According to recent numbers from the Utah Association of Realtors, home prices have increased for the third month in a row, rising about 3% in June over the previous year. In June 2012, the median sales price was $182k. This was up from $177k in June 2011. April and May of this year saw similar price gains, which shows major change from what we’ve been seeing since 2008.
There’s a definite increase in consumer confidence. Sellers are getting more showings on their properties, offers that are within 5% of the list price, and closings are happening quicker.
Sales have been on the increase for most of the year, and in the first half of 2012, closed transactions were up slightly over 10% from the first half of 2011. We continued seeing gains in the month of July as well. This shows us that more and more people are buying/selling homes.
- Salt Lake: Up 12%
- Weber County: Up 11%
- Box Elder: Up 44%
- Washington County: Up 11%
The foreclosure market in many counties has dried up or significantly dropped, and inventories all around are greatly reduced.
In some areas, mainly in Washington, Utah and Salt Lake Counties, the new construction industry is going strong and they’re often selling them out faster than they can build them.
Statewide inventory fell about 20% from last year. In lieu of the reduced inventory, buyers are finding they have to act fast on properties they are interested in. Not only that, but the offers being made are needing to be very close to list price.
Nationwide, we’re predicting that prices will decrease by about 1%. Utah is beating the trends, and our prices are rising.
If you are considering buying a home in the near future, we would love to sit down with you and go over the entire home buying process. In a market where homes are not staying on the market very long and prices are increasing, we have ways to get you into the home of your dreams (before someone beats you to it) and get you a great deal (before someone outbids you).
Call our office today for more information. I can be reached at 801-999-8305.