Do you know your home's value?

An article in the April issue of the Salt Lake REALTOR magazine caught my eye, so I am sharing it with you.

The national average for home price appreciation from the end of 2017 to the end of 2018 was 5.73%. Utah's price increase was 9.8% for that same time frame, giving us the 3rd place slot in the nation for increased home prices. Idaho took 1st place with an 11.93% increase and North Dakota took last place with a .02% increase. 

Statistics for this information were taken from the last quarter of 2017 to the last quarter of 2018 and were calculated by the Federal Housing Finance Agency.

If you take this information and put it to practical application, you can speculate and theorize that if you purchased a home in Utah during the last quarter of 2017 for $300,000, it was worth $329,400 during the last quarter of 2018. That is a 9.8% price increase, and that is a significant increase in your home's appreciation.

If you would like to know what your home is worth, I can give you a free comparative market analysis on your home. Just give me a call and we can determine what your home's value is today.

801-631-3430

Brought to you by Heath @ HeathsHomes.com

New Year, New Stats for You

The new statistics are out for the Wasatch Front Regional MLS. This is the Home Sales Graph Report for Heber City, Charleston, and Midway for the past 5 years. 

The green line shows us the total number of homes listed per quarter.

The black line shows us the total number of homes sold per quarter.

The blue line shows us the median sold price per quarter.

There is much we can learn and predict from these statistics.

The blue line, the median sales price, goes upward steadily over the past 5 years with seasonal fluctuations. We can predict this will continue.

The green line shows us that the seasonal trend for listing homes is in the second quarter of the year, April, May and June. However, you can plan on the best selection of homes for sale in the 3rd quarter, during July, August, and September because the 3rd quarter provides the second highest number of homes available, as well as many of the homes listed during the 2nd quarter are still available.

The black line, the total number of homes sold, loosely mimics the shape of the green line. This is because of the supply and demand ratio. The more homes available, then more will be sold. However, you can see that the 3rd quarter is generally the peak for each year on the amount of homes sold. I think this is due to better inventory during the 3rd quarter as well as most homes take around 45 days to close and be marked as sold.

Just for curiosity sake, I did the math. 

In 2014, 815 homes were listed and 544 were sold.

In 2015, 715 homes were listed and 563 were sold.

In 2016, 830 homes were listed and 706 were sold.

In 2017, 1012 homes were listed and 679 were sold.

In 2018, 1027 homes were listed and 653 were sold.

I enjoy looking at statistics and the housing trends in our area. If you would like to discuss these or any other findings with me and how they affect you, please give me a call. 801-631-3430

I would be happy to talk about the real estate market with you.

Brought to you by Heath @ HeathsHomes.com

3rd quarter home sales graph stats are out

Here is the latest home sales graph for Wayne County. The 3rd quarter numbers were reported on October 1st, so this is the most current information available.

This report was generated by the Wasatch Front Regional MLS on October 4th 2018. It includes points for every quarter of the year for the last 5 years.

The green line shows us the total number of homes listed for sale.

The black line shows us the total number of homes sold.

The blue line shows us the median sold price of homes in Wayne County.

Statistics are interesting to me as well as seeing the trends of the previous years. If you would like to know how this information affects you or if you would like to talk about the real estate market in Wayne County, give me a call. 801-631-3430

Brought to you by Heath @ HeathsHomes.com

3rd Quarter Home Sales Graph is out

Here is the latest home sales graph for Wasatch County. The 3rd quarter numbers were reported on October 1st, so this is the most current information available.

This report was generated by the Wasatch Front Regional MLS on October 3rd 2018. It includes points for every quarter of the year for the last 5 years.

The green line shows us the total number of homes listed for sale.

The black line shows us the total number of homes sold.

The blue line shows us the median sold price of homes in Wasatch County.

Statistics are always interesting to me as well as seeing the trends of the previous years. If you want to know how this information affects you, give me a call and we can chat about the real estate market in Wasatch County. 801-631-3430

We could use a few more housing options

In the most recent Salt Lake REALTOR Magazine, Adam Kirkham, Salt Lake Board of Realtors President, wrote an article stating that the housing shortages we are experiencing here in Utah, will be with us for a few more years.

The hot market in Utah has led to a higher demand for houses and that demand has outpaced the supply of homes available. The result, especially along the Wasatch Front and Back, is a bidding war with multiple offers on a single home and prices far above the original listing price.

Kirkham states that there are 28,000 households being created each year in Utah and those still do not fulfill the need required for all the buyers. According to the University of Utah, the housing shortage will persist over the next 3 to 4 years, possibly longer.

Many potential buyers and municipalities are looking at higher density housing and mixed use communities as the answer. Daybreak in South Jordan is one example many are looking 
towards.

