Merry Christmas and Happy New Year!!! December 2019 Seller Letter Update
We hope everyone has a Merry Christmas and the Best New Year!!! Hopefully you have been able to enjoy the holiday season with your loved ones and continue to do so!
To give you an idea of what has been going on in our local market, see attached Local Market Updates provided by Utah Association of Realtor’s for October 2019. It appears that the Closed Sales for Iron County for October 2018 and October 2019 stayed the same at 120 units sold, no changes. The Closed Sales for October 2018 and October 2019 Year to Date went from 1,235 units to 1,111 down -10.0%. The Median Sales Price for October 2018 and October 2019 also went down from $214,000 to $209,450 a -2.1% drop. However, the Median Sales Price for October 2018 and October 2019 Year to Date went up from $208,750 to $217,750 a +4.3% difference.
On the National front according to an article written on realtor.com US Existing Home Sales Decreased 1.7% in the Month of November WASHINGTON—Sales of previously owned U.S. homes declined more than expected in November, the second drop in three months and a sign limited inventory is likely constraining would-be home buyers. Existing-home sales fell 1.7% in November from the previous month. Sales were up 2.7% last month from November 2018, the fifth straight month of year-over-year gains.
A lack of sufficient housing inventory to meet buyer demand continues to be a limiting factor for the housing market, according to Jessica Lautz, the trade group’s vice president of demographics.
Inventory has been particularly limited for homes priced at the lower end, according to NAR. “The new-home construction seems to be coming to the market, but we are still not seeing the amount of construction needed to solve the housing shortage,” said Lawrence Yun, NAR’s chief economist. Mortgage rates have moved higher from lows for the year seen in September, but remain low by historical standards. The Commerce Department reported Tuesday that housing starts, a measure of new-home construction, were up in November from the previous month.
If you or someone you know is looking for a home, give us a call to help you find the best home on the market and to walk you through the process of buying. If you’re a seller or know someone who wants to sell, with the lack of inventory being such a problem in the market, it is still a great time to sell. Give us a call for a free CMA to give you a market value.
Call your Matt Bagley Team at ERA Realty Center 435-865-1019 or email bagleyteam@gmail.com for your free consultation, top marketing, expertise, knowledge and service. Call or text your Team with questions or concerns as well as for pricing and staging information. Matt Bagley 435-590-8788, Jennifer Corral 435-559-0366 or Janet Naisbitt-Bagley 435-559-7772.
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