What do our first quarter statistics tell us about our Wasatch Front market? And how do these numbers stack up against last year’s Q1? We’ll answer both of those questions in today’s market update.
Let’s jump right in:
By the end of 2019’s first quarter, our market had undergone an 11% decline in overall home sales. The average home price, meanwhile, went up by a solid 5.6% over that same period.
Up to this point, the Wasatch Front has had more than 8,000 single-family homes, townhomes, and condos sell in 2019.
Also through Q1 of 2019, the average sale price spanning all homes types along the Wasatch Front was around $342,185. We finished out the first quarter of 2018 at an average sale price of $323,371—that’s nearly a year-over-year increase of 6%.
Looking at the data point by point, the average sale price for single-family homes in 2018’s first quarter rose by 5.06% to $369,382. The average sale price for townhomes and condos soared by 11% to $258,110 in that same year.
Turning our attention to average days on market, the average home is currently spending 53 days on market, which is a 10% increase from the 48-day average we saw last year.
The Wasatch Front’s inventory for all housing types is at 4.6 months’ worth of supply. Although this is considered a low amount of inventory, anything that falls in the four- to six-month range is seen as a sign of market stability.
With ever-growing home prices comes a greater availability of inventory and coupled with stable interest rates that opens up buyer affordability, we may finally have a formula that tilts the scale toward buyers.
As a final note, we saw some of the lowest interest rates we’ve had in a while by the conclusion of Q1 this year. The Fed originally set the expectation that four or five rate increases were on the way this year, and after withdrawing that announcement and making new assertions that no increases were coming in 2019, the market responded favorably.
As always, if you have any real estate-related questions or needs, please get in touch with us. We’d be happy to help however we can!