According to the Salt Lake Board of Realtors, the median home price in Salt Lake County rose 12% from last year to $386,100. This increase is in large part due to the low inventory of homes on the market at this time. Total housing inventory has decreased 19.8% from a year ago with unsold inventory being at an all time low of a 2.5 month supply of homes on the market at the current sales pace.
This lack of inventory is not only keeping sales prices high but it is also driving individuals to the construction industry where builders are struggling to keep up with the surging demand for homes.
According to the National Association of Realtors and Home Builders,
"Single-family starts flattened in November as builders struggled to meet demand, the U.S. Census Bureau reported this week. Overall housing starts rose 1.2% to a seasonally adjusted annual rate of 1.55 million—nearly a 13% jump over a year ago. The pace of building permits is also at its highest level in 14 years.
“Though single-family construction continued to be strong in November, builders are unable to keep up with demand due to rising regulatory and construction costs and shortages of lots and labor,” said Chuck Fowke, chairman of the National Association of Home Builders.
Either way you look at todays market it is a great time to be a seller. There has never been a better time to sell your home and investments then now. To be competitive in this fast paced market some preparations will be needed before listing. We would love the opportunity to help you make that plan for listing your property. Call our office today for that free, no obligation plan at 801-738-6450 or visit the "What's My Home Worth" section of our website for a free market analysis. We will NEVER sell your information to Third Parties.
To Receive All The Latest Real Estate News and Trends!