Sommer Backus Realty

🏠 IF YOU’RE A HOMEOWNER IN UTAH, YOU’LL WANT TO READ THIS🙂

Now that January is officially over, check out these stats and market update for Utah real estate in our first full month of 2022!

- Almost 13% less Active Listings today than we had the same time this last year but 1.1% more listings Under Contract. We know how intense last years market was due to the extreme sellers market with 25-30% appreciation, and this year looks to be an even more intense Sellers market!

- 2,451 closed transactions in January (lowest month total since Jan. 2015 after having 4,000+ closed transactions/month since March). There are plenty of active and able buyers but not enough inventory!

- Absorption Report - if nothing listed for 10-12 days, we'd run out of Active properties - this is insane! Most markets under 4 months of inventory is considered to be a "Sellers Market" and I'd say less than 2 months of inventory is a VERY strong Sellers Market!

There has literally never been a better time to sell a property in Utah than right now. Of course you have to find another place to live if you sell (unless it is an investment property), but property values are at all time highs and there is likely at least 5-8 buyers for every new listing right now, and probably closer to 20 Buyers for certain types of properties.

2300 sq.ft. townhouses in Lehi and Vineyard have sold between $520k to $550k in the past 30 days with many more under contract currently that we expect to close as high as $560k to $575k.

If you'd like a complimentary value estimate for your property,
CALL ME!!!!!

If you are considering selling, preparing now to list in the next month or two might be perfect timing!