Since 2016, home prices have increased in our market while the average days on market has stayed the same. What does this mean overall, though?
What do the latest statistics say about our Utah market compared to 2016?
Currently, our average days on market is 14 days, which is a slight drop from the 15-day average that was recorded this time last year. It’s still amazing that homes are selling this fast.
The number of homes that have sold is down 3%. What’s surprising, though, is that compared to 2011, the number of home sales is up 60%.
The median sale price has increased 8%. Compared to 2011, it’s increased by—get this—51%! This means if you bought a home in mid-2011, you’re in really good shape right now.
Our level of inventory—or the number of new listings that have come on the market—is down 1%. Compared to 2011, though, it’s up 14%.
As you can see, prices continue to go up, and the average days on market is still really low. Not only that, but interest rates are also really steady. Overall, the market continues to head in the right direction. We believe that in the next 12 to 24 months, though, we will see a leveling out. In the meantime, the shortage of available homes should continue to drive prices up.
If you’re curious about what your home’s worth or you’re thinking about buying or selling a home right now, don’t hesitate to reach out to us. We’d love to help you.