Updates by County September 2015” are attached. These are the latest market updates available since it takes the UAR approximately 2 months to compile the statistics for every county. Closed sales are up 31.4% in iron county year to date (YTD) in 2015 as compared to 2014 and the Median Sales Price is up YTD in 2015 to $145,000 which is an increase of 4.3% over 2014 this same time. Beaver County Closed Sales are up 50% YTD as compared to 2014 and the Median Sales Price is up 0.1% to $109,500.Washington County Closed sales are up 19.5% YTD and the Median Sales price is $225,000 which is up 7.2% YTD. See attached for information on all Utah counties.
The news from the recent November 12, 2015, Economic Summit we attended is good for our area. Cedar City is growing and doing well and employment is healthy! Some of the news is as follows:
Foursquare Properties announced a new project on the north end of Cedar City that has over 53 acres for a new Retail Development in our area. They will have a family recreation area, a large grocery store of some type, hotel accommodations, restaurants, sporting goods and other retail shopping. It will be a huge project. This is the same company that did Jordan Landing and other projects up north, and we have good reason to be excited!
Southwest Applied Technology College will have a new 80,000 plus sq. ft. building with over 30 classrooms to provide additional inexpensive educational opportunities for the work force in our area. The building is nearly complete.
Utah Shakespear Festival is in the process of expanding. They will have a new outdoor Shakespearean Theater for next year’s production and they will also have a museum.
There is a new blood plasma donation clinic that just opened up in Cedar City called Gifols.
MSC Aerospace is still in the process of expanding their business in the Cedar City area and they should be bringing hundreds of new jobs to our area in the near future.
The above will be of huge benefit to our economy in our opinion. We are excited about the positive things happening in our beautiful town.
Construction on the new temple for the Church of Jesus Christ of Latter Day Saints has begun which most residents believe will have a very positive impact on the Cedar City area.
Of course, selling homes and properties will still require top marketing. Our Team is committed to aggressive marketing both on-line and print ads. Our properties are advertised on-line world-wide as
well as locally. We try to place ads wherever a buyer may be! This outstanding marketing benefits you.
For market pricing and for answers regarding staging and making sure your home or property is ready to be in videos and slide shows world-wide, call our Team for our experienced advice and a DVD with
steps to follow. For your free real estate consultation, please call our Naisbitt-Bagley Team at 435-865-1019 at ERA Realty Center or email email@example.com today. We’d love to answer all of your questions and concerns. You can also call or text our mobiles: