Northern Utah Home Team

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!