More Utah Homes Selling Faster
by Joel Carson
Utah Real Estate P.C.
Third-Quarter Reports Encouraging
More Utah residential properties are selling faster, according to statistics from the Wasatch Front Regional Multiple Listing. During the third quarter of 2011 homes remained a median 74 days on the market before being sold. In the same quarter of 2012 the median dropped to 43 for a 41.89 percent drop in the median number of days required to sell a Utah home.
The state’s residential property market warmed right up in third quarter 2012 with 8,771 homes sold compared to 7,627 during the same quarter last year. That’s a 15 percent increase in the number of residential units sold (and a great reason for you to smile).
Could you stand some more good news? How about a 6.32 percent hike in median sold prices? Third quarter 2011 reports showed a final median home price of $174,000 compared to $185,000 in 2012. This is a strong indication the inventory is thinning, consumer confidence is up, interest rates are phenomenal and home buyers are better able to qualify for the loans they need to buy their homes.
Inventory Thinned During Third Quarter
During the months of August, September and October 2011 a total of 12,887 new homes were listed for sale in Utah. The median asking price was $189,900. A median 59.18 percent of new listings sold during that period. In 2012 new listings dropped 2.19 percent with only 12,605 listings offered at a median asking price of $200,000 (a 5.32 percent increase). Of those new listings, a median 69.58 percent sold during third quarter 2012 (a 17.57 percent increase over 2011).
Year to Date Comparisons Compelling
A year to date comparison between 2011 and 2012 shows Utah residences are selling faster at higher prices. Fewer homes are being introduced to the market overall; and, more new listings are selling. Take a look at the table below. CDOM stands for current days on market. A 38.10 percent drop is pretty impressive. Home sales are up 12.57 percent this year and the median sold price is up 2.8 percent. There are fewer listings being dumped on the market and of the listings that have been added a median 60.33 percent sold. That’s almost 20 percent higher than last year. Even better – the asking price for those new listings is up 5.27 percent.
Residential YTD Comparison 2011 – 2012
|All # Sold||22474||25299||12.57%|
|All Mdn Sold Price||$175,000||$179,900||2.80%|
|Mdn % of New Listings Sold||50.52%||60.33%||19.44%|
|New Mdn Asking Price||$189,900||$199,900||5.27%|
|*Source: Wasatch Front MLS|
This is all great news for the Utah housing market; however, if you are in the market to purchase a new condo, townhome or single-family home you might want to watch carefully as prices creep up and inventory is reduced. There are still plenty of amazing deals out there and I want to help you find the right Utah real estate at the right price. Contact me today at 801-673-3333 or take time to browse our amazing inventory of homes right now online.