Utah Real
Estate Watchers Buoyed by Market Report & Real
Estate Watchers Cheer As National Pace Quickens
When it comes to Utah's residential real estate outlook, some truisms say it all: “Strike while the iron is hot!” “The early bird gets the worm!” “Time and tide waits for no man…” Sometimes those hoary old clichés have survived because their wisdom doesn’t ever change — and right now, some hard facts and figures may make these more relevant than usual.
Utah real estate watchers, buoyed by last Tuesday’s
stock market jump (a reaction to the bullish real estate statistics), were also
digesting The National Association of Realtors®’ latest report:
it carried more cheerful news about the expanding market for existing-home
sales.
When it comes to Utah's residential real estate outlook, some truisms say it all: “Strike while the iron is hot!” “The early bird gets the worm!” “Time and tide waits for no man…” Sometimes those hoary old clichés have survived because their wisdom doesn’t ever change — and right now, some hard facts and figures may make these more relevant than usual.
Final
numbers for April showed sales moving at the
highest pace since November of 2009, which was a single month that spiked due
to the homebuyer tax credit. It also marked the 22nd consecutive
month of year-over-year monthly price rises.
What
is the “even better” news for potential Salt Lake City
real estate sellers? It’s about the relationship between available inventory
and the pace of sales. The listed inventory across the nation is actually 13%
lower than a year ago — which translates into a median time on market of just
46 days. A year ago, that figure was 62 days. In other words, across the
nation, sales of existing homes are moving a full 45% faster!
NAR
President Gary Thomas had some words for real estate buyers that potential
sellers will be pleased to hear. “With homes selling in half the time it took
to sell a year ago, buyers must be both decisive and
prudent.”
Utah home sellers should love that word ‘decisive.’ It hints at the underlying
condition of a market that’s becoming more competitive for buyers — buyers
additionally empowered by April’s fall in
conventional mortgage rates. For both Utah real
estate buyers and sellers, now looks like time to “strike while the
[market]’s hot”!
In
case you have been one of those trend watcher, I’m standing by. Why not give me
a call to discuss how you can take advantage of today’s outlook?
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