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We had a great year in real estate last year in the Wasatch Front. Today we'll be examining appreciation rates, days on market, inventory, and many more topics. Overall we have a very healthy market, considering homes lost an average of 34% of their value when the crash happened in 2008. It took 10 quarters, but we've recently set a record for highest median home price ever.
So, what happened in 2015?
Median price rose from $238K to $250K, a 5% appreciation in price.
Inventory was low, and we had 20% less than we did in 2014.
The market performed extremely well in March and throughout the spring with large increases in sales, but it slowed down in the winter.
We expect the market to level out in 2016, which is a good thing, because the market may have been moving a little too quickly.
It's important to remember that interest rates are rising this year, so please contact us if you've been thinking about buying or selling. We look forward to hearing from you!
