Sommer Backus Realty

🏠 IF YOU’RE A HOMEOWNER IN UTAH, YOU’LL WANT TO READ THIS🙂

Now that January is officially over, check out these stats and market update for Utah real estate in our first full month of 2022!

- Almost 13% less Active Listings today than we had the same time this last year but 1.1% more listings Under Contract. We know how intense last years market was due to the extreme sellers market with 25-30% appreciation, and this year looks to be an even more intense Sellers market!

- 2,451 closed transactions in January (lowest month total since Jan. 2015 after having 4,000+ closed transactions/month since March). There are plenty of active and able buyers but not enough inventory!

- Absorption Report - if nothing listed for 10-12 days, we'd run out of Active properties - this is insane! Most markets under 4 months of inventory is considered to be a "Sellers Market" and I'd say less than 2 months of inventory is a VERY strong Sellers Market!

There has literally never been a better time to sell a property in Utah than right now. Of course you have to find another place to live if you sell (unless it is an investment property), but property values are at all time highs and there is likely at least 5-8 buyers for every new listing right now, and probably closer to 20 Buyers for certain types of properties.

2300 sq.ft. townhouses in Lehi and Vineyard have sold between $520k to $550k in the past 30 days with many more under contract currently that we expect to close as high as $560k to $575k.

If you'd like a complimentary value estimate for your property,
CALL ME!!!!!

If you are considering selling, preparing now to list in the next month or two might be perfect timing!

This buyer situation has a great story behind it!
ASK ME!😁.
HOW MUCH IS YOUR HOME WORTH!

ASK ME HOW MUCH YOUR HOME IS WORTH!

Traverse Mountain home with a view!

If you purchased a property in the past 5 years in Utah County (or anywhere in Utah for that matter), you should check out these stats to see how much your property is likely worth:

The MEDIAN HOME PRICE right now is estimated at around $402,000 in Utah County! We've seen anywhere from 55% to 75% appreciation in the past 5 years in Utah County depending on the property type, with newer condos, townhouses and smaller single family homes appreciating at the highest rate!

The median home price was at around $342,000 to start 2020 (17.5% total appreciation), $315,000 to start 2019 (27% total appreciation), $292,000 to start 2018 (38% total appreciation), $261,000 to start 2017 (54% total appreciation), and finally $248,000 to start 2016 (62% total appreciation)!

To put this all in perspective, if you:
- bought a condo for $175k just 2 years ago in January 2019, the value has already gone up around $50k to $225k!
- bought a townhouse for $250k just three years ago in 2018, it is probably now worth $350k, with $100k in appreciation!
- bought a single family home for $375k just 4 years ago in 2017, you probably have around $200k in appreciation with a value around $575k!

In my years in doing real estate full time and being a part of one of the highest closing teams in the state, we have never seen anything like this market! It really is a great time to sell and use the equity to both get into a better situation and do it with a historical low interest rate!

This market won't be around forever, and will likely shift some by April/May. And this is very different than 2007/2008 and we don't expect any major pullback.

If you are considering making a move, or wondering what the value of your home is, please just reach out! I am more than happy to do a custom value estimate for you and answer any questions you have!

After going through the Home Building Process personally and working for 2 New Construction companies, I have seen the pitfalls of NOT choosing to have Agent representation when building a home. Remember, it's not the buyer who pays the Buyer's Agent, it's the Seller.
*Do you have questions about the home building process? Please ask! I love educating home buyers about Real Estate!*

5 Reasons to Hire an Agent When Building a Home | Utah Real Estate | The Fields Team Building a home is the perfect choice for many homebuyers. You get to pick your floor plan and make important decisions about upgrades, flooring, paint and much more.