3 Simple Home Market Indicators for Utah Counties
According to economist James A. Wood at the University of Utah Policy Institute, 2015 was the best year that the Utah real estate market had in 8 years, and 2016 will be even better! Here is a quick overview of the improvements of the four main counties in Utah (Salt Lake, Utah, Davis, and Weber) that we had over 2014.
This is a simple summary showing 3 key home market indicators:
1. Cumulative Days on the Market (CDOM) which shows how long homes are sitting on the market before they are sold (put under contract). The lower this number the faster homes are selling and shows a strong housing market.
2. # of Homes Sold which means the more homes that are selling helps give an indication of a strong housing market. As long as other market indicators are supporting this.
3. Median Sold Prices which shows the values of homes selling over time. A good health housing market home values will increase in the mid single digits. Values increasing too much can be a concern for over-inflation. So in all major Utah counties home values are continuing to increase at a steady pace.
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