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.