Utah Housing Market Update 2017Q4
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!