Welcome to a New Reality!
Average Home Price in Tooele County Tops $300K!!
There are dates that you never forget. You associate where you were, who you were with, and what you felt. Every time someone mentions that event you are immediately taken back to that moment in time, with perfect clarity. You feel exactly what you felt in that brief moment… Unless you’re a real estate nerd like me, this probably isn’t one of those moments. It is, however, pretty noteworthy.
For the first time EVER, the average sales price of a single family house in Tooele County has now topped $300,000. For you old timers out there, let that sink in. AVERAGE… Not TOP sales price. BOOM!
Tooele County used to be known as the last bastion of affordable housing along the Wasatch Front. We were ‘the best kept secret’, with a short, easy commute to Salt Lake City, a great small-town feel, and enough services to keep you from complaining about the smell of horse and cow manure. That’s an era that has now passed us by. (Not the manure smell though- that’s still here!)
Take a look at this chart of sales and prices. In May 2019, we sold more homes (excepting May 2016, when we had 175 sales), at higher prices, than ever before!
In fact, if we go back just 8 years, to the market low point of May 2011 (Tiffany got her Sales License in February 2011), our average SOLD price in Tooele County has now more that DOUBLED!!
I’m not pulling out my crystal ball, but I will tell you we’re not likely to double in sales prices over the next 8 years. But I’ve got news for you if you think sitting on the sidelines and waiting for the next crash is a good idea; you may never get in the game!
Here’s my TOP 4 REASONS why, despite the recent rapid growth, I don’t see a slowdown coming anytime soon:
Mortgage certainty– Getting a mortgage is still not easy to do. Before the Great Recession, if you had a pulse, you could get a mortgage. Mortgage Fraud was rampant. Everyone was involved, including the biggest and most wealthy banks in the WORLD. Every lender offered a “Liar-Liar” Loan, aka No Income No Asset (NINA). These and other subprime loans, made up over 60% of all purchase loans pre-crash. That’s how we ended up with stories of servers at restaurants buying multiple half million dollar homes… and on a servers income. Not that fraud doesn’t exist. In fact, scammers will always find a way, but this isn’t the norm, like it was before the last crash. You have to qualify by proving income, assets, and credit. Loans are tough to get!Inventory- What you don’t see on the graph is the number of houses on the market. We are hovering around 40 days on market, as an average, for all of Tooele County. Any buyer looking under $200K will tell you that number is closer to 40 minutes. Lower, more affordable houses are flying off the market. In fact, in Tooele City (where the majority of houses under $200K sell exist), the average days on market for those homes is 20. That means there is still demand for homes. With limited supply, and the demand only increasing, according to John Locke and every economist since… prices go up.Desirability- Sure, Tooele seems crowded to those of us who have been here for a decade or more. But, compared to Salt Lake, Utah and Davis Counties, we’re still pretty podunk. You can still drive for miles between Erda and Tooele, and down to Grantsville and see lots of grass, cows, and UTV’s coming back from the trails. Our friends that enjoy horses and equestrian activities still have plenty of room and trails to ride. 4H, FFA, and other agriculture programs thrive in and around our communities. And, despite, the congestion at Lake Point, traffic isn’t near the headache it is in those other Wasatch front communities. Add to that access to the airport, a growing economy and job base, and Tooele is an easy sell for home buyers. Plus, one final thing…Affordability- Despite reaching the $300K, Tooele County is still the least expensive County of the 3 mentioned. Salt Lake County tops all at an average sales price of $390,000, Utah County follows at $364,000, and Davis is close behind at $355,000. Even Weber County hit an average sales price of $354,000. So you still get more house, per dollar, in Tooele County than you do anywhere else along the Wasatch Front.
June has started off just as hot as May ended. So if you’re thinking of selling, please reach out to Tiffany to find out what she does to get your home sold that’s truly different than what any other agent is doing. And if you’re thinking of buying, Gabe’s been taught by the best, and will keep you entertained with stories of his travels while helping you find the perfect home for your family.
If you’re bummed out by how expensive it’s getting to live in Tooele, may I suggest you turn that into gratitude? We still live in an amazing place, surrounded by great people and beautiful mountains and expansive deserts. Get out, take it all in. Breathe deeply, and make a list of the things you love about where you live. Share them with us in the comments! I’d love to share that with the world!
Until next time, remember, if love isn’t the answer, you may be asking the wrong question.
Wishing love and peace! Brad Lancaster