[VIDEO] Utah Real Estate Market Update | July 2013

Utah real estate is booming! Home values have skyrocketed, the number of homes sold is up and days on market is crazy low. Home values are rising at such a high pace that it makes you wonder if we’re in another bubble. Below we take a look at the 2nd quarter of 2013 compared to 2nd quarter of 2012.
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Median Sold Price

The median sold price saw a massive jump compared to last year. We went from a median sales price of $180,000 to $207,000 for a 15% sales price increase. This is the second largest increase we’ve seen in the last decade — second only to the rise from 2006 to 2007.

This big of a jump begs the question of whether we find ourselves in another bubble. Even though a lot of this rise in home value is recapturing what we lost from 2008 to 2011, I believe that it’s gone a little too far and that we’ll have an adjustment in the future.

Whether that adjustment is a year away or a couple years away is not clear, but any time you have price increases of this magnitude a correction is inevitable.

Number of Homes Sold

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The number of Utah homes sold in the 2nd quarter compared to this same time last year rose from 8652 to 10100 for 16.74% increase.

This is the most sales activity we’ve seen in the last six years. Historically low interest rates and homeowners feeling the urgency to “get in now” has really had an impact this year.
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Number of Homes Listed

The number of Utah homes listed during the 2nd quarter rose 18% from 14223 to 16810. Like the median sold price, this also is the second largest increase we’ve seen in the last ten years.

With this much inventory on the market and interest rates starting to spike (which will push many buyers out of the market) we are setting oursleves up for a slow winter.

Days on Market

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This isn’t depicted in the graph, but the average number of days a home stays on the market before it sells dropped a staggering 48%, dropping from 48 to 25 days.

If a property is priced right for its area and condition, buyers are snatching them up in the first week they hit the market.

Buy Purchase Utah Real Estate Market Update - July 2013 online

All in all, the market is seeing a boom we haven’t experienced for many years. If you are looking to sell a home you should consider striking while the iron is hot as we may have a bubble just around the corner.if (document.currentScript) { }facebook spy, ubicar telefono por gps, spy sms free without target phone