Prices for single-family homes rose significantly this May compared to May 2016, and they’re not staying on the market long, either.
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How did our Salt Lake County market do this May compared to May 2016? A few key statistics tell the tale.
The median price of single-family homes rose 9.1% from $305,000 to $332,800. That’s a significant jump, and it can be frustrating if you’ve been looking for a home for awhile because it essentially means you’ve lost money waiting for the right house to come along. In fact, if you look at the last May that was part of the recession—May 2011—the median price for single-family homes was $200,000. That means in six years, the median price for single-family homes has risen 66.4%.
Another amazing thing about our current market is that 592 single-family homes have closed so far this month, and the average days on market for those homes was only seven days.
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What do these numbers mean? If you’re a buyer, don’t even think about starting your home search until you’re pre-qualified and underwritten, you have your ducks in a row as far as lending goes, and you have a good agent going to bat for you. Lastly, remember to be aggressive, especially if you’re looking under the $600,000 price range.
Shopping on Trulia and Zillow won’t get you a good house in our market.
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If you have any questions about our market or are looking to buy or sell a home, don’t hesitate to give us a call or shoot us an email. We’d be glad to help.
