The Latest Cedar City Market Statistics

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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!

Get Off of the Fence: Buyers Take Advantage of Low Home Prices and Interest Rates!

There are many great Cedar City area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (435) 590-1373 for a FREE home buying or selling consultation to answer any of your real estate questions.

What is the Current State of the Cedar City Real Estate Market

Right now, the Cedar City Market is favoring sellers; there simply isn’t enough inventory to sustain the amount of sales. We’re experiencing some great growth from all the businesses coming into the area and it also makes for a great market for selling!

As for interest rates, the rates for a 30 year mortgage are hovering at about 4%. I hate to say it, but based on actions from the Federal Reserve, interest rates will rise in the coming months. These are unnaturally low interest rates!

Right now, there are 279 homes on the market in comparison to the 325 homes that were on the market this time last year. This equals about six months’ of inventory! Also in 2013, home prices were up 20% overall; we are currently up 3% from January 2013. This helps sellers obviously, but buyers need to get off the fence if they are thinking about buying. You won’t have another time where both interest rates and home prices are low!

Please reach out to me if you have any questions. Thanks and have a great day!