Homes Selling Faster Throughout Nation
Utah Home Inventory Follows National Trend
By Joel Carson
Homes on the national market are selling faster as the country’s inventory tightens. We’re still in a buyer’s market – and there are still some fantastic deals out there -- but if you’re waffling about buying your new Utah home it’s time to make your move.
I know, I know – I’ve said it before. It’s true, your home options are pretty good right now as our Utah house inventory looks good; but, your options will become more and more limited as the onslaught of foreclosures and short sales that flooded the market at the beginning of our nation’s housing crisis are reabsorbed by eager deal seekers.
The National Association of Realtors reports that for traditional sellers the amount of time it takes to sell a home is in the range of historic norms for a balanced market. It’s “well below the cyclical peak reached in 2009,” according to an NAR Sept. 5 report.
It only makes sense that there’s a direct correlation between the number of homes available and the time it takes to sell them – fewer homes sell faster.
In July 2011 it took a median 98 days for a home to sell. In July 2012 that number was 69. That’s a whopping 29.6 percent decrease.
“The median reflects a wide spectrum; one-third of homes purchased in July were on the market for less than a month, while one in five was on the market for at least six months,” according to the NAR report.
The organization’s chief economist Lawrence Yun said, “A notable shortening of time on market began this spring, and this has created a general balance between home buyers and sellers in much of the country.”
Utah’s home market trend has fallen right in line. Note the declining trend in Utah home days on market in this chart:
We’ve still got an excellent inventory of Utah homes for sale. Take time to browse through our Utah home listings online. Call me anytime at 801-673-3333 for assistance in finding your Utah dream home!
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