Out-of-state buyers are playing a significant role in a strong real-estate housing and land market in south-central Utah, but the area is in need of more rental units.
That's the opinion of members of the Central Utah Board of Realtors, as evidenced by sales through its multiple listing service as well as individual agents, brokers and owners.And the area has another realty feather in its cap. Barbara Owen, broker-owner of Encore Realty, was recently named Utah Realtor of the Year.
Meanwhile, area residential sales through the multiple listing service has reached nearly $5.5 million this year with a land sales volume of about $1.7 million, according to Jean Ward, Richfield board president. She said the average sale price of a home in the area has increased 16 percent over last year, selling for $54,883.
Local realtors view the current nine percent interest rate as still a bargain when compared with 11 percent just a few years ago, said Julie Curtis, the board's president-elect, who owns Curtis Realty in Rich-field.
Another broker, Nancie Staples, reported a 28 percent increase in business as compared with last year, noting a particular increase in land sales.
But the area has a substantial and growing need for rental units and properties for people with varied income ranges, said Darcy Labrum of Coldwell Banker Labrum and Associates.