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2013-04-08 10:46:49
Utah Real Estate Market Analysis: 1st Quarter 2013

Utah Real Estate Market Analysis:
2013 1st Quarter

Most real estate professionals in Utah would agree that the first quarter of 2013 was full of active buyers, low inventory and multiple offers. Low unemployment caused by rapid job growth and a healthy state economy resulted in a large wave of buyers entering the market. There seemed to be less distressed inventory (short sales and REO/bank owned/foreclosures) and not enough equity listings and new construction to satisfy the increased demand. Price per square foot seemed to jump up $10 to $20 or more in just a few months.

With less supply and an increase in demand, we naturally expected growing beyond the 'stability of 2012' and seeings some real appreciation in just about all markets and price ranges. Below are the market graphs showing first quarter numbers for new listings, homes sold and median sold price. As you can see, home prices have more than stabilized but are rapidly increasing in most areas, more homes are selling, and we are starting to see a newly forming wave of listings hitting the market as prices go up and more home owners are in an equity position.

That being said, it also appears that this bump in home prices is tappering off, that the market is balancing out, and hopefully, returning to a more consistent and healthy market with a more normal rate of appreciation. We expect home prices in Utah to continue to rise, albeit more slowly than we have seen in the past 6-9 months, we expect interest rates to continue to slowly rise (up about .5% to. 75% in the past year), and active non-distressed well-priced inventory to continue to sell at a premium.

It is a great time to sell AND a great time to buy, but only if you have a full-time buyer's agent actively searching the MLS for you multiple times per day.

1) Utah (State as a whole):

Utah Market Graph 2013 - 1st Quarter

 

 

2. Utah County

Utah County Market Graph 1st Quarter 2013

 

3. Salt Lake County

Salt Lake County Market Graph 1st Quarter 2013

 

4. Wastach and Summit County

Wasatch and Summit Counties Market Analysis 2013 1st Quarter

 
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