Salt Lake County Home Inventory at 15 Year Low

The Salt Lake Board of Realtors and Utah Association of Realtors today released the official market statistics for Salt Lake County and Utah today. The big story is two fold: Home sales have gone up again in Salt Lake County for the 12th straight month, as the housing economy improves. However, because listings are staying stagnant, the housing inventory in the Salt Lake area is at a 15 year low, ...with only 4.9 months of inventory on the market.

Some other points from today’s stats release:

Median home prices increased to $199,950, up 7 percent compared to $187,000 of May 2011. We’re getting awfully close to having medians above $200,000 again.
Average days on market is also down significantly, 68 DOM compared to 78 last May. Homes are selling more quickly.
New listings in the SL market went down 3.6%, whereas they went up 2.4% statewide.
Pending sales (i.e., under contracts) went up 29.5% compared to last May.
People are getting more for their homes: an average of 95% of list price, compared to 90% last year.
Housing affordability is up: an index of 168 compared to 158 last year. An index of 168 means that the median household income was 168% of what was necessary to qualify for the median priced home. This is due to the absurdly low interest rates at the moment.

This all points to an excellent time to sell a home: prices are going up, you’re going to get more of your listing price, and demand is high due to the lack of inventory. To share more anecdotal data, our last couple of properties to go on the market have all had multiple offers, with people competing to submit their highest and best offer on our properties. If you’d like to find out what your home is worth in this new market, please contact me at 801-792-6434. This is great news for our market!!!!

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