Utah Real Estate Market Report, 10.10.13. Homes Sales in Utah

 

“How is the market doing?”  This is the first question many people ask me when they find out I’m a REALTOR.  How is the market in Utah doing?  The results are in.  Here is a market report of Utah homes sold through the 3rd quarter of 2013 according to data from the Wasatch Front Multiple Listing Service.

This report shows the average sales price of a home along the Wasatch Front in Utah.

Home Sales 10.10.13Things to note about homes sales in Utah:

  1. Home prices appreciated fairly steadily through 2005.
  2. From 2005 to 2007, real estate prices jumped 45%.   From an average price of $165,000 to $240,000, the average home price appreciated $75,000.  You didn’t have to do anything and you earned $75,000.
  3. From 2007 to 2012, real estate prices plummeted 24%.  From an average price of $240,000 to $183,000, the average home price dropped $57,000.  You couldn’t do anything and you lost $57,000.
  4. From 2012 to today, real estate prices have jumped 26%.  From an average price of $183,000 to $230,000, the average home price appreciated  $47,000.  You didn’t have to do anything and you earned $47,000.

With inventory low, it is a great time to sell, and with interest rates low, it is a great time to buy.  So what is your home worth?  Send me a message and I’d love to prepare a market analysis for you in your neighborhood.  The good news is that prices are strong again.  The bad news is that prices are strong again!

There are still great deals to be found.  Whether you are thinking of buying or selling, give me a call.