July Utah Home Sales, Prices at 5-Year High
by Joel Carson
The number of Utah homes sold in July showed significant improvement over sales during the same period in 2012. In fact, this Utah experienced a five-year high of 3,338 residential real estate sales. In July 2009 a total of 2,762 homes sold. That number plummeted to 1,927 in July 2010. July 2011 showed a slight increase in home sales with 2,424 closings. In July 2012 a total of 2,908 residential properties sold, nearly 15 percent fewer homes than sold this year.
Not all communities in Utah experienced such significant growth. Some markets remained stagnant, but the trend is encouraging and some markets shot higher than many thought possible. Home prices are rebounding too. If you’re planning to buy a Salt Lake City home, a home for sale in Tooele, or anywhere else in Utah, pay close attention to price trends, inventory and interest rate indicators so you can still take advantage of favorable market conditions. We’re seeing inventory dwindle and the simple rule of supply and demand dictates that your selection is narrowing and prices will continue to rise.
Median Utah Home Prices Climb Higher
The median price of a home in Utah rose nearly 16 percent in July when compared to the same time last year. The July median price jumped from $185,000 in 2012 to $214,000 in 2013.
Total sold prices can be deceiving; there are many variables to be considered, so if you want to further analyze housing market trends look at median price per square foot. Now remember, the median price is the midway point of all the houses/units sold over a set period. If 101 houses sold during July and you listed the prices from highest to lowest, the median price would be the one in the middle. There will be 50 home prices above it and 50 home prices below it. It’s not a sure fire way to determine trends, but if you look at them over time, it can be a pretty good indicator.
Utah’s July median home price per square foot also jumped 15 percent from $84.13 in 2012 to $96.93 in 2013—a five-year high.
Start Shopping for Your New Utah Home
Look, there are still plenty of excellent homes on the Utah market. This is a great time to buy, although the housing market really is smiling on those who want to sell. Conditions are great. Call me at 801-673-3333 or browse through our many home listings online at AllUtahHomes.com.
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