Utah Housing Market Update 2017Q4

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So, how was the market last year?

Once a quarter we like to pull up the above chart. The points you see mark the end of a given quarter. Blue line is median Price (median price growth in SLC based on quarter). The Black line is the number of homes sold in a given quarter, and green: the number of homes listed.

2017 ended the year with median price in SLC County (including condos and towns) at $299K. That is UP from 2016Q4 at $268k. Perhaps the most impressing thing to see was the 2017Q4 median price increased over 2017Q3. This is rare Why? Typically we see the 4th quarter decline in any given year because we are a seasonal market. As you can see in the chart above, In the past five years Q4 has been stagnate or down compared to Q3 of the same year – This signals a strong start to 2018!

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Another thing that we point out many times a year is the appreciation that we always see in Q2 of any given year. On this chart you have a 5 year history where every single year the 2nd Quarter median price is up significantly from the prior quarter. This means if you think you want to buy a house in 2018 you should do it now, in the winter, before snow fly’s. You have a 100% chance that if you don’t you will look back and be frustrated at what it cost you to wait. Don’t wait!

Listed VS Sold: When the green line touches the black line – It’s showing a 90 day period where the homes that came onto the market have sold – point being you wind up in a low inventory situation which drives up the median home value, which I think shows we’re going to have a huge Spring!

This Market Analysis was live - view the video below.

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