It’s that time of the year when we like to go back and review some of the important statistics related to our real estate market. Knowing the numbers enables us to work better with our buyers and sellers because we can use the right tactics to get their homes sold or find them a new one.
The first stat I want to mention is that we saw a decrease of days on market of 4% from last year. Now, the average days on marketing is 127. That’s not bad at all, and shows us that the market is starting to improve.
We have also seen an increase of over 30% on price. One reason for this is that the inventory of condos as dwindled while several properties over the million dollar pricepoint have sold. Last year the average sales price was $200,000 while it is $300,000 this year.
In Ogden Valley, we saw a decrease in inventory of 10%. The average asking price is $364,000, which means it stayed the same.
So what does all of this mean? We are seeing that prices are stabilizing and inventory is dwindling. This is great news for home sellers who will have less competition in the marketplace. Of course, buyers also have plenty of homes to choose from, and the prices are remaining stable. Because of this, buyers will have an easier time knowing that the home they choose is a good choice for future appreciation.
We are also noticing an uptick in new construction being build and increased land sales. When new construction starts moving again, that is a sure sign of an improvement in the housing market.
If you would like to know what your home is worth in today’s real estate marketplace, I would be delighted to do a full market analysis for you. As always, there is no cost or obligation for this service. I would love to chat with you about your real estate questions and needs anytime!