Land prices are falling in Tooele County, though some areas are holding their value better than others, according to local real estate agents.

“It is simple supply and demand,” said Mike Quarnberg of RE/MAX Platinum. “I have seen some residential lots come down as much as 15 to 30 percent, particularly in Grantsville where subdivisions sit unfinished.”

Brad Sutton, managing broker at Coldwell Banker Residential Brokerage in Tooele agrees.

“There are a lot of building lots that have been approved that are on the market right now. There are plenty of lots sitting empty throughout the county, except maybe in Tooele City,” Sutton said. “Just driving around, I have seen signs for lots in South WIllow for $57,000 that were going last year for $80,000.”

Steve Griffith, associate broker with Prudential Utah Real Estate’s Tooele office, said he has also seen prices come down.

“The interesting change is what MLS is reporting as the average time on the market — from 18 days last year to 99 days this year,” Griffith said.

The commercial property market, however, is another story.

“Going into the recession, we are in a buyer’s market with residential lots,” Quarnberg said. “On the other hand, commercial lots have retained their value because there just aren’t as many of them on the market.”

Griffith said demand for commercial land remains high partly because prices in the Tooele Valley are much lower than along the Wasatch Front. Commercial property in Tooele, depending on location and zoning, can run from $5 to $10 a square foot, while along the Wasatch front it starts out at $10 a square foot, according to Griffith.

“There is much less commercial property on the market compared to residential, and Tooele is still seen as a popular place for new commercial development despite the recession,” Quarnberg said. “That has kept the price of commercial property up.”

Quarnberg said one area that has remained strong is north Tooele.

“The mayor has done a great job of revitalizing downtown, but the future is north of the viaduct,” he said. “That is where developers are looking. Property downtown is just very limited.”

Tim Gillie: tgillie@tooeletranscript.com