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The Latest Numbers From Utah Real Estate
The Utah real estate market continues to be strong in 2018. Here’s what we’ve been keeping an eye on.
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The latest numbers are in. I get asked almost daily what I think about the Utah market, so today, I wanted to walk through some year-to-date numbers comparing 2017 to 2018 and what's happening now.
First, let’s start with the average days on market, which has decreased from 24 to 21 days. The market continues to be competitive and houses are being sold much faster than before.
Home sales have also increased, from 6,333 to 6,575. That’s a 3.8% increase and it shows the velocity of the market is increasing in 2018 as expected.
The median sold price is up from $259,000 to $285,000, a 9% increase. New home listings have increased by 4.3% and the median asking price is up by 4%. Now that the market has heated up, people are listing their houses more often and for more money.
"Our strong economy continues to drive the market."
What is causing this? We have a very strong economy with low unemployment and a lot of job growth. We also have a very talented workforce. Governor Gary Herbert has four priorities in his administration. One of them is creating 100,000 jobs in 1,000 days.
Governor Herbert has already decreased unemployment in Utah. February 2018 unemployment was 3.1% in Utah and 4.1% nationwide.
More jobs and more people are coming to our beautiful state of Utah. With the passage of SB234 in the legislative session this year an inland port authority is being created to oversee development of a global trade area on nearly 20,000 acres of Salt lake City’s northwest quadrant, west of the airport.
I expect this to drive a strong real estate market for the foreseeable future. If you have questions about real estate or just want to chat about the legislative session, please give me a call. For more information on what I discussed, check out these links:
If you have any other questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.
Brandon began his real estate career in 2001. Over the years, Brandon has gained a lot of experience and knowledge of the real estate market and doing so he so is able represent his clients in the bes....
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