Thumbs Up: Utah 2013 Q2 Stats are In, Looking Good
by Joel Carson
Utah Real Estate
SLBR 2012 ‘Salesperson of the Year’
Utah home sales continued to increase during the 2013 second quarter. Residential property sales were up 14.47 percent overall and the median selling price jumped 14.72 percent.
The Wasatch Front Regional Multiple Listing Service (WFR-MLS) reported 9,904 homes sold in the second quarter, that’s 14.47 percent more than was sold in the same quarter in 2012. The median sold price rose to $206,500 (14.72 percent higher than 2012).
This uptrend is great news for Utah because it means the market is moving. We’re seeing more home buyers get off the fence and buy while interest rates are still low and before home prices climb any higher. Inventory has been relatively tight recently, but during the second quarter 16,784 new Utah home listings were added to the WFR-MLS. That’s 18.01 percent more than were added during the same period in 2012.
The median percent of new listings that sold during the second quarter dropped 3 percent from 2012 to a median 59.01 percent. The new median asking price for a Utah home for sale is $225,000 (12.56 percent higher than in 2012.
It’s interesting to note homes are selling much faster than they did during this period in 2012. The median current days on the market is 25 days as opposed to 48 days in 2012.
Year to Date Comparisons
Want to know where the housing market is? Take a look back at where we’ve been. A year-to-date comparison including the first and second quarters of each year are telling and it’s easy to see improvement in the market as it steadies on the way to recovery.
In 2010 and 2011, home sales seemed stagnant. During the first two quarters of those years homes stayed on the market a median 70 days and 92 days respectively. The 2012 first and second quarters garnered some encouragement – homes only remained on the market a median 60 days. Now take a look at the first two days of 2013: homes are remaining on the market a median 32 days! That’s 46.67 percent fewer days than the previous year. Better yet, the median sold price is 13.96 percent higher at $200,000 compared to $175,000 in 2011 and 2012, and $190,000 in 2010.
As Utah foreclosures and short sales move off the market, the inventory is tightening. In 2010 33,902 new Utah home listings flooded the housing scene. Of those only 41.50 percent sold. The median asking price during that time was $199,900 and the median sold price for the first two quarters of 2010 was $190,000. During the first two quarters of 2013 a total of 29,334 new listings came on the market and 57.43 percent of those sold. The new median asking price was $219,900. The second quarter of 2012 saw the fewest new home listings, 26,942, and that had a major impact on inventory.
Utah Jobs Increase
The Utah Department of Workforce Services reported Utah’s Unemployment Rate at 4.6 percent in May (the most recent statistic available) compared to the United States’ Unemployment Rate of 7.6 percent. Utah’s job growth rate was 1,282.7 in 2013, 2.6 percent higher than the 1,250.1 jobs in 2012.
From May 2012 to May 2013 the information industry saw the most growth, 8.6 percent; government jobs declined 2.3 percent according to the U.S. Department of Labor. Utah’s year-over nonfarm growth was reported at 2.6 percent; the United States’ year over nonfarm growth came in at 1.6 percent.
The economic upturn is encouraging and consumer confidence is rising with the economy. If you’re in the market for a Utah home for sale, take time to browse through the many listings at www.allutahhomes.com.
Dare to dream on Pinterest! See some of Utah’s most elaborate luxury homes at pinterest.com/allutahhomes.
Be among the first to see Utah’s newest listings! Follow us on Twitter at twitter.com/AllUtahHomes.