Utah Housing Market Finishes 2013 Strong
by Joel Carson
Utah Real Estate
Utah’s housing market showed a 10.19 percent increase in sales and a 12.64 percent increase in the median sold price in 2013 compared to 2012. This upward trend seems to be continuing as our economy grows stronger every day.
The real estate industry has seen significant grown since 2011 when a total of 27,920 homes were reported sold for a median price of $174,900. Are you with me? Fast forward to 2012; that year home sales increased a whopping 14.77 percent over the previous year with a median price of $182,000 (a 4.06 percent increase). In 2013 a total of 35,307 Utah homes were purchased for a median price of $205,000.
Not only did more homes sell for more money, they are consistently selling faster. In 2011 a homeowner could expect his or her listing to remain on the market for a median 83 days. In 2012 that number decreased to 51 (that’s 38.55 percent faster than the year before). Last year? The market continued to do an about-face and homes remain on the market a median of only 33 days. Wow.
Steady growth can have a positive impact on Utah’s economy. What we don’t want to see is another housing bubble doomed to burst and leave carnage all around it. We’ve been there and done that, right? New lending standards will help and we are finally reaching a new normal (or is it the old normal to which we are returning?).
Utah’s home inventory seems to be holding out. In 2011 a total of 51,555 new listings were added to the Wasatch Front Regional Multiple Listing Service (WFR-MLS). Of those a median 54.16 percent actually sold. The median asking price was $189,800.
Some people held their breath in 2012 when new listings decreased by 5.54 percent to 48,698. Others were encouraged to see the median asking price climb to $199,900 (a 5.32 percent increase). A median 65.8 percent of those homes listed sold. That was 21.5 percent more than 2011.
In 2013 a total of 55,462 Utah homes were listed at a median asking price of $220,000 (10.06 percent more than in 2012). Of those homes listed, 63.66 percent sold. That percentage was down 3.25 percent from the previous year, but I don’t know anyone who is complaining.
Here’s to hoping 2014 is a banner year for Utah’s economy. A Salt Lake Tribune article published Jan. 6 online by Vince Horiuchi boasts, “Utah 2014 economy looks rosy with jobs, real estate growth … all indicators point to a healthy job market and real estate growth in the new year.”
Horiuchi highlights hope for the unemployment rate to drop, for home values to continue to rise, and general improvement in consumer attitudes. All in all, it’s a great way to start a new year!
If you’re ready to purchase your new Utah home for sale, take time to visit www.allutahhomes.com where you will find a great inventory. Call me at 801-673-3333 for professional, experienced assistance in purchasing your Utah property.