Spring Forward to April 2016 Newsletter Update from the Naisbitt-Bagley Team at ERA Realty Center, Cedar City, UT
“How’s the real estate market,” is the happy question we hear wherever we go! The market is awesome, but allow me to go into more detail just for you:
The latest Utah Association of REALTORS (UAR) Updates for February 2016 have just been published. It takes approximately 2 months for the UAR to compile all of the statistics from every county. Iron County closed sales are down 19.4% year to date (YTD) as compared to last year. The median sales price is up 11.5% to $145,000. Washington County closed sales are up 2.1% YTD and their Median sales price is down 1.4% as compared to last year to $215,000. Beaver County closed sales are up 33.3% and median sales price is up 56.6% YTD to $153,000. More detail and all other counties are in attached report.
The Iron County Board of REALTORs’ first quarter graphs are attached. ERA Realty Center again sold more homes than any other office thanks to our awesome clients and customers. Thank you very much! 381 homes sold under $199,999 and 105 sold over $200,000. Lower prices win, but we see that homes priced with the market are selling in all price ranges. The Market Analysis shows 575 single family homes for sale. 237 sold during the first quarter and 202 homes have accepted contracts on them. Condo/Townhouses show 133 active listings. 72 sold and 47 are under contract. There are 1021 lots on the market and 73 sold the first quarter. 39 went under contract. It is clear that there are more lots on the market than buyers to buy them. 454 parcels of acreage are on the market and only 24 sold the first quarter. 9 went under contract. Obviously, residential properties are the most popular. Commercial and development land are still slow sellers.
An article in the March/April 2016 REALTOR magazine titled, “A Troubling Shortage of Homes states, “Housing shortages are the rule in most states and there’s no reason to expect anything to change this year.” The article calls for more homes to be built to meet the need arising out of low inventory. Southern Utah mirrors that concern. I believe the reason our number of closed sales has declined is because there are fewer homes on the market. We have investors and first-time buyers having a difficult time finding homes to meet the need of low monthly payments. We have one home buyer that made offers on 3 homes only to lose out to other buyers that offered more each time. An article in March 2016 DS News indicates that delinquency rate and foreclosures are down which is a plus for our economy but doesn’t help the housing shortage.
“How can we sell our home at top dollar quickly,” is another question we hear and that we answer with 4 points listed here:
- Naisbitt-Bagley Team’s top technology, marketing, training, experience, expertise, service and negotiating skills benefit your sale. We work hard to help you!
- Fix up, clean up, brighten, de-clutter, spruce up, repair, paint, carpet, organize, decorate, stage, landscape, improve the curb appeal, etc. to attract your offer!
- Ask our Team for market value information including sold comparable properties as well as competing properties for sale to help your home’s price compete.
- Allow your home to be shown when the buyer wants to see it. Otherwise, your property could be deleted if it is out of the way of the buyer’s tour of homes.
Check out our website at findhomesincedarcityut.com for staging, pricing, and other ideas. Please call our Naisbitt-Bagley Team at 435-865-1019 for your free consultation regarding financing, staging, market pricing, inspectors, concerns, questions and etc., or firstname.lastname@example.org. We are always there for you! You can also text and call our team on our mobile phones: Mathew Bagley at 435-590-8788, Janet Naisbitt-Bagley at 435-559-7772 and Jennifer Corral at 435-559-0366. We are known as the real estate team that cares. We work together with you to make your realty dreams turn into reality!