What’s been going on in the market? Let’s take a look.
Today we’re going to be talking about what’s been going on in the Wasatch Front market since this time last year. There’s been a lot of changes, and a lot of positive changes at that.
The first thing we want to mention is the days on market, a measurement of how long it takes a home to sell. Last year at this time, it was around 30 days. Since then, we’ve seen a 48% drop and the average now sits at 20 days. Homes that are priced right for their condition are continuing to sell extremely fast.
The number of home sales has dropped a little bit from last year, by about 6%. However, inventory has dropped as well, by almost 8%. Even though sales are down, inventory is down even lower. That’s causing homes to continue to increase in price while selling quickly.
Finally, we wanted to mention appreciation, or median sales price. We went from $233,000 last year to $250,000 this year, a 6% jump.
There you have it. As you can see, we’re in a great market for buyers or sellers right now. The big question in the industry is whether or not we are in a bubble. There’s currently a debate going on and there’s a pretty good argument that in the future, a shift will take place in the market. However, we don’t see anything happening this year, as there’s still a lot of growth taking place right now in the Wasatch Front.
If you have any questions for us, or you’re thinking about buying or selling, give us a call or send us an email. We would love to hear from you!