4 Things You Should Know about the Salt Lake City Real Estate Market

There is good news for the Salt Lake City community: The city has finally recovered from post-Recession bust, and home sales are on the rise. Job growth rates are excellent, unemployment rates are low, and as millennials continue to flock to the city in search of an affordable cost of living and new employment opportunities, the real estate market is flourishing. Here are four things you should know about the Salt Lake City real estate market.

The rate of foreclosures is declining

There has been a marked decline in the number of foreclosures and troubled mortgages that have negative equity (which refers to situations in which home owners owe more on their home than it is actually worth). Just two years ago, 1 out of every 5 home mortgages in Utah had underwater equity. Today, that has dropped to 8 percent. Fewer negative equity mortgages translates into increased housing demand, as homeowners with previously negative equity can now consider selling and upgrading.

Home sales are on the rise

More people are purchasing homes in Salt Lake City. Overall, new home sales increased 4.8 percent year-over-year in the fourth quarter.

Home prices are steadily increasing

The median average closing price of a Salt Lake City home was $334,784 in April, a 7.6% bump from April 2014.

Throughout Salt Lake City, existing home prices have registered solid increases in the median sales price. Considering rising home values, now is an especially good time to add equity to your home.

This is a great time to consider doing some upgrades or adding living space to your home by finishing off your Salt Lake City garage or adding an over-the-garage addition.

The demand for new home construction is expected to remain steady

People might be buying more homes, but they aren’t necessarily building homes. Salt Lake City builders and contractors saw a decline in business in 2014, as new home production waned. While Salt Lake City contractors and builders likely won’t see a sharp increase in new home development in 2015, demand isn’t anticipated to further decline and will likely hold steady.

If you’re ready to add value to your home with a new addition or garage, Salt Lake City’s award winning Bonfire Building can get the job done. Reliable, affordable craftsmanship that you can count on. Call or email us today to schedule your free estimate. (801) 842-3300