What Can You Expect From Our Market for the Rest of 2017?

Salt Lake City Area Real Estate Podcast with Jodie Osofsky

Last year was a fantastic year for our market, and 2017 should stay strong. However, there are also a few challenges for buyers and sellers to overcome.

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How did our Wasatch Front market do in 2016? What should the rest of 2017 look like?
Last year, there were 13,600 single-family home sales, which was a 1.3% increase from the year before. There were 4,300 condo/townhome/twin home sales, which was a 12% increase. The median sales price for single-family homes increased 8.1% to $295,000, while the median sales price for condos, townhomes, and twin homes increased 7% to $203,000. The median days on market was only 13 days—less than two weeks!
In 2016, we had the highest number of sales in the last 10 years. This has led a lot of people to wonder if we’re on the verge of another bubble. You can rest easy, though. There are no indications another recession is imminent because all the factors that caused the last one aren’t there now.

For the first time in 40 years, demand has exceeded supply.

However, for the first time in 40 years in our market, demand for housing has exceeded the supply. This has presented a list of challenges, such as affordability for housing, a shortage of well-qualified trades for builders, zoning and municipality changes and fees, land cost, rising rents, sustainable housing, and basic supply and demand.
You’ll likely hear about these things on the local news now and again, and us Realtors are working hard to solve them and work with politicians to protect your personal property rights.
All in all, 2017 will be a really strong year for home sales and home values. Interest rates should rise a little bit, but that shouldn’t affect the overall market.
Whether you’re a buyer or a seller, if you’re on the fence about entering the market, I’d love to sit down and review the details of your situation with you. I look forward to hearing from you!