The natural ending point that is each December gives way every year to the optimism of January. This is particularly pronounced when the economy is strong and economists across the land are predicting increases in both prices and home sales. Granted, there has been some measured language surrounding the positive thinking. Although we are looking forward to a mostly decent year in real estate, it should be the kind of activity akin to a sure and steady life being lived rather than the jolt of a lottery win, which is just the way we want it.
New Listings in the state of Utah decreased 10.9 percent to 4,446. Pending Sales were up 0.7 percent to 3,472. Inventory levels fell 23.9 percent to 13,494 units.
Prices continued to gain traction. The Median Sales Price increased 4.7 percent to $225,000. Days on Market was down 23.4 percent to 59 days. Sellers were encouraged as Months Supply of Inventory was down 36.0 percent to 3.2 months.
Other than the change of another month and year, little else is changed in residential real estate both nationally and locally. Unemployment is solidly about the same, housing metric trends are running about the same for now and the sunny outlook is still at about high noon. Same is the sound of 2016, so get curled up and comfy with the song, because we are likely to sing it a lot this 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.