When you take a look at the numbers year over year, you see some interesting things.
How does this year’s 2nd quarter compare to last year’s 2nd quarter?
In 2015, the number of new listings that came on the market was 3,456. This year, the number of new listings is 3,631. That’s an increase in inventory of 5%. In 2015, there was a total of 2,508 homes sold. This year, the total is 2,389 homes sold. That’s a drop of 5% in sold listings – the first significant drop in sales in about five years. Whether the drop will continue is something to keep an eye on in the future.
The 2nd quarter median sales price rose from $235,000 in 2015 to $255,000 in 2016. That’s an increase of 8.6%. This is a good thing. Values continue to rise– the only question is how high they are going to go and whether or not this rise presents any sort of risk.
Homes are selling very fast. The average number of days on market dropped from 22 in 2015 to 12 in 2016. Right now the best homes – if they’re priced right and in good condition – are going in a matter of weeks, if not days.
Home values continue to rise; the only concern is the 5% drop in the number of home sales. The market is still hot, however, and with interest rates as low as they are, I feel we’ll see a strong 3rd and 4th quarter here in Utah.
If you have any questions about what’s going on in your area, or have friends/family looking to buy or sell a home, please reach out to me or a member of my team by phone or email. We’d love to help you out.