Today we’re going to give you a bit of a recap on the first quarter of the year and what to expect as we move into spring and summer.
We’re ready to kick off the spring selling season after a slight slowdown toward the end of the last year. Even though the number of units sold has gone down lately, that has to do more with a lack of inventory than it does with the health of our market. We’re still in a healthy, strong seller’s market.
Right now, the median price in the single-family home market is up to $355,000 and we’re seeing an appreciation rate of around 8%.
What economic factors have led to this? One of them is a bit of a slowdown in terms of job growth. At the same time, we’re not seeing as many people move to the state of Utah, and wage growth isn’t necessarily keeping up with how fast real estate is evolving. A wage increase is not expected this year, but it’s something we’d really like to see.
What does this mean to you? Well, if you’re thinking about buying or selling this spring, you might want to jump in early and get ahead of the summer rush. If you get in now while prices are still high, inventory is still extremely low, and the rush has yet to enter the fray, you could stand to get a better deal.
If you have any questions for us about real estate in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.