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?

Click Here to find out

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?

Click Here to find out

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?

Click Here to find out

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?

Click Here to find out
[et_pb_wpl_property_listing _builder_version=”3.0.73″ kind=”0″ sf_select_listing=”9″ sf_select_property_type=”34″ tpl=”default” sf_locationtextsearch=”salt lake” sf_unit_price=”260″ sf_select_sp_featured=”0″ sf_select_sp_hot=”0″ sf_select_sp_openhouse=”0″ sf_select_sp_forclosure=”0″ sf_select_user_id=”1″ wpltarget=”14″ limit=”6″ wplpagination=”scroll” orderby=”p.mls_id” order=”ASC” wplcolumns=”3″ /]