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Lack of listings
As we move towards a complete housing recovery, we believe that the housing crisis is behind us. High five! Doesn’t it feel so good to say that? The total number of SunCrest homes that have sold is up. SunCrest homes are selling faster. SunCrest homes are appreciating. Distressed property sales (think: short sales and foreclosures) have almost completely disappeared in SunCrest.
However, a new challenge has surfaced to affect the SunCrest real estate market — a lack of SunCrest homes for sale. As predicted, buyer demand has remained strong throughout the summer, but there just aren’t enough homes for them to buy. A lack of sellable inventory could be causing a slowing to the SunCrest market.
Last month we discussed how the price of any item is determined by the supply of that item, and the market demand. We closely follow something called “absorption rate,” which basically measures how many homes sell over a given period of time. In 2016 so far, the current monthly absorption rate in SunCrest is 11.33. Or, roughly 11 homes are selling per month in 2016. Our current inventory? Just 22 homes for sale, or a 2-month supply of homes. You picking up what we’re putting down?
A lack of listings could be great news for people selling this summer. Sellers may see multiple offers, spend less time on the market, or face less competition for others who aren’t quite ready. Now may be a time to list if you’ve be considering selling. For buyers, even though there’s more competition for fewer homes, interest rates remain at historic low, keeping the cost to own affordable for many.
Our SunCrest Market Update is a hyper-local analysis of the most up-to-date information regarding the SunCrest real estate market. The previous month’s SunCrest housing information and future editions are released monthly.
Draper Days is happening this week and we’ve got all the deets! From the Draper Days parade, concerts, to walking the booths at Draper Park, there is something for everyone.
The Draper City Park is the site of many of the Draper Days activities, booths, food, items for sale, entertainment and family fun. The activities begin Friday at the park and range from storytelling, pony rides, and BMX demonstrations (full agenda below). Be sure to check out “One More Day”, an unforgettable evening with Diamond Rio performing their greatest hits. Concert begins at Friday at 7PM.
Saturday gets started early at 7AM with 1k/5k race followed by one of our favorites–the parade! The parade starts at 9AM at the corner of Stokes Avenue and Fort Street and travels north on Fort Street and ends at the intersection of Fort Street and Pioneer. The festivities continue all day at Draper Park followed by “Saturday in the Park” – the best of Chicago and Kansas at 7PM. One thing is for sure, you definitely don’t want to miss “God Bless the USA” Fireworks Spectacular at 10PM.
The event is free to the public with separate rides, bounce houses, booths, and food available for purchase. See you around!
Images courtesy of Draper City.
T’s crossed and I’s dotted. We’re not sure there’s a better way to put it when describing this home because it really has everything covered. This two-story is buttoned up tidy, and sports that open floor plan you’re after.
Walking in, you’ll see those massive vaulted ceilings dotted with just the right amount of windows to let the light shine in.
From there, you’ll probably notice the open loft or office space, then you’ll see the living room and a formal dining room that could fit the whole block (we’ll look for the invite).
Perhaps the best part of the main floor is the kitchen and family. We love the idea of dinner at home while keeping an eye on the young ones, old ones, or four-legged ones.
The master suite upstairs is open and spacious and has everything you should expect to retreat to, not to mention some of the best views in the house.
Downstairs is WIDE open. Space to spread out, space for kids, or space for hobbies – those are just a few ideas, but what’s important here is that you decide what to do with the massive finished space.
Summer nights won’t disappoint from the monstrous Trex deck out back that overlooks both Salt Lake and Utah County. The flat, near quarter-acre fenced yard is really just the cherry on top of all those details offered in this home. You almost feel selfish that such a well-appointed home would also come with those stellar views on such a big lot. Almost.
We’re pretty sure you’ll get over it when you bring over all the neighbors for the house warming party. Inside and outside, this home serves up a delicious dose of sunrises and sunsets daily, and yet you’re not more than 10 minutes to the interstate. Our take? You ought to see in person.