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2014-06-05 17:24:33
Summer Utah Home Market Heats Up
Joel Carson

by Joel Carson
President/Principle Broker
Utah Real Estate

Toy man standing in front of a generic bar graph

As of June 5, it appears the Utah market is as hot as summer with 5,912 pending home sales reported by the Wasatch Front Regional Multiple Listing Service (WFR-MLS). Examining pending home sales helps us predict how the market is shaping up; and, things are looking good for Utah.

The numbers fascinate me and I like to know what to expect from the market. Those numbers are pretty impressive when you consider that in May, 3,303 Utah homes sold (at 98% percent of their original asking price). The median sold price for May sales was $215,000. The median sold price for current sales under contract is $224,900; however, it’s important to note more and more high-dollar sales are coming to fruition and that can tip the median number to the high side. The median figure is right in the middle of the highest and lowest sales prices. The average is found by adding all home prices together and dividing that by the number of homes sold.

The majority of Utah homes under contract (2,179) have fallen within the $100,000 to $199,999 price range. The second highest category was the $200,000 to $299,000 price range with 1,911 homes under contract. As of right now the lowest home price of an under-contract sale is $16,000; and, the highest-priced home being prepared for closing is $12,900,000 (yes, that’s million). The perceived price increase is a little skewed by such a broad range. The median price of homes currently under contract is $224,900 and the average price is $272,888.

Buyers Snatching Up Bargains

The median CDOM (current days on market) is 39. Compare May’s sold median of $215,000 to the median price of Utah homes under contract, $224,900 and we’re talking about a 4.2 percent increase.

One home currently under contract that fell in the $2,000,000 - $2,099,999 price range was listed for only two days. Yet, two homes in the $2,200,000 - $2,299,999 range shared a median CDOM of 632 days.

Right now for sellers it’s all about pricing, timing, staging and marketing.

‘It Ain’t Over ‘Till It’s Over’

It remains to be seen how many of the homes under contract will be finalized by the end of June. We’re not even a quarter of the way through the month and more buyers are sure to contract to purchase a new home. If things keep moving the way they’re moving right now, expect to see some stellar numbers for the second quarter of 2014. It’s safe to say about 80 percent of the current contracted sales will actually close in this, the last month of the second quarter.

Utah Real Estate, a Joel Carson company, takes pride in a keen knowledge and understanding of the Utah home market. We specialize in helping buyers find exactly the homes they are looking for within their price ranges. Visit www.allutahhomes.com today to browse listings my neighborhood, price, MLS #, and new listings. You’ll love our interactive map, large photographs and detailed descriptions. Call 801-673-3333 for personal assistance.

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