November Utah Home Sales Looked Great!
I’m looking at November Utah home sales trends and I like what I see. This year November netted the second highest number of sales over a six-year period.
Median sales prices are up from last year as is the median cost per square foot. Better yet, homes are selling faster than they were even in 2007.
Please keep in mind we’re only looking at sales statistics for one month of the entire year here. It is helpful though to look at monthly statistics when they’re compared to the same time period over several years. Let’s take a look at the number of homes sold in November each year, 2007-2012, first.
Number of Homes Sold
Although the number of Utah homes sold never tells the whole story, it can be a good indicator of housing market activity. In Table 1 you will see the actual number of homes sold in Utah this November was the second highest in six years.
Total Sales Volume
Total sales volume is also an important economic indicator. Take a look at Table 2.
Utah homes sold in November 2009 brought the highest volume in a period of six years, November 2007 to November 2012, with a total of $574,938,791.
Total sales volume in November 2007 totaled $540,906,924. November’s 2012 home sales volume ranked third in the six-year period with $514,174,003.
Median Sold Price
It’s a good idea to look at the median sales price of homes; but, it’s an even better idea to consider “price per square foot’ in the equation. Have you ever looked at the tags on grocery store shelves? You can easily see the price of a product, several products even. At first the sales price seems a logical comparison. If you look closer, you’ll notice prices are further broken down into “price per ounce” or a similar measurement. The same is true when comparing sales prices of homes. In order to make a fair comparison you must know the median price per square foot.
Look at Table 3. Although Salt Lake home sales, Park City home sales and sales throughout Utah are picking up, the price is still lingering lower than it was in 2007. November sales in 2007 came in at a median $213,500 per home or $106.39 per square foot. Prices dipped to a six-year low in 2011, then rallied again in November 2012 at $188,200 or $86.53 per square foot.
Median Current Days on Market
Last let’s take a look at the median number of days it takes to actually sell a home in Utah. When a home takes an extra-long time to sell it can be an indication of several different things: the home is priced too high, it’s in poor shape, it’s in a bad location, consumer confidence is low, the unemployment rate is up, inventory is low, loans are hard to get and/or interest rates are high.
Every Bountiful home for sale, Tooele home for sale and Ogden home for sale has its own unique set of circumstances, but the more homes factored into the equation, the more indicative prices are of Utah’s overall economic health. In November 2012 more homes sold at higher prices than they did in November 2010 and 2011, but they sold faster than they have for a whopping six years during that month!
For example, compare the median number of days homes stayed on the market in November 2010 (86) to those sold in 2012 (51) on Table 4. Again, things are looking up!
It’s important to understand market conditions as you prepare to purchase a home for sale. I continually research the data so you don’t have to. I have thousands of Utah home listings available online for your convenience. Please take time to browse through them and call me immediately if I can assist you at 801-673-3333.