Daybreak has a blend of townhomes and detached housing, all mixed together that appeal to all age categories. Some younger buyers are liking the prospect of no yard to care for, as well as many older buyers. 

The desired 1/2 acre lot of happiness from years gone by may not be everyone's American Dream anymore. As cities around the state adjust zoning requirements, we will see more and more affluent mixed use and higher density housing available. We are already seeing it here in Wasatch County. The 'one size fits all' rule does not apply to housing here in Utah where our population is growing considerably.

If you have any real estate concerns you would like to chat about, I would be happy to talk with you. If you are frustrated with the housing shortage, give me a call and we can figure out together what the best housing options are for you. 801-631-3430

Brought to you by Heath @ HeathsHomes.com

Housing prices in the valley are on the rise

The home sales graph generated by the Wasatch Front MLS is out for the 2nd quarter of 2018.

The green line shows the homes listed.

The black line shows the homes sold.

The blue line shows the median sold price.

This graph shows the previous 5 years for Heber City, Charleston, and Midway.

There were 301 homes listed for sale in the 2nd quarter; April, May and June. There is usually a large jump in inventory every 2nd quarter and this year was no different.  

There were 185 homes sold in the 2nd quarter this year. The black line is following the usual shape. In the previous 5 years there have been more homes sold in the 3rd quarter than the 2nd. Hearing the housing forecasts and real estate market data, I think we can expect the same trend this year.

The median price of homes sold in the 2nd quarter this year was $469,000. This is down a little bit from the 1st quarter because there was more inventory available during the 2nd quarter so the prices were able to decrease a little. As the blue line keeps its general trend upwards as housing prices in the valley continue to climb, it is evident that many people are discovering the wonders of this community and the thriving economy in Utah and moving into the Heber Valley or upgrading their homes. We are experiencing a strong housing market and will probably continue to do so.

I find the statistics of the real estate market fascinating and there is so much information to glean from this graph. If you have any questions and would like to discuss this graph or if you have any other real estate concerns, I would love to talk with you. Give me a call. 801 631-3430

P.S. If you found this interesting, you might like Utah's Prosperity Scorecard stats here.

Brought to you by Heath @ HeathsHomes.com

Heber Valley and its Million Dollar Homes

The current Salt Lake REALTOR Magazine has a headline on the front page that says "Million Dollar Homes Sales Rise." I read the article and it tells us that the Wasatch Front is experiencing a significant rise in the over-1-million-dollar housing market. I wanted to see what the stats said about this trend in the Heber Valley. 
Here are the results from the Wasatch Front Regional MLS on 6/17/18 for Heber City, Midway, Charleston, and Wallsburg combined.

In 2015, 81 homes were listed at 1 million dollars or over and 24 were sold.
In 2016, 101 homes were listed at 1 million dollars or over and 42 were sold.
In 2017, 135 homes were listed at 1 million dollars or over and 55 were sold.
In 2018, as of 6/17/18, 79 homes have been listed at 1 million dollars and over and 31 have sold.

In 2015 in the Heber Valley, the median selling price was $1,360,000 and in 2017 it rose to $1,800,000. So far the median selling price in 2018 is $2,000,000. 

It looks as if the Heber Valley is experiencing a significant rise in million dollar home sales as well. Adam Kirkham, the current president of the Salt Lake Board of Realtors stated, "A roaring economy and wealthy transplants are fueling million-dollar home sales." That is very true, although the numbers for the Heber Valley show even more growth and a stronger housing market than those on the Wasatch Front - Their median sales price in 2017 was $1,330,000 which is where ours was in 2015. Their statistics also show that "it remains a challenge to sell a home above $1.5 million, even in today's strong economy." The median selling price for homes over 1 million dollars in our valley is currently $2 million so prices are climbing pretty steeply with some amazing homes on the market.

I enjoy looking at housing marking statistics and all information regarding real estate. I like to stay up to date on the market trends, especially here in Utah. If you have any questions about our housing market or what your home may be worth, I'd be happy to chat with you about your questions and send you some housing report statistics. My number is 801-631-3430. Give me a call.

Brought to you by Heath @ HeathsHomes.com

Utah's Outlook is Marvelous

According to the 2018 Prosperity Now Scorecard, Utah earned the number 7 spot for the most desirable state for home ownership.

All 50 states and the District of Columbia are included in this study.

- Average annual pay is found by including all workers covered by unemployment insurance and adjusted by state for cost of living. The Utah average is $46,655 and the national average is $53,621.

- Households with a savings account - 88.1% of Utahans have a savings account. The national average is 70.8%

-Home ownership rate is calculated by the percent of occupied housing units that are owner occupied. The Utah average is 69.9% and the national average is 63.1%.

