Utah Home Prices Up in 2013 Q1
by Joel Carson
Utah Real Estate
SLBR 2012 ‘Salesperson of the Year’
Utah homes sold faster and at higher prices in the first quarter of 2013 compared to the first quarter of 2012. Statistics from the Wasatch Front Multiple Listing Service (WFMLS) report a 37.97 percent reduction in the number of days it took to sell a home in January, February and March compared to the same period last year. The median sold price was up 11.80 percent throughout the state.
The number of homes sold declined slightly — .25 percent – but then, there were fewer listings this year and a higher percentage of listings sold in the first quarter of 2013 compared to the first quarter in 2012.
Salt Lake County 2013 Q1 Prices Up Compared to Q1 2012
The Salt Lake County median home price was up in the first quarter of 2013 compared to the same period in 2012 by 18.75 percent. The median sold price in 2012 was $176,000 in 2012 and $209,000 in 2013.
Salt Lake County homes sold 44.93 percent faster in the first quarter of 2013 than they did in 2012. In 2012 homes took a median 69 days to sell compared to 38 days this year. The number of homes sold was down slightly (-3.4 percent); and the number of new listings waned by 4.09 percent. In the first quarter of 2012, 4,496 homes were listed. Of those, 57.56 percent were sold. In the first quarter of 2012 4,504 new listings were added and 57.97 percent of those sold. The number of new listings seems to have a direct impact on the number of homes actually sold. This is good news for home sellers; it means fewer homes are available to buyers and they will be likely to pay more for the homes they really want. The simple law of supply and demand applies here.
In Salt Lake County, the new median asking price is $224,900. That’s 12.45 percent higher than first quarter 2012 numbers and the highest it has been since 2010.
Davis County 2013 Q1 Statistics Favor Sellers
In Davis County homes sold 48.48 percent faster in the first quarter of 2013 compared to the first quarter of 2012 (a median 51 days on the market compared to 99 for the same period in 2012).
The great news here is that 9.83 percent more homes sold in the first quarter this year than sold in the first quarter last year (722 in 2012 compared to 793 in 2013). Better yet, the median sold price is up 10.11 percent in Davis County. The median home price for the first quarter this year was $198,200. In 2012 the median sold price for the same period was $180,000.
Like many counties in Utah, the number of new listings for the first quarter was down. In 2012 1,451 new listings hit the Davis County Market. In 2013, 1,425 were added to the MLS. That’s a decrease of 1.79 percent. In 2012 49.76 percent of new listings sold in the first three months of the year. In 2013, 55.65 percent sold (an 11.84 percent increase). The current median asking price in Davis County is $215,900 compared to $209,000 in 2012.
Summit County 2013 Q1 Statistics Show 33.33% Price Increase
In Summit County homes were a little slower to sell in the first quarter of 2013 compared to the same period in 2013 (it took a median 91 days for a home to sell in 2012 compared to 122 days in 2013 – a 34.07 percent increase).
Although sales took longer, the number of homes sold leaped 15.23 percent compared to the first quarter of 2012. In the first quarter of 2013, 174 homes sold compared to 151 in 2012.
The real news in Summit County is the price increase; the median sold price is up an impressive 33.33 percent this year. The median sold price for 2012 was $375,000. In 2013 the median first quarter sales price was $500,000.
New listings in Summit County are up 2.75 percent (could patient sellers be jumping on the bandwagon now that prices are up?). In the first quarter of 2012, 363 new homes came on the market and 41.6 percent of those sold. In the same period this year 373 new listings came on the market and 46.65 percent sold.
Wasatch County Sales Up 12.50 Percent
In Wasatch County the story is the number of homes that sold in the first quarter of 2013 compared to the first quarter of 2012. This year, 90 homes have sold so far compared to 80 homes for the same period in 2012. The median sold price was up too, $276,950 compared to $239,250 last year (15.76 percent increase).
The home inventory is down in Wasatch County and that might drive prices up even more. In the first quarter of 2012, 213 new listings came on the market. In 2013 during the same period only 161 homes were added (a 24.41 percent decrease). In 2012 37.56 percent of those new listings sold while 55.9 percent of new listings sold in 2013’s first quarter. That’s a whopping 48.84 percent increase in the median percentage of new listings sold. The median asking price is exactly the same this year as it was during the first quarter last year — $289,900 according to the Wasatch Front Regional Multiple Listing Service.
These counties all offer a good indication of the latest trend in the state’s housing market. Buyers can still find some great deals out there, but prices will continue to rise. Contact me today to start shopping for your Utah real estate. Call me at 801-673-3333, email me at firstname.lastname@example.org or shop for Utah homes for sale online right now!