Market Report: How is the Market in Utah?

As a Realtor, I get asked regularly,

How is the market doing in Utah?

The short answer is that the real estate market is doing very well.  According to data from the Utah Realtors from the MLS, the market is definitely on its way up and close to a full recovery.  Utah County real estate is very strong.  Segments of the market are generally improving.  For example, Sundance Utah Real Estate market is up, and sales are improving.

All of the short sales and foreclosures were literally like a clog in the toilet.  It really backed everything up, but as those properties were purchased, eventually the clog in the toilet was pushed through.  Now, inventory is very low, and therefore, prices are going up.  With interest rates very low, buyers can afford more home, and prices are shooting back up.  We are in another real estate boom!

Here is a graph for homes along Utah’s Wasatch Front that shows sales and prices back to 1996.

Home Sales 4.4.13As you can see, the blue dots represent the price of homes, and the triangles represent quantity of homes sold. If you go back, the Utah Real Estate Market (including the Sundance Utah Real Estate Market) is definitely rebounding.

So is now a good time to buy or sell?  Yes, and it depends!  You will pay more for a house now than you would have a year ago, but you will also be able to sell your home for much more than you could have a year ago.