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2017-01-19 11:46:00
2017 1st Quarter Current Market Analysis and Trend

For those of you who love graphs/charts, especially if you have some interest in Utah real estate, you should check out these 4 images! Seriously.

Image #1 – this image shows the median sold price, # of listings and # of sold properties per quarter since 2012 in the top 4 counties along the Wasatch Front (Utah, Salt Lake, David and Wasatch).



As you can see:

  1. property values are up 30-45% since 2012 (depending on the market/property)
  2. property values have experienced a very consistent 6-8% annual appreciation since 2012
  3. most of that appreciation occurs in the second quarter (from transactions that are initiated in the first quarter)
  4. the amount of listings sold almost equaled the amount of property listed during the 4th quarters of 2015 and 2016, which is evidence of more demand than supply (temporary sellers market) and an almost certainty for the appreciation trends to continue into 2017 and likely for several years after.

 

Image #2 - To further analyze point #4 above, this image compares the number/ratio of Active versus Under Contract Listings in Dec/Jan from last year and this year.



The top graph is showing you the # of Active Listings on the market and the bottom graph is the # of Under Contracts Listings. These graphs are analyzing the same 4 counties along the Wasatch Front (Utah, Salt Lake, David and Weber). Black line is last year and blue line is this year.

There are basically the same amount of buyers under contract now as we had at this time last year; but there are almost 900 listings less to choose from. When demand outpaces supply, values and prices go up! We expect 2017, and for at least several years after, to experience similar appreciation to what we have seen the last few years (an average of 6% annual appreciation or so).



Image #3 – this image shows the estimated/predicted 10 hottest markets in the USA for 2017 (by Zillow, the largest and most respected and recognized national on-line real estate brand). Out of these 10, Utah, more specifically the Wasatch Front, is home to 3 of these hot markets – Provo, SLC and Ogden.


Utah consistently ranks as one of the top, if not the top, economies in the nation, safest places to live, most family friendly states and lowest unemployment numbers. Businesses are flocking to the Wastach Front, Lehi is gaining the appropriate nickname of “Silicone Slopes” (tech jobs that pay well and caused home values to dramatically increase) and Provo has definitely made a name for itself over the past several years. In addition, we live in a valley and land is running out. As experienced in many booming areas, as land starts to run out, home values go up and stay up.



Image #4 – Interest Rates started to creep up throughout the fall but have started to come back down to very favorable levels.



In addition, mortgage insurance on FHA mortgage was just cut dramatically which results in a payment about the same as rates being .25% lower. This is a HUGE deal for low down payment home buyers.

Yesterday, we received an update from one of our lenders that these most common mortgages were being locked at the following rates:

Conventional:

30 year fixed-4.00%, (4.139% APR)

15 year fixed-3.25%, (3.493% APR)

FHA:

30 year fixed-3.375%, (3.649% APR)

15 year fixed-3.000%, (3.493% APR)

Bottom line, due to low rates, past and expected appreciation, and the strength of the economy, this can be a great time to upgrade homes, buy a first home, cash out of an investment property, downgrade or buy an investment property.

 

As a Team, we currently have 17 Buyers under contract and all of our listings under $500k are going under contract within a week or so of hitting the market. If you are considering selling a property in Utah, we’d be more than happy to provide a custom value analysis of your property for you. For those of you out of Utah, we can connect you with the top Realtors in your area.

 

Let us know how we can best assist you. We’d love to spend some time showing you what is going on specifically in your market and how you can accomplish your real estate goals in 2017 and beyond.

If you want to get a feel for what is out there, be sure to visit our website which is a direct feed into the MLS and updated every 15 minutes (unlike Zillow, KSL and many other popular sites) - http://thefieldsteam.com/

Have a great weekend and don't hesitate to let us know what we can do for you!

 
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