Home sales up, prices down in Tooele County

(Tooele Transcript Bulletin) Tooele County’s real estate market is off to a strong start in 2010, with increased sales volume party coming as a result of lower prices.

In the first quarter of 2010, sales of homes in Tooele County jumped 19.6 percent compared to the first quarter of 2009. However, the median price of houses sold dropped by 8.2 percent over the same period. It also took nine days longer on average to sell a home in the first three months of 2010 compared to 2009.

Local real estate agents acknowledge federal tax credits for home buyers — $8,000 for first-time buyers and $6,500 for repeat buyers as part of a program that expires on April 30 — have helped drive the rise in sales. But they also say a broader rebound may be taking place. While 2009 closed with a 2 percent decline in overall sales compared to 2008, the final quarter of 2009 was up 61 percent over the same quarter in 2008. The positive results in back to back quarters compared with the same periods a year ago may indicate an upward trend.

“Part of the growth in sales, particularly in March, is due to people wanting to make sure they get in on the tax credit before it ends in April,” said Dan Egelund, broker for RE/MAX Platinum in Tooele.
 

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