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Back on April 1st, we made a video with some predictions for what might happen in the second quarter of 2016, because that period is when we see most of the appreciation in Salt Lake County. We predicted median price would increase between 6% and 8%.
We've had a really hot market with low inventory, but we didn't think appreciation would be as aggressive as the three previous years. The actual number was 6.2% appreciation in median prices, going from $286,000 to $304,000. If you bought a $300,000 house back on April 1st, median price now says that the exact same house is worth $318,600.
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Waiting for the right house to come along has cost consumers 6.2%, or in terms of money, it has cost you more than $18,000 on a $300,000 house. Over the last three years, we've felt like broken records, telling buyers to assess the current inventory, pick one, and buy without waiting too long!Waiting for the right house has cost consumers 6.2%
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Sellers that have waiting have seen appreciation, but at the same time, we're now finally seeing an influx of inventory because everyone has heard how hot the market is. Now, it will be more difficult for sellers to get their homes sold. If you've been on the market and haven't sold in the last 90 days, the bottom line is that you're overpriced.
The final thing I want to touch on about median price - it's sitting at $304,000 for single-family homes as of the end of June. We broke that $300,000 barrier in June, and that's never occurred before. That's the highest median price that Salt Lake County has ever achieved, and some of you think that a bubble will burst soon. Most experts and market economists would say that's wrong, and that the market is still strong. At least in Salt Lake County and Utah as a state, micro and macro factors of the economy are still strong.
If you have any questions about the market, or you're thinking about taking advantage of this market while you still can, please give me a call or send me an email. We'd love to work with you.
