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We have some very important real estate statistics for Cedar City to share with you. The year is halfway over, so we thought it would be a good time to give you an update on what our local market looks like.
In Cedar City, there are just about 300 homes on the market right now. Last month, we sold just over 80. We are currently under a four-month supply of homes, which is considered a seller’s market. Prices are increasing due to low inventory as well.
One stat I found interesting was the list-to-sale price ratio. Right now, our average is 98.4%. That’s the highest figure I’ve seen in my 12-year career. Home sellers are getting almost all of their asking price on average. Some are even getting more than asking price.
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LEAVE THE LOWBALL OFFERS AT HOME.
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Another thing that’s really important to know is that our market has a tipping point at which homes don’t really sell or sell infrequently. This year, we've only had two homes sell that were priced over $500,000. For comparison, we’ve seen 75 homes priced between $400,000 and $500,000 sell.
If you’re a buyer, this tells you that it’s important to get prequalified. You’re likely going to be competing against other buyers, so leave the lowball offers at home.
If you are a seller, you want to price right from the beginning so you can get multiple offers or offers above asking price.
If you have any questions for us at all or want a copy of these market statistics, give us a call or send us an email. We look forward to hearing from you!
