With 2013 in the rearview mirror, a new year is upon us. Most are expecting the ongoing recovery to continue in 2014, though the pace could moderate as the market normalizes and returns to a healthy state. For the 12-month period spanning February 2013 through January 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 48.6 percent.
The overall Median Sales Price was up 13.2 percent to $206,500. The property type with the largest price gain was the Single-Family segment, where prices increased 14.3 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 126 days.
Market-wide, inventory levels were up 6.6 percent. The property type that gained the most inventory was the Single-Family segment, where it increased 7.7 percent. That amounts to 5.4 months supply for Single-Family homes and 5.5 months supply for Townhouse-Condos.