May Market Report
We are finally beginning to see some upward movement in the number of listings, there may not be a massive increase in inventory but any gain is good. The low inventory continues to create a competitive situation for buyers, likely to cause price increases over the next several months.
New Listings in the state of Utah were up 6.0 percent to 6,434. Pending Sales increased 2.7 percent to 4,882. Inventory shrank 12.7 percent to 10,336 units.
Prices moved higher as Median Sales Price was up 9.4 percent to $289,900 statewide. Days on the market decreased by 11.1 percent to 40. And the month’s supply of inventory was down 17.9 percent to 2.3 months, indicating that demand increased relative t supply.
New construction for all housing types (single AND multi-family) starts in the first quarter of 2018 have increased substantially from permits in 2017 Q1 with a few exceptions around the valley.
Lehi: A total of 416 permits were pulled in Q1 2018. This is an increase of 83% over the same period last year
Eagle Mountain: A total of 170 permits were pulled in Q1 2018. This is an increase of 142.9% over the same period last year!
Saratoga Springs: A total of 162 permits were pulled in Q1 2018. This is an increase of 63.6% over last year.
Spanish Fork: A total of 67 permits were pulled in Q1 2018. This is a DECREASE of 14% compared to the same time period last year.