According to the latest numbers, we had a great first quarter up and down the Wasatch Front.
We’re well past the first quarter of our 2018 market, and things are looking good numbers-wise. Here are the latest year-to-date statistics and how they compare on a year-over-year basis.
Our average days on market is 18 days, which is unchanged compared to this time last year. This means homes are still selling quickly.
The number of homes sold is up 2.41% year over year. Last year at this time, there were 14,790 home sales. This year, there have been 15,146. This increase is all the more impressive considering last year was a killer year for home sales.
The median sale price increased 10% from $258,000 to $285,000.
Mortgage rates rose from 4.05% to 4.47%. This should put pressure on buyers in terms of what they can afford, and thus slow the market down a little bit. However, the people in charge of interest rates know to be careful about that, so we don’t anticipate any drastic changes.
Lastly, inventory rose 2.27% from 22,601 homes on the market to 23,113 homes.
All in all, we had an amazing start to 2018. Our team had an amazing start as well, and we appreciate all your referrals and your business.
Remember, if you’re curious what your home is worth or you’d like to browse all the latest homes in our market, visit our website www.canovogroup.com.
If you have any other questions or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me or someone on our team. We’d love to help you.