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February SunCrest Market Update
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2018 Housing Forecast-Insider Info
At Windermere, we’re fortunate to have Chief Economist, Matthew Gardner, as part of our team to provide valuable analysis of the economy and housing market. In January, Matthew was the keynote speaker at the Salt Lake Board Of Realtors forecast breakfast. We’re sneaking this insider info to you, because we think you’ll be interested in his predictions for the 2018 housing market.
Our take:
These forecasts are made at a national level, so we have some additional forecasts for SunCrest.
- First, SunCrest has seen the total number of existing homes sales decline over the past three years. Put simply – fewer homes were sold in SunCrest in 2017 compared to 2016 and 2015! While we don’t project a further decline in existing home sales, we expect to maintain current sales levels — approximately 10 home sales per month, typically with spikes in Q2 and Q3.
- Second, barring any substantial changes to Edelweiss or Hidden Canyon Estates, we project new homes sales will exceed 10% of all SunCrest area sales. To date in 2018, new construction makes up nearly 50% of all current homes for sale, and over 80% of sales currently pending.
- As of the this writing, the average rate for a 30-year fixed-rate mortgage was 4.40 percent, on pace to exceed Gardner’s projection.
We agree with Gardner’s projection about concerns of lack of available inventory and unsustainable home price appreciation. We anticipate prices leveling off in some markets, as would-be buyers become capped financially due to rising interest rates and historically high levels of debt. However, we do not foresee any reason to panic and expect 2018 to be another strong year. Even more than last year, we think that sitting down, reviewing all the facts, and walking through your goals will help prepare you for your next move.
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.
Utah Housing Market Update – 4th Quarter 2017
Utah Housing Market Update
At Windermere, we’re fortunate to have Chief Economist, Matthew Gardner, as part of the team to provide valuable analysis of the economy and housing market. He recently completed his housing market update for the 4th quarter of 2017¹. Click here to read his full report to find where Utah sits currently and where the market is headed.
Some highlights and findings include:
- Home sales continue to be held back by very low levels of available inventory. Listing activity continues to trend at well below historic averages, with the total number of homes for sale in the fourth quarter down 33.7% from a year ago.
- The imbalance between supply and demand persists, which means home prices continue to appreciate at above average rates. This is likely to continue for the foreseeable future as inventory levels are unlikely to rise sufficiently to meet demand.
- During the fourth quarter, it took an average of 50 days to sell a home in the region.
Are you thinking of buying or selling real estate? Have questions about this report? Call, text or email anytime. No obligation-its just what we do.
