Utah Housing Market

This month's news may sound familiar, but there are some significant changes to the housing market that may affect your real estate decisions. The big news from last month's NAR statistics is that Inventory is low. If this sounds familiar it's because inventory has been steadily declining for the past two years. From February 2011 - Feb. 2012 the number of homes on the market in Salt Lake County has been more than 10% LOWER than the number of homes on the market the year before. Starting in March 2012 that number dipped to 30% lower and stayed there for a year! In the past few months things have started to change.

  [caption id="attachment_3038" align="aligncenter" width="300" caption="See Utah's Current Housing Statistics Here"][/caption]

Since March 2013 we have seen a rise in the number of homes listed for sale on the market. In fact the number of homes on the market in August is just 1% lower than August 2012. That is a strong indicator that our inventory woes may be tapering off. The National Association of Realtors statistics for the region show that our monthly inventory is up 6%! That puts us in the top 20% of the nation for monthly inventory growth!

  [caption id="attachment_3040" align="aligncenter" width="300" caption="What are the odds of selling YOUR home? Take a look into my Crystal Ball and see..."][/caption]

Another aspect of the market that many of our buyers have been battling is how quickly the homes are selling. The average time a home stays on the market in our area is 51 days. That's 35% faster than we were selling homes last year. Where does that compare with the rest of the nation? We sell homes faster than 96% of the nation. In fact we were the 5th fastest selling market in the nation last month. It's no wonder we get multiple offers on our properties, and sometimes sell homes before they even go active on the market.

[caption id="attachment_3039" align="aligncenter" width="300" caption="Sneak Peek Hot Deals BEFORE They Hit the Market Here"][/caption]

What about home values? Across the nation home values have increased 5.25% over the past year. In our area, home values have increased more than 10%! That's almost double the national average. Do you want to see how much your home value has increased? Check out my FREE Confidential Home Analysis.

See Full July NAR Real Estate Statistics Report Here