SunCrest Market Updates July 27, 2016

July SunCrest Market Update

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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.

Sell in SunCrestLast 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?

Our take: 

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.

SunCrest News July 15, 2016

Draper Days 2016

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.

Image courtesy of Draper City

Draper Nights Concert

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.

Parade Route

Parade Route

 

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!

Image courtesy of Draper City

Draper Days Schedule 2016

Images courtesy of Draper City.