Utah County Market Report, 1.15.14

Every day I’m asked how the real estate market doing in Utah County is doing.  How are the homes for sale Utah County?  People are still cautious.  And for good reason.  We’ve been through some tough times in recent years.  So a lot of the time when people inquire, they ask cautiously:  “So, how is the real estate market doing?”  But what they are really saying is, “Are you surviving the real estate meltdown?”

How is the Utah real estate market doing?

Well, a picture is worth a thousand words, and here is a report of how homes in Utah County have done.  Many people don’t recognize that the market is hot.  Prices have nearly fully recovered to peak prices of 2007.  Inventory for homes for sale in Utah County has dropped, so naturally, prices have risen.

Utah County Real Estate Market Report, 1.14.14

 

Note:

  • This graph is current through 12/31/13
  • This graph shows median home sales price for single family residences in Utah County
  • This graph represents quarterly statistics
  • This data is from the Wasatch Front Multiple Listing Service, i.e. “the MLS”

Broker’s Professional Opinion

Real estate is still an excellent investment!  We’ve had 6 consecutive quarters of rising prices.  The last quarter dipped slightly.  However, in a normal year, prices typically dip in the 4th quarter anyway.  Interest rates are still very low, so it is still a very good time to buy.  Home prices are as strong as they have been in 5 years, so it is a good time to sell.  Many people who bought during the boom lost equity on paper during the crash.  But home values are strong again, so it might be a good time to refinance into a much lower interest rate.