Happy New Years and 2012 Utah Market Analysis
With 2012 coming to an end and 2013 already here, I want to wish you all a happy New Years with lots of good fortune in 2013!
Again, a huge thank you to all of you who support our team and have given us the opportunity to assist you with your real estate needs! We closed around 60 transactions in 2012 and are aiming at closing 90 transactions in 2013. We have successfully completed or in the process of completing every short sale we received (10) in 2012 and closed EVERY listing (15) in 2012! Here's to a wonderful 2013 for all of us!
2012 was a great year for Utah real estate. We saw demand soar, inventory dwindle and steady growth in the median sold price of homes. With national low unemployment, amazing job growth, an extremely healthy economy and thankfully a resolution to avoid the 'fiscal cliff', Utah real estate in 2013 is predicted by most to be just as healthy of market, if not more so, than 2012!
Below, are some graphs to show market trends since 2005 and statics to help show the current state of the primary markets in Uath. A few observations:
1) We have not seen such a small gap between new listings and homes sold since 2005, right before the market starting booming. Supply is critically low, demand is extrmely high, and basic principles of supply and demand would predict a rise in cost.
2) The real estate market in Utah as a whole has recovered, is healthy and is appreciating. Three straight quarters of appreciation coupled with continued low supply, high demand, and a huge amount of inventory under contact (which will close the 1st quarter of 2013).
3) Even though the medium sold price dropped a touch in Utah County during the 4th quarter, it is likely due to such amazing sold prices during the 3rd quarter. My analysis would be to take the 2nd quarter median sold price of $182k and the 4th quarter price of $190k, and view growth. It would appear that more expensive homes sold in the 3rd quarter than the 4th quarter. Also, if short sales are removed, it shows more consistent growth.
4) THERE IS NO INVENTORY! There has not been a better time to sell since the recession started. If you need to sell, the sooner the better. Get in before the masses start listing homes this Spring. There are multitudes of active buyers looking to purchase a home right now! Get your home up before everyone else does and face less competition.
1) Utah State as a whole:
9,170 new listings
7,416 sold listings
11,128 currently active listings
4,130 currently under contract
2. Salt Lake County:
3,478 new listings
3,038 sold listings
3,391 currently active listings
1,533 currently under contract
3. Utah County
1,608 new listings
1,355 sold listings
1,936 currently active listings
971 currently under contract
Utah County (excluding short sales):
4. Summit and Wasatch Counties
450 new listings
334 sold listings
926 currently active listings
185 currently under contract
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