Darcy did some quick figuring on some mid year numbers in the Cedar City Real Estate Market. Last year for the entire year there were 665 residential units sold. The average days on market for those sales was 202. As of June 30, 2011 there have been 353 homes sold in the Cedar City Real Estate Market since January 1st. The other encouraging sign is that our days on market have reduced to an average of 139 for units sold.
Again these are just residential units. Another encouraging sign is that we have shaved just over 2 months off of our absorbtion rate down from 14.01 months to 11.74 months. In our residential units.
Looking at all categories of Real Estate, (Residential, Commercial, multi family, land etc.,) at the end of 2010 there were 35.15 months of inventory listed in our market. As of June 30, 2011, that number was down to 25.34. This is a great shift! Lots and land are still moving pretty slowly, but things are at least moving in the right direction!
If you have any questions about the Cedar City Real Estate Market, give us a call, we would love to talk to you!
If you’re looking to buy or sell real estate in Cedar City, Utah; please give us a call. We would love to earn your business!