Home prices continued to rebound in 2013 as Tooele County’s real estate market experienced its second consecutive year of rising home prices.
In 2013 the median sales price of a single family home in Tooele County rose from $153,000 to $163,000 — a 6.5 percent increase from 2012.
“The market in Tooele County is back to normal,” said Vicki Griffith, broker for Premier Utah Real Estate in Tooele. “After years of short sales and foreclosures, the market has recovered and we are seeing a good level of growth.”
The total sales volume of homes in the county also jumped from 725 in 2012 to 838 in 2013, a 15.6 percent increase.
“People are still moving into Tooele County, either for work or because it’s a great place to live and our housing market is more affordable than Salt Lake County,” said Griffith.
The number of new listings also rose in 2013 to 1,400 from 1,218 in 2012 for a 14.9 percent increase. While new listings increased, the number of days a home stayed on the market before it sold dropped in 2013 from an average of 51 days in 2012 to 40 days in 2013, a 21.5 percent decrease.
“We have good supply of homes for the demand,” Griffith said. “It’s well balanced. We’re not really in a buyer’s or seller’s market. If you want to sell, we can find a buyer, if you want to buy we can find you a good home.”
However, homes that are priced at $130,000 or below are in high demand, she added.
Real estate agents are looking forward to 2014.
“It should be a banner year,” said Griffith. “We won’t see a huge jump in sales or values, but the regular normal growth will be there. All the things we need for a good year are there. We have the homes to sell, interest rates are still low, and zero-down financing is still available.”
As 2013 started, Chris Sloan, broker for Group 1 Real Estate of Tooele, predicted than the numbers for 2013 would be positive and that 2014 will see continued growth in the county’s real estate market.
“In 2014 we should see the home sales market improvement to continue,” he said. “Home values will continue to increase, maybe not as sharply, but it will continue to be a sustainable increase.”