Summer Housing Trends

The climate of the current housing market it still a positive one. Housing trends that we have seen in the past year will continue for the most part especially these highlighted trends. According to reports, unemployment is low and the overall economy is in good shape, making home ownership still a viable option.

 

Home Prices Are Rising Slowly: Part of the reason is due to increased mortgage rates and the overall economy. Uncertainty tends to discourage buyers who may already been on the fence. In addition, over the past few years, home prices increased as buyers competed for fewer homes.

Interest Rates May Be on the Rise: After years at a standstill, interest rates are forecasted to increase an average of 5% on a 30-year mortgage. The Federal Reserve raises the rates to help stabilize the economy and controlling inflation. Rising rates make homes less affordable.

Majority of Home Buyers Are Millennials: Most are in stable careers and with getting older, they are looking to buy their first homes in middle to upper-middle class neighborhoods. Baby boomers are retiring and downsizing, thrusting the millennials into leading the market.

Home Equity Will Still Increase-In 2018 the estimated equity increase was 2-6%, that is predicted to continue into 2020.

Urban Centers & Main Metro Areas are Getting Expensive: Cities that adjourn or are within easy commuting distance of main urban areas are suddenly seeing HUGE growth on the market. Here in Salt Lake, that means we are seeing areas like Murray, Millcreek, Holladay, Rose Park and Sandy explode!

2018 – 1st Quarter Real Estate Stats

It is a STILL a good time to be a Seller!

 

 

The second quarter of 2018 was busy for buyers and sellers. While the inventory was very tight, prices continued to rise across the valley. Sellers are still getting multiple offers in much of the county. We have seen an increase of out of state buyers looking to relocate and purchase investment properties. Mortgage rates have remained low despite the economy continuing to improve.

Sugar House

2018 – 2nd Quarter STATS

Area used is 1300 South to 2700 South, from 700 East to 2300 East.

Days on Market

25

%

Up

Number of Sales

122

%

Down

Average Sold Price

$482,534

%

Up

New Listings

176

%

Down

% of New Listings Sold

69.32%

%

Down

New Average Asking Price

$492,903

%

Up

Want to know the value of your home?

Salt Lake County

2018 – 2nd Quarter STATS

 

Days on Market

27

%

Down

Number of Sales

847

%

Down

Average Sold Price

$429,048

%

Up

New Listings

1160

%

Down

% of New Listings Sold

74.04%

%

Up

New Average Asking Price

$490,174

%

Up

Want to know the value of your home?

2018 – 1st Quarter Real Estate Stats

It is a good time to be a Seller!

According to the Salt Lake Board of Realtors, Salt Lake County has seen a 50% increase in overall housing prices since 2011. When looking back on 2017 there was a 10% increase in the average cost of a single-family home but the number of homes sold from 2016 to 2017 went down.  Inferring less inventory with more demand.  The first month of 2018 has seen similar carry over from 2017.  As demand increases, the cost of homes will continue to climb.  Utah Real Estate is projecting a 7-8% price increase in 2018.  Estimating the median single-family home sale price at $350,000. Check out the full report here.

Sugar House

2018 – 1st Quarter STATS

Area used is 1300 South to 2700 South, from 700 East to 2300 East.

Days on Market

58

%

Up

Number of Sales

102

%

Up

Average Sold Price

$423,057

%

Up

New Listings

111

%

Down

% of New Listings Sold

91.89%

%

Up

New Average Asking Price

$471,345

%

Up

Want to know the value of your home?

Salt Lake County

2018 – 1st Quarter STATS

 

Days on Market

47

%

Down

Number of Sales

3731

%

Up

Average Sold Price

$353,577

%

Up

New Listings

5039

%

Up

% of New Listings Sold

74.04%

%

Up

New Average Asking Price

$400,033

%

Up

Want to know the value of your home?

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Single family For sale

2991 S 600 E- South Salt Lake- Utah 84106

2Bedroom(s)
1Bathroom(s)
17Picture(s)
1,008Sqft
Visits:7
Complete Remodel! New electrical, plumbing, framing, sheetrock, trim, flooring, newer interior and exterior paint, bathroom, kitchen cabinetry with stainless appliances, new roof, new AC, new furnace, new water heater, and duct work. Easy access to 700 E, freeway and downtown, etc.
$299,900

Single family For sale

2526 S HARTFORD E- Salt Lake City- Utah 84106

4Bedroom(s)
2Bathroom(s)
20Picture(s)
2,418Sqft
Visits:7
Subject to some truly stellar updates and expansions, this Highland Park spot is undisputedly lovely both inside and out... A beautiful addition was added to the home in the spring of 2018 and, consequently, both upstairs bedrooms are now paired with their own respective bathrooms, the larger of which also sports a new walk-in closet.
$570,000

Single family For sale

1879 E SIGGARD S- Salt Lake City- Utah 84106

5Bedroom(s)
2Bathroom(s)
4Parking(s)
20Picture(s)
4,230Sqft
Visits:8
Multiple Offers Received. Bring your best offer by Sat. Nov 2nd 11 PM. Seller to select an offer by Mon Nov 4th, 5 PM. This is a large and spacious home situated in the heart of East Millcreek. The interior boasts a beautifully updated kitchen. Each floor has laundry hookups available. Pay almost no electricity bills with a full solar panel system completely hidden from street view.
$599,999

Single family For sale

3349 S 800 E- Salt Lake City- Utah 84106

2Bedroom(s)
2Bathroom(s)
20Picture(s)
1,125Sqft
Visits:9
This stunning home is perfectly tucked away on a quiet street. Recently xeriscaped in the front this spring, it has handmade garden boxes, done by the owner. It was completely remodeled and updated in 2018. It features beautifully updated bathrooms, a remodeled kitchen with all new stainless steel appliances and granite countertops, a new roof, and LED lighting throughout.
$340,000

Single family For sale

3115 S MELBOURNE E- Salt Lake City- Utah 84106

3Bedroom(s)
1Bathroom(s)
6Parking(s)
12Picture(s)
1,130Sqft
Visits:9
$369,900

Single family For sale

2737 S CHADWICK E- Salt Lake City- Utah 84106

3Bedroom(s)
2Bathroom(s)
20Picture(s)
1,633Sqft
Visits:11
Charming updated brick bungalow in the exceptionally desirable Highland Park neighborhood of Salt Lake City. Located on a beautiful treelined street between Sugarhouse and Millcreek, you have quick and easy access to the freeway, parks, shops, dining, University of Utah & Westminster College, Highland Park Elementary, and downtown Salt Lake.
$470,000