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2016-05-02 11:14:10
2016 1st Quarter Market Analysis

The 1st quarter of 2016 has come to a close and we can now analyze the current real estate market in Utah and look for trends that will likely persist through the rest of 2016 and beyond.

For anyone who has been looking at homes, it won't be news to hear that the real estate markets in Utah are RED HOT! Well-priced listings are gone in days and Active Inventory can be very low. In addition, job growth along the Wasatch Front is tops in the nation and unemployment is down to historic lows. So with this increase in demand and decrease in supply, the expected rise in house prices has and is happening!

Over the past 4 years, home values are up anywhere from 30% - 45% and are expected to rise at a rate of 4% - 7% for years to come!

Buyers versus Sellers Market

As you can see above, a Seller's Market is defined as less then 6 months inventory of Active Homes to Supply the trends of homes selling on a monthly basis. Right now, most markets in Utah are between 2-3.5 months supply, and are even as low as 1.5 - 2 months supply along the Wasatch Front in some markets! We are currently in a very strong Seller's Market. 

Obviously, with home values up and a strong Sellers Market, it is a GREAT time to sell. But with historically low interest rates, an incredible local economy and job growth, it is an incredible time to buy! You will just need a full-time Buyer's Agent with the tools, resources, competency and experience to assist in finding the right property and the know how to getting an accepted offer before another Buyer does.

 

Below are several graphs which show trends in the State of Utah and specific counties within Utah. Historically, home prices appreciate at an annual rate of about 3.5%. For the last 4 years, and likely for at least the next 2-3 years, home have appreciated at an annual rate of 6% to 10%!

 

 1) Utah State Real Estate Historical Trends

Average Appreciation since 1996: 99.1%

Average Annual Appreciation since 1996: 3.5%

 

2) Utah State Real Estate 4 Year Snap Shot

Utah State 2016 Market Snapshot

Average Appreciation in Utah since 2012: 35.8%

Average Annual Appreciation since 2012: 7.97%

Months of Inventory for all of Utah: 2.12%

 

3) Wasatch Front Utah Real Estate 4 Year Snap Shot

Wasatch Front Utah 2016 Market Snapshot

Average Appreciation in since 2012: 38.9%

Average Annual Appreciation since 2012: 8.56%

Months of Inventory: 1.9%

 

4) Salt Lake County Utah Real Estate 4 Year Snap Shot

Salt Lake County Utah 4 year market snapshot 2016

Average Appreciation in since 2012: 38.9%

Average Annual Appreciation since 2012: 8.5%

Months of Inventory: 3.2%

 

5) Utah County Real Estate 4 Year Snap Shot

Average Appreciation in since 2012: 36% to 40%

Average Annual Appreciation since 2012: 9.26%

Months of Inventory: 1.99%

 

6) Lehi, Utah Real Estate 4 Year Snap Shot

Lehi Utah Real Estate Market Snapshot 2016

Average Appreciation in since 2012: 42.2%

Average Annual Appreciation since 2012: 9.21%

Months of Inventory: 1.8%

 

2015 Calculated Appreciation:

2015 Calculated Appreciation in Utah

2016 Anticipated Appreciation:

2016 Anticipated Appreciation in Utah

 

Here are a few graphs on the affordability of buying versus renting and the opportunity of building wealth through home ownership:

Affordability of Buying versis Renting

 Building Wealth through Home Ownership

 
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