Today we’re taking a look at how the market’s doing so far in 2017.
The first quarter of the year has nearly come and gone, so I wanted to show you some of the most recent numbers from the Utah market and compare them to what we saw in the first quarter of 2016.
The average days on market for homes listed for sale stayed pretty steady. We went from an average of 33 days in 2016 to an average of 34 days in 2017. Homes are still selling really fast. Home sales have gone down from 6,300 at this point last year to just 6,000 this year. However, inventory is down by around 10% too.
Finally, let’s talk about home appreciation. It seems to be the one thing everyone asks about. To determine this, we’ll look at the median sale price in our market. At this point in 2016, it was $230,000. There has been a significant jump since, and the median sale price in our market right now is $251,000.
As we have predicted in the past, the market remains strong. As long as rates remain relatively low, we’ll continue to see this trend and we will see anywhere from 4% to 7% appreciation again this year. Some of the top economists in the country have made predictions on the higher end of that spectrum.
If you are thinking about taking advantage of current market conditions by buying or selling a home, give me a call or send me an email. I would love to hear from you.