What is happening to the Cedar City Market?

by bryceross on June 14, 2012

Everyday people ask me, “how is the market in Cedar City”? Usually my response is “interesting”. There are several unique things happening in Iron County that are not traditional in real estate.

Statistically, Iron County is improving in many areas. Year to date closed transactions are up roughly 17%. Pending sales have also increased to 17% year to date in Iron County. New listings have decreased roughly 20% thinning out the inventory. Generally, when total sales are increasing and inventory is slowing down, prices usually are escalating in a typical market. Like I said before, Cedar City is an interesting market at this moment. The average sales price is down roughly 12% leaving people to wonder what’s in store for Cedar City and Iron County. At this point, it’s anybody’s best guess but it’s nice to see some positive signs in our marketplace.

Another positive sign happening at the moment is the decrease in foreclosures or notice of defaults filed in Iron County. From January 1st-June 1st the total filings were 236. From June 1st – June 14th there have been 2 notice of defaults filed. Once again, people are beginning to wonder if foreclosures are slowing down or are the banks holding back another wave of foreclosures.

As a whole, we are starting to see the light at the end of the tunnel. At this point, nobody can predict the future in Real Estate or the Market in Cedar City. But if we can continue this trend with increased home sales, slowing of foreclosures and a thinning in our inventory, good things will happen. Unfortunately, big changes don’t happen overnight. Real Estate is cyclical and eventually will make a positive turnaround.

If you have any questions regarding Cedar City Real Estate or foreclosures for sale in Iron County, please contact Bryce Ross with Re/Max Properties

This information is deemed reliable but is not guaranteed.

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