What Did You See in 2013?

Today I wanted to recap the real estate market in Cedar City for 2013 and also give you some insight to what might happen in 2014. For the entire year, 2013 was a seller’s market but the market has gotten stronger and stronger as the year has progressed. Our average sales price rose from $119,000 to $149,000 which accounts for a 25% increase. Our inventory went from 623 homes on the market down to just 194 which was a drop from an 11 month supply down to a 2 ½ month supply of homes. We are hoping for another year like this in 2014.

Interest rates dropped all the way until January when the Fed made the announcement about tapering the purchases of bonds. The interest rates have crept up since June going from 3.5% to 4.5%. They may have risen, but rates are still very low.

In 2014 I expect continued growth and the reason being is that Syberjet has decided to build a manufacturing plant here in Cedar City and will add about 1,500 jobs. Part of their package included an extremely large tax break but they have to hire at an average of $50,000 a year. For a town of 30,000 people, we will see huge growth as people move in to fill those jobs. There is also an LDS Temple being built, the iron mine out west is investing in a large smelting plant and other small to mid-range businesses starting up.

Thanks and have a great day!