Can Our Real Estate Market Sustain This Pace?
This past year has been recognized as one of Utah’s best real estate markets ever. I’ve got a quick update for you to let you know what’s happening right now and what you can expect for the rest of the year. We’ll look at both national and local numbers to get the best picture possible.
Realtor.com has recently placed Provo, Orem, and Salt Lake City among the top 25 markets to watch. A big reason for this is because last year we had 15,000 people move into the state of Utah. A lot of them had high-earning jobs. With a strong economy, low unemployment, and one of the highest demographics for millennials in the country, we are going to see prices increase.
From the first quarter of 2015 to the first quarter of 2017, we have seen a 12% increase in home values. That’s a big jump, and they’re expected to go up by another 5% this year. For those of you worried about the market going into the toilet anytime soon, it’s not going to happen.
" Home values have increased by 12% since 2015."
If you are a buyer this year, I would suggest coming in with your highest and best offer from the start. If you’re a seller, don’t get too greedy. Make sure your home is priced right because those properties are going under contract in less than two weeks in most cases.
The average days on market right now for active homes is between 30 and 40. This is telling me some sellers are pricing a little too high. Like I said before, those homes should be selling within a few weeks.
If you have any questions about the market or what you can expect from it in the coming months, give us a call or send us an email. We would love to hear from you.