2013 Utah Real Estate Market Predictions
2012 was an amazing year for Utah real estate! We have finally hit the bottom and have seen home prices, in most areas, rise by 12%.
In January 2012, I noticed that lots were selling really quickly, most getting multiple offers. As a result, prices on lots started to shoot up. To my amazement they were all still selling despite the rise of prices! I knew then and there that we had hit the bottom of our Utah real estate market and that prices would be going up. It took a few months for the news to hit the public, but by the time the word was out we were down to only a 5-month supply of homes. More and more buyers decided to get off the fence and buy; they realized they had to buy now. Because of this, inventory was low and prices were getting higher. By July we had seen a 6% increase in prices across most of Utah. This had exceeded all expectations by our local real estate board and economists and that was just the beginning.
A big reason for Utah’s increase in home prices is because of our job market. By the time you read this article our unemployment rate will probably be in the 4’s. Jobs continue to come to Utah because we are rated #1 by Forbes Magazine as “The best place to do business”. These are major companies moving here like Boeing, Adobe, and Proctor and Gamble, etc, and this list will continue to get bigger in 2013 with more companies committed.
2012 concluded with a total of a 12% home price increase in most major cities. Sales are up 18% year to date, and pending sales are up 31%. With stats like this it points to an even bigger year in 2013 for Utah. I predict that in 2013 we will see at least a 12%-18% increase in prices. With Utah’s strong job market, low prices compared to median income and low interest rates, I would say that 18% increase is a strong possibility.
If you are looking to buy in Utah then don’t wait because prices will continue to rise!
Century 21 Everest