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2016-02-02 16:19:36
Northern Utah Inventory Shortage of Listings

Inventory shortage continues: More Utah homes are being sold than listed

If homeowners stopped listing their houses with Realtors today, there would likely be no homes on the market by the end of April.

Of course, that isn’t going to happen; buyers and sellers need our services, but according to those who watch the Utah real estate market, there’s only about four months of inventory left. One of the factors driving our current shortage of listings is that many potential sellers are afraid to list out of fear they can’t find a replacement. We’d all be selling more homes, if there were more to sell.

Another problem is that folks who bought at the top of the market between 2006-08 still may not have enough equity to sell because they paid a premium price, marketing officials at Coldwell Banker Residential Brokerage say.

However, the medium price nationally and in Utah is expected to rise about 5 percent this year with stable increases of about 2 to 3 percent year over year. Sales are also expected to rise, despite the shortage of homes to sell. The expected driving force of that increase will be sellers taking advantage of rising job growth and home values creating the desire to sell.

Population growth along the Wasatch Front will also be a driving force.

dian sales price for last year was $172,675, which was 98 percent of the original list price, taking about 26 days to sell. Over the year median prices rose 11.6 percent.Last year Utah saw a 7 percent increase in sales and a 3 percent gain in average sales price. Yet the main story about 2015 was its inventory shortage of 19 percent under the previous year. That’s huge.

In Utah County it’s a different story with 8,236 overall property sales last year for a combined volume of $2.1 billion, according the Wasatch Front Multiple Listing System. The average median original list price was $238,469 with an average median sales price of $234,258 selling at 98 percent of list. Dec. 2015’s median sales price of $244,000 is 10.8 percent higher than Jan. 2015’s median price of $221,000.

Just looking at single-family homes, Utah County had 6,219 sales last year and currently has 1,327 homes on the market. The average median sales price for last year was $262,262, which was 98 percent of the original list price, taking about 32 days to sell. Over the year median prices rose 14 percent.

In the attached home market — condos, townhouses and twin homes — Utah County currently has 202 homes on the market with 2,007 selling last year. The average me

Information provided by  Community Columnist

Rodger L. Hardy is a Realtor affiliated with Coldwell Banker Residential Brokerage. For answers to your real estate questions please call him at 801-360-9133 or email him at rhardy@cbzhomes.com. For more information, please visit www.utahforsale.net.




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