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2014-01-09 15:39:37
2013 Real Estate Year in Review

Daybreak Real Estate 2013 review

The December home sales data is still being calculated, and we should have access to the final numbers for 2013 soon. Even without the final data, the Utah Association of Realtors released news that 'Utah Realtors had their best year since the housing boom'. According to the Association's data, Realtors sold 37,728 homes, townhomes, and condos from January 2013 through November 2013. What a great year for Utah homeowners! Here are some more interesting facts regarding the 2013 Real Estate Year in Review.

I have also thought that a number is just a number until you have something to compare it to. 37k sales sounds like a lot, but how does that number stack up to prior years in Utah. Here is some historical data to illustrate why 2013 was such a hot year in the housing market:

  • 2008 - 30,367 transactions from January through December.
  • 2007 - 39,914 transactions from January through December.

So once the December sales totals are added to the 2013 data, the Association of Realtors estimates the year's total will exceed 2007 making it a 7 year record for home sales. These numbers helped many residents in Utah who decided to sell their home and buy a new home in Daybreak. Our local sales data showed great signs of a strong housing market as well. According to the WFRMLS, 414 homes, townhomes, and condos were sold in Daybreak Utah during 2013. That does not include private sales or some sales direct from new home builders in Daybreak.

Additionally, Utah home owners were able to regain an average of $31,000 in equity according to the Utah Association of Realtors. The median home price for 2013 is right around $205,000 which is up from the low point of $174,000 in 2011. This helped many home owners to either sell their home and move or refinance and take advantage of the historically low interest rates were saw during last year.

During 2013, the average time it took sellers to find a buyer was around 2 months. This was the lowest days on market since 2007 when the average listing time was 54 days. More buyers in the market also meant that sellers had more control over the transaction in terms of pricing and concessions. For the data available for the 11 months of 2013 from January to November, Utah sellers received an average of 96% of list price. Again that is the highest percent of sales to list price since 2007 when the average was 97%.

This was a very positive end to a great year in the Utah Real Estate Market and the Utah economy. We saw business and job growth in Utah and close to home here in South Jordan. Healthier inventory levels during the year of around a 5-6 month supply of active homes is a sign of a stable real estate market.

We are looking forward to seeing what 2014 brings to the market! We feel it is going to be another great year to buy and sell in the Utah Real Estate. We already have some great listings lined up for the upcoming weeks in the Southwest area of Salt Lake County. Stay tuned for details on these great homes for sale. We are looking forward to assisting your family to accomplish your new goals for the new year! Feel free to contact us and our team at DaybreakHouses.com would be happy to sit down and discuss your goals and the steps needed to get started!

 
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