Market Report - Q1 2015 Wasatch Back Market Report

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A few notable trends from 2015 so far in our market:

The market is stable - Total volume sold (all markets and types) is up 9% from the same time last year; average sale price is up 5%; and median sale price is up 6%. These numbers suggest that growth is steady and improving at generally the same rate as the overall domestic economy.

Our market is as segmented as ever - A lack of inventory is limiting the number of single family home sales in several historically popular areas (Silver Springs, Old Ranch Road, Pinebrook). However, condominiums and vacant land have seen robust interest and sales. Certain areas, like Canyons and Sun Peak, have also seen tremendous micromarket growth.

Within city limits, prices are going up. Popular in-town residential neighborhoods like Park Meadows are seeing measured price increases with similar sales numbers from last year.

Condos are hot! Condominium projects especially those within city limits have been selling at an unprecedented rate. This trend is not unique to one price point.

We are back to a 2006 benchmark. March 2015 saw the most amount of pended sales of any month since 2006. This is cause for celebration--it suggests we have made a full recovery and are now back on a healthy growth trajectory.

 

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