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The Utah Housing Market May 2014

What is the market doing right now?

This time last year was a very good market. If you were actively looking for a home, or had your home up for sale, you know. At that time we had two months of inventory. This means if no new homes came on the market, and demand stayed constant, all the homes would be gone in two months.

Almost everything that was listed, sold. It sold fast, and many had multiple offers. If you talked to a agent last year they were all saying the same thing: “I’m selling homes like crazy!” It was a good time to be a home seller.

Now lets look at what has happened this year.Utah Housing Market

Right now the number of homes sold are 9% lower than last year.  At the same time, inventory is 25% higher than it was last year at this time. How do these two compare? And what does it mean for the coming housing market?

Less sales, and more inventory.

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The current level of homes under contract to sell are 15% lower than last year.

What happened to prices last year when homes were selling and inventory was low? Home prices were going up, and values were rising.

What happens to prices now that there are fewer homes selling and more inventory? They are ‘softer’ which means they can still go up but not at the dramatic rate that they did last year. Because we went up so high so quick last year, a lot of the home prices are coming back down across the valley.

If you’re going to list your home for sale this spring / summer. Make sure you have an experienced agent who knows the current market trends. If you price your home wrong you’ll miss out.

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Utah Dave

15 years and over 1,500 homes sold! Dave Robison's passion is in making the buying and selling process better for everyone. As a result, "UtahDave" has been recognized as the #1 re-sale listing agent in South Jordan, Herriman, West Jordan, and Riverton areas. As a local native of South Jordan since 1978, Dave is deeply invested in the community. Dave's friends nicknamed him Utah Dave in high school because it didn't matter where they went in Utah, Dave knew how to get there and someone there. The name sticks today as UtahDave has formed a professional real estate network of Neighborhood Experts all across the state. Dave lives in South Jordan with his wife and 4 amazing children. He enjoys dancing (which is how he met his wife Dawn) as well as traveling, coaching, and learning. UtahDave is constantly serving the community, the local Realtor Association, the State association, and the National Association of Realtors. All his efforts are aimed at making our community a better place. 2007: Rated #4 Realtor in the State for number of existing residential homes sold by Enterprise Newspaper 2008–current: YPN BLOGGER 2008–current: UAR Prof Standards Committee 2009–current: NAR Federal Housing Policy Committee 2010 - Large Sales Team of the Year - Salt Lake Board of Director 2012 - Realtor of the Year Nominee 2013 - Broker of the Year Nominee 2013 – Salt Lake Board of Directors 2nd Vice President 2013 - current Utah Association of REALTORS Board of Directors 2014 - President Elect Salt Lake Board of REALTORS

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