The Utah real estate market is showing tremendous signs of improvement. The bottom line – more people are buying Utah homes.
Sales Jump During Second Half of 2011
Utah home sales rose 10.4% in November 2011. This was the sixth straight month that sales have increased. Utah Realtors sold about 200 more homes in November 2011 than they did in November 2010.
Loss of Tax Credit Doesn’t Slow Sales
Realtors have sold more homes this year without a tax credit than they did last year when a $8,000 tax credit was in place for half the year.
Decreasing Supply of Homes for Sale
November 2011 ”pending sales” were up 31% from November 2010. A decreasing supply of homes for sale on the Utah market should help boost the sales prices for home sellers.
Fewer Listings Results in Increasing Prices
There are currently fewer Utah homes on the market. At the end of November 2011, there were 21,731 homes on the market. The last time this few homes were on the market was in April 2007. In addition, fewer Utah real estate listings came on the market in November 2011, placing increasing upward price pressure on Utah homes for sale.
Denise Martin is known as Orem’s Nicest Realtor. She and her brother, Stacy Sommers, own @Home Realty Network and make up the SoldByDenise.com team. To buy or sell Orem Real Estate, they can be reached at (801) 602-9552.