Salt Lake City UT Real Estate Market Conditions

Salt Lake City UT REAL ESTATE

April 2015

Salt Lake City UT real estate is highly desired and a great investment. At the end of April 2015 there were 4732 single family homes on the market of which 46% of these are pending sale, leaving 2556 single family homes available that were not being sold short. 373 homes in Salt Lake City UT are Short Sales which are excluded from this report.

INVENTORY

The low inventory and low interest rates are contributing to higher prices for Salt Lake City UT real estate. This month 969 homes sold in Sandy, UT and the Sellers got 98% of what they originally asked. The bulk of the homes sold were between $200-400k and it took 16 days on average to find a buyer willing to pay what the seller would accept. With Spring nearly in full season its taking less time to find a buyer because homes between $200-400k that just went under contract this month were only on the market on average thirteen days. 116 homes between 401-800k also went under contract and those homes had only been on the market for 33 days before finding a buyer.

NEW CONSTRUCTION

New Home permits are a fantastic tool to forecast the real estate market. Salt Lake County issued 151 permits in the month of April 2015. This is down from the two previous years indicating a potentially soft year ahead. In the past ten years the month of April had a county wide high of 405 housing starts in 2006 and a low of 110 in 2011. One could argue that the low in 2011 was caused by the great recession and the high was caused by stated income loans, but going back to 1990 there are trends that appear to repeat themselves.  Following key construction permit activity is an important facet of forecasting the market and I would enjoy sharing the details, specific to where your real estate is located, of the data I track.

NATIONWIDE OUTLOOK

The nationwide mortgage delinquency rate fell to an eight-year low following its largest month-over-month decline in nine years, according to Black Knight Financial Services' "First Look" at Mortgage Data for March 2015 released Wednesday. The delinquency rate (percentage of residential mortgage loans 30 days or more past due but not in foreclosure) dropped to 4.70 percent for March (approximately 2.38 million loans), the first time the rate has been below 5 percent since August 2007. Top economist like Lawrence Yun and David Crowe feel housing demand will fuel the market through next year.

CONCLUSION

Salt Lake City UT real estate is in demand and a prudent investment. If you're buying top economist say the short housing supply will continue for several years which arguably gives you confidence that values will hold strong long after you have closed. If you're selling a property now is a good time. An experienced agent can create marketing that creates value for a buyer so you can yield great results. I look forward to discussing buying or selling homes for sale in utah or in Salt Lake City UT, simply call Darrell at 801-262-9985. Interesting facets of Salt Lake City UT real estate:

• Salt Lake City UT is located in Salt Lake City and has a real hometown feel with friendly residents.
• Salt Lake City UT is the ultimate base camp. No where else in the world has a better proximity to as wide a variety of mountain sports and outdoor recreation, and metropolitan conveniences and amenities.
• Salt Lake City UT is is 22.3 square miles and at the foot of two wonderful canyons and renowned ski areas. In minutes you can be in Big Cottonwood or Little Cottonwood Canyon that offer convenient camping, excellent hiking, and the greatest snow on earth.
• Salt Lake City UT has been recognized by several national organizations for excellent planning and building code effectiveness.
• Sandy offers a wide variety of activities from Golf, Trails and other Outdoor Activities to great Restaurants and Shopping.
• Canyons District students are known for their accomplishments, which span from academic and athletic state championships to scholarships. In 2012, graduating students earned $19.5 million in scholarship offerings and won seven state championships.
• Salt Lake City UT has an good business base and is a meca of upper income residents.
• Salt Lake City UT has a professional Police Department with committed to quality of life through the development and implementation of specialty units.
• Salt Lake City UT has excellent and well developed parks and recreation facilities.

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