November Market Update

I can’t help but continue to notice all the positive things I am reading about our local housing market. We are now at a 4.5 month supply of inventory (This means if no new homes were listed, it would take us 4.5 months to sell our current inventory. 4-6 is considered a sellers market). Median housing prices for Salt Lake County are up 11% from the same period last year. The number of homes sold is up 12% from last year. The number of days on the market decreased from 120 days to 81. For buyers, rental prices remain high. Interests rates remain around 3.25%! I feel like I could go on and on…

So what does all this mean? Housing recovery is here. Ground breaking on new construction continues to increase.  Utahns are regaining lost equity as more mortgages come out from being under duress. Many would be buyers are entering the market. 18-34 year old buyers who have been renting or living at home have bought or are looking to buy in 2013. Low rates continue to make home ownership affordable.

Nevertheless, I realize that there many been many out there who are still facing different issues. From still not being “above water” on their mortgage, struggling to come up with enough for a down payment, to complicated and frustrating short sales on both ends of the transactions. It takes having a Realtor who is committed to your goals and knows the current market conditions.  Working daily in the industry and staying afloat on the current issues, I am committed to doing everything I can to help my clients achieve their housing goals/needs.