Hey, it’s Joel Zieve from Keller Williams Success Realty and the Northern Utah Home Team. Happy New Year to you!

I’m going to jump right into it and show you what we see happening for the beginning of 2015 and see what we can guess for what’s going to happen in the spring. If you’re a seller you’re going to be really excited because of what I’m about to tell you! So get ready for a big winter market coming up and here’s why!

Ok, so I know there’s a lot of information on this graph so I just want to focus on a couple of key things here. Over the last couple months here the number of new listings and therefore the number of total listings have dropped dramatically. And as a result of that we’re seeing prices continue to rise up. That typically doesn’t happen all that often in the winter. But with less competition, fewer inventories, interest rates are still really low, we’re starting to see that the time on the market is starting to shorten or pretty much stay the same and prices are going up. So that’s the bottom line of things selling quickly. This is for, of course, for Weber and Davis counties. So let me show you one other thing here.

This graph shows year over year changes from 12 months ago. And what you’re going to see the same kinds of things here, the number of… Let me focus on this. This “100%” is your comparison, so anything over this is an increase from the exact same period last year at this time. Anything below it is less. So, take a look at the total listings. We’re down about 85% from where they were last time, this year. And it’s been dropping for quite some time. And because of that you’ll see prices are well over what they were last year at this time also. Number of new listings is down, total listings, price is going up, and the time on the market is also shortening. So all this is great news for sellers.

If you’re a buyer, it’s still good news for you because interest rates are just incredibly low and there’s been no better time to buy a home in recent history for sure! So, if you’re looking to buy or sell, most importantly if you’re looking to sell and you want to know specifically how this seller’s market is impacting you and your house value then give me a call. I’m happy to do a market analysis for you. Of course, there’s never a fee for that or an obligation to work with us.

I’ll put my contact information on back up here, and that’s your Market Update for January 2015! Happy New Year!

Hey, everyone, it’s Joel Zieve with Keller Williams Realty and the Northern Utah Home Team. I just wanted to give you a quick market update to show you how things are headed, looking, heading into the holidays this time of year.

Okay, so I know there’s a lot here. So let’s just focus on the things that you’re probably most interested about. The first is history of list price. So I’ve got two years’ worth of data here, and the orange line is actually the sales price and what you see happening here. So in 2013, it spiked quite a bit, and then not quite the increase, but still an increase toward the end of the summer and in the fall for 2014, and how long are they taking to sell—that’s the accumulative day on market, and that’s the green line here, so that’s that trend. Months of inventory—months of inventory means that based on the number of offices that are currently for sale, how long would it take—how many months would it take based on how quickly they are selling to completely deplete the market. So you’ve heard some people talk about having a low inventory. That’s exactly what we’re in and headed toward right now which leads to increased prices, which is, of course, great for sellers, not so much for buyers.

Let me explain this one to you. This one is very interesting. This shows changes from year-over-year, and I have lined it up to match the top. So basically this is the 100% line. So for price, this shows the change in price compared to the same time 12 months prior, and what you’ve seen is a gradual increase with a little dip here when things sold off at the end of the summer, but prices continue to climb compared to where they were last year, and these are the most interesting things—the total listings have just been taking a nosedive. We’re now at 90% of this time last year, and also, the months of inventory is also drastically down. So if this trend continues, what we are going to see is prices continuing to increase because of the lack of inventory. So if you know anybody, or if you’re thinking about selling over the winter, but you have this mindset that the market isn’t as good in the winter as it is in the spring or the summer, I think we’re about to see that change. So I hope that helps. If you have any questions, of course, give me a call. Thanks! And I hope this was helpful.