Today we’re going to talk about the state of the market here along the Wasatch Front. Overall, we’re clearly in a seller’s market right now. Homes that are listed under $500,000 are selling very quickly, usually within a week. Homes over that price are taking a bit longer on average, but it all depends on the area, the age of the home, and its condition.
For the past three years, we’ve had an inventory shortage in all price ranges. Builders are building as fast as they can right now, but they just aren’t able to keep up with the demand out there. This means our market will continue to stay very strong until they are able to catch up.
Over the last two months, our overall inventory has actually increased by 29%. This gives buyers much more opportunities than we’ve had in the past. Below $400,000, however, we’re still in desperate need of inventory.
Short sales and bank-owned properties are virtually gone from our market. This means most homeowners are above water and have positive equity in their homes. Davis County alone has seen an increase of $110,000 in the median price of a home since the market was at its low in 2012.
I’ve got so much more to share with you. If you have any questions about the market or about your specific situation, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.