Welcome to the Blog

2016-01-21 14:31:09
Year End Real Estate Update - The Market's Back!

The holiday season’s gatherings reminded me that interest in real estate topics is always high. Nearly everywhere I go I get questions about the market; Is it a good time to buy? Is it a good time to sell? What are mortgage rates? I’ve been thinking about purchasing an investment property... People asking my professional thoughts on their matter at hand, which I am happy to share.  As we move into 2016, I’d like to simply, briefly, and reliably keep you informed about our local real estate market and homeownership matters with this periodical.

Our market is healthy and presenting quality opportunities for prudent buyers and sellers using a thoughtful approach.

Salt Lake County 2015 Year End Single Family Home Sales Statistics

Median sales price up 6.7% to $272,000

Volume up 14%  with 13,197 units sold

Days on market down 40% to 21 days

Here is a brief overview of our recent home sales history to help put these numbers into perspective:

Median sales prices peaked at $268,900 in the 3rd quarter of 2007 before the mortgage meltdown and the great recession. Between 2007 and 2012 sales prices ped over 29% to bottom at $190,000 in the 1st quarter of 2012.  The market turned that quarter leaving the year with a 6.5% rate of appreciation.  2013 sizzled at a 15.5% appreciation rate which stirred fears of another real estate bubble. Fortunately, through the last two years our appreciation rates have moderated to more sustainable levels of 4% in 2014 and 6.7% in 2015.

I’ll be attending the Salt Lake Board of Realtors 2016 Forecast Breakfast next month and get you the details on this year’s outlook from renowned regional and national economists.

Sincerely,

Kelly Hannah

 

 

 
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