Sellers are getting more of their asking price, meaning higher sales prices in most categories. The overall inventory crunch is still in play, but higher-priced homes seem to be faring better with inventory in year-over-year comparisons. For the 12-month period spanning June 2015 through May 2016, Closed Sales in the state of Utah were up 9.4 percent overall. The price range with the largest gain in sales was the $300,001 to $500,000 range, where they increased 30.9 percent.
The overall Median Sales Price was up 6.9 percent to $235,000. The property type with the largest price gain was the Single-Family segment, where prices increased 7.8 percent to $250,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 40 days; the price range that tended to sell the slowest was the $750,001 and Above range at 110 days.
Market-wide, inventory levels were down 25.4 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 23.4 percent. That amounts to 3.2 months supply for Single-Family homes and 2.2 months supply for Townhouse-Condo.
Additional reports, including a Monthly Indicators and Housing Supply Report, may be found on the Utah Association of REALTORS® website, or by clicking HERE.