Four factors might be contributing to some market turbulence of late. Weather, interest rates, fewer distressed properties and less investor activity can all affect the market numbers. But the spring market is upon us and there is plenty of reason for optimism. For the 12-month period spanning March 2013 through February 2014, Closed Sales in the state of Utah were up 10.0 percent overall. The price range with the largest gain in sales was the $500,001 to $750,000 range, where they increased 45.8 percent.
The overall Median Sales Price was up 12.5 percent to $208,000. The property type with the largest price gain was the Single-Family segment, where prices increased 12.8 percent to $220,000. The price range that tended to sell the quickest was the $200,001 to $300,000 range at 57 days; the price range that tended to sell the slowest was the $750,001 and Above range at 123 days.
Market-wide, inventory levels were up 8.6 percent. The property type that gained the most inventory was the Townhouse-Condo segment, where it increased 9.5 percent. That amounts to 5.4 months supply for Single-Family homes and 5.9 months supply for Townhouse-Condos.