Has our market improved since this time last year? This is a question we get all the time, and one we seek to answer here today.
The first thing to take a look at is days on market, the number of days a home typically sits on the market before being sold. For 2015, the average days on market is 28 days, year to date. This same time last year, homes were sitting on the market for about 46 days. That’s a 40% decrease in the number of days on market, so homes are selling a lot faster than they did last year.
Sales are up 16% this year as compared to last year, from roughly 31,000 last year to about 36,000 this year, year to date. The one stat everyone wants to know is where the median home price is compared to last year, and we have good news. The median sales price has increased 6% as compared to this same time last year, from $215,000 to $227,900 in 2015. The number of listed homes throughout the year is basically the exact same, as we had 52,500 this year and 52,300 in 2014.
Homes are selling quickly, prices are going up, and inventory has remained steady, making this an awfully healthy market. Combine this information with low interest rates and things are looking great for Utah real estate. If you want to take advantage of these fantastic conditions, or if you have any real estate questions of any kind, please don’t hesitate to reach out to us. We would love to hear from you!