Utah is a step ahead.
Our local market continues show improvement in just about every measure.
September data shows we are on track towards recovery.
· Pending Sales: Up 22% from same period last year.
· 5 consecutive months of gains (first time since 2007 5 STRAIGHT gains!)
· Median Sales Price: Up 10% from same period last year.
· An average of 45 homes were sold per day in September.
· Number of Homes Sold: Up 21% from last year.
Nationally, the National Association of Realtors are releasing numbers that also continue to show strong signs of recovery.
· Pending Sales: Up 14.5% from same period last year.
· Existing Sales: Up 10% from last year.
· Median Sales Price: Up 11% from same period last year.
· Less than 1 in 4 properties are distressed (Foreclosure or Short Sale)
In summary, both nationally and locally, housing is strong compared to recent years. No, we aren’t back to where we were, but were headed in the right direction. Interest rates remain attractive and low levels of inventory make it a great time to sell. Ask around, talk to your co-workers, friends, and family of anyone who have recently looked for a house and they’ll tell you how competitive it is. Multiple offers and homes selling at or above list are happening daily. The ship has sailed for those “killer” deals.
My take: Having the power of knowledge will help you maximize your profit in our competitive market. Make sure you have the right player on your team to help you sell for more and buy for less.