Wednesday, April 11, 2012

Uintah Basin area home sales are on the rise

The Uintah Basin is seeing a recent surge in home sales and experts say that’s a likely sign consumer confidence is increasing and the real estate market could be poised for a long-term upswing.

Last year marked the highest number of home sales in Duchesne County since 2008. Sales in the county were up 27.4 percent in 2011 compared to 2010. Duchesne County had the fifth highest percentage increase of all Utah counties.

In Uintah County, home sales in 2011 were up 33 percent from 2010 — the third highest percentage increase in the state. Increases in the Uintah Basin were markedly higher than the state average, where total home sales were up just 8.6 percent during the same time period.

Caro Norton, president of the Uintah Basin Board of Realtors, said the local real estate market is rebounding after sales reached their peak in 2008 and then dropped off dramatically in 2009 and 2010 when the economy slowed.

“Right now, we’re starting to make the transition back into a seller’s market instead of a buyer’s market,” Norton said. “I wish I had a crystal ball so I could see the future, but it looks like it’s going to be a great spring and summer for the real estate market here. It feels like we’re headed into our next boom.”

As the number of homes sold in the area rises, the inventory of available homes is also decreasing.

Approximately two and a half years ago, when the housing market was at its most stagnant point, there were a total of 450 homes for sale in Uintah County. That figure contrasts sharply with today’s picture. Vernal Express