- Emergency savings - 71% of Utahans stated they set aside some money for emergencies. The national average is 56%.

-Foreclosure rate is calculated by how many loans are in foreclosure. Utah's rate is .43%, the second lowest in nation.

-The delinquent mortgage loans result is the percentage of mortgage loan payments 90 days or more past due. The national average is 1.2% and Utah is at .68%.

- Affordability of homes is found by dividing the median housing value by the median family income. Utah ranks 33rd.

-Prosperity of residents - This number is the cumulative result of the study - the scorecard. It takes into account Financial assets and income, Businesses and jobs, Home ownership and housing, Healthcare, and Education. 

Of the 3,051,147 Utah residents and 943,147 households in Utah, 30.2% of them are under 18 years old and 10.5% are 65 and over.

I enjoy seeing statistics like these and thinking about the real estate market not only in the state but in our valley as well.

There is a strong, solid, housing market statewide and especially in the Heber Valley. This means that if you currently own a home, you're in a sweet spot because it's value is increasing. Your equity is increasing and your resale value is as well. If you are planning on being a homeowner but currently are not, this means the sooner you buy in, the better. 

As Utah's business and job market continues to increase, as well as the state's exceptional educational opportunities, more people will be drawn to move into the state. With those moving in and those that were raised here stay as adults to live, work, and raise families, we will continue to see Utah come out on top of these kinds of studies as a desirable place to be. Take a look at the study, it really is very interesting with much more information than what I just shared with you.

I enjoy helping families find a place to call their own. Let me know if you would like my help. Call or text 801 631-3430.

Brought to you by Heath @ HeathsHomes.com

The most recent home sales statistics for Heber City and Charleston

The Wasatch Front Regional MLS just released their most recent statistics report for the Heber City and Charleston area. This report does not include Midway. To see that report, click here.

There are three different entries reported for the previous three years on this graph. The green line entry is the total number of homes listed by quarter. The black line is the total number of homes sold by quarter, and the blue line is the median sale price by quarter.

Buying or selling your home is a big deal and I would like to help you become the most educated buyer or seller.

If you would like to discuss the real estate market in the Heber Valley or have any questions about buying or selling your home, please feel free to give me a call. I'd love to help you become the most educated and prepared client. 801-631-3430

I can also email you additional informative graphs and statistics if you would like more information about our valley's real estate trends.

Brought to you by Heath @ HeathsHomes.com

Midway's most recent home sales report

The Wasatch Front Regional MLS just released the most recent statistics report for Midway, Utah home sales.

This graph shows the previous three years of three different entries.

The green line is the total number of homes listed by quarter.

The black line is the total number of homes sold by quarter.

The blue line is the median sales price by quarter.

Buying or selling your home is a big deal and I would like to help you become the most educated buyer or seller.

Please feel free to give me a call to discuss Midway's unique real estate market or if I can help you answer any questions you may have about buying or selling here in the valley.

I can also email you additional informative graphs if you would like to take a closer look at the previous market's trends.

801-631-3430

Brought to you by Heath @ HeathsHomes.com

Home sales and prices predicted to rise in 2018

Salt Lake City was named #6 in the Top 10 Housing Markets for the upcoming 2018 year by the National Housing Forecast. The list was made up of markets based on the largest sales and price gains. The report also predicts that 2018 home prices will be up from 2017's prices by 3.2%. To put that in perspective, 2017's prices were up 5.5% from 2016. We can expect more manageable home price increases as well as a modest acceleration of home sales for the upcoming year.

The other real estate markets to make the Top 10 list are; 

1. Las Vegas/Henderson/Paradise, NV

2. Dallas/Fort Worth/Arlington, TX

3. Deltona/Daytona Beach, FL

4. Stockton/Lodi, CA

5. Lakeland/Winter Haven, FL

7. Charlotte/Concord/Gastonia, NC, SC

8. Colorado Springs, CO

9. Nashville/Davidson/Murfreesboro/Franklin, TN

10. Tulsa, OK

What does this mean for Wasatch County?

Nationally, the low inventory of homes in 2017 drove prices high and made it difficult for buyers to purchase a home due to intense competition with other buyers. Even though that will subside in 2018 with builders catching up to the housing demand, it may take a little more time for that trend to be witnessed in Wasatch County. We live in a desirable location with talented and skilled craftsmen and contractors and my prediction is that their skills will still remain in demand in our valley for quite some time. Although the overall increase in the inventory of homes is expected everywhere else, it may take a bit longer to feel the effects here in Wasatch County.

Brought to you by Heath @ HeathsHomes.com