Market Report-3rd Quarter, 2017
MARKET REPORT-3rd QUARTER, 2017
Utah County median home price is up by $51,000 over the last 2007 peak price.
Salt Lake County median home price is up by $57,000 over the last 2007 peak price.
Interest Rates are around 4.0% depending on which loan you go with. Some are as low as 3.625%
67% of the homes listed in both Salt Lake and Utah County in the 3rd quarter of 2017 sold.
in 3rd quarter of 2015, 80% of the homes listed in both counties sold so we see that our market has softened a little bit.
I estimate prices rising by 2-3 percent until next 3rd quarter of 2018 and I believe that will be our peak. The market will very slowly decline just a but while still maintaining supply and demand ration around 60-65%. The prices will only come down a tad because rates will go up causing buyer's to max out how much they can afford.
CAN PRICES KEEP GOING UP FOR WHILE?
Tell me what you think in the comments box below! PLEASE SHARE THIS BLOG AS WELL TO INFORM YOUR FRIENDS! Would love this site to grow so it's worth the time to make this local valuable content.