All expectations in 2015 are for a healthy and energetic selling season. National stories have been highlighting an increase in new construction sales and pending sales, but national stories are not always readily applied to the local scene. All the same, if ever there was a year to list or purchase a home, wider economic factors seem to indicate that this is the one.
New Listings in the state of Utah increased 3.0 percent to 6,591. Pending Sales were up 30.7 percent to 5,143. Inventory levels fell 14.8 percent to 17,332 units.
Prices continued to gain traction. The Median Sales Price increased 4.8 percent to $220,000. Days on Market was down 11.4 percent to 67 days. Sellers were encouraged as Months Supply of Inventory was down 21.6 percent to 4.7 months.
On average, more people are employed and making more money than they were at this time last year. The jobs picture, as a whole, looks promising. Employment drives home-buying activity, so it is ever critical to watch labor statistics as a key indicator for the residential real estate market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first six months of the year.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.