Thumbs Up for Third Quarter Utah Home Sales Stats
by Joel Carson
Utah home sales showed continued improvement during the third quarter of 2013 when compared to the same period of time in the three years, prior. Sales increased by 10.05 percent and the median sold price jumped 12.99 percent according to the Wasatch Front Regional Multiple Listing Service. Inventory increased in the third quarter and homes sold 30.95 percent faster.
Utah Home Sales Steadily Increase
Compared to the 9,874 Utah homes sold in the third quarter this year, 2010 sales look bleak—only 5,935 homes sold in the third quarter that year. In 2011 sales increased 28.59 percent to 7,632. Sales in 2012 increased 17.56 percent over the previous year (8,972). This year’s sales demonstrate a steady long-term increase with a 10.05 hike over 2012.
Median Home Prices Continue to Climb in Beehive State
In the third quarter of 2010 the median home price was $195,000. That price dipped by 10.77 percent in 2011 when the median home price was $174,000. By 2012 Utahans had begun to see a slight increase in the median home price; it was up 6.9 percent over the previous year at $186,000. This year the third quarter median home price is 12.99 percent higher than it was in 2012 at $210,153. This is an encouraging sign of improvement in the housing market here overall.
Utah Homes for Sale are Selling Faster
In the third quarter of 2010 home sales were dragging. The current days on market (CDOM) was 77. Homes started to move a little faster in 2011 when the CDOM dropped 3.9 percent to 74. In 2012 Utah home sellers saw a 43.24 percent improvement when the CDOM dropped to 42. This year? The CDOM is at the lowest it’s been in years at 29. It could be home buyers are recognizing the likelihood that interest rates will go up as the jobless rate goes down. Some are worried about low inventory; although new listings are up 23.95 percent this year over last year’s third quarter. Others want to take advantage of low prices while they last.
Inventory Holding Steady
Home sellers must be feeling better about the housing market as more and more homes are being added to the statewide inventory; more homes were listed during the third quarter this year than were listed for the previous three years.
In 2010 a total of 1,5040 homes were listed in the third quarter with a median asking price of $194,900. Of those new listings, 39.46 percent sold.
In 2011 new listings dropped by 14.29 percent. A total of only 12,891 homes were listed with an even lower asking price (2.57 percent lower) of $189,900; 59.20 percent of those listings sold.
By 2012 the inventory situation was starting to look a little bleak. New listings dropped further in the third quarter (-1.42 percent). The median asking price was higher than the year before (5.32 percent) and a whopping 70.60 percent of the third quarter new listings sold. This year, listings were up 23.95 percent higher than those in the previous year; 15,752 homes were listed with a median asking price of $227,900; 62.68 percent of the new listings sold during the third quarter this year.
The bottom line? We’re seeing more homes sell for more money at higher prices than they have since 2010. These are all healthy indicators.
It remains to be seen what kind of impact the government shut down will have on fourth quarter sales. I’ll be here watching and will report information to you as it becomes available.
If you’re ready to buy a new home in Utah, call me today at 801-673-3333. Feel free to browse our fully searchable inventory at www.allutahhomes.com any time, 24/7.
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