Wow! talk about a housing boom! who would have thought the big one would be in Utah. Well current real estate trends in Utah are showing some remarkable growth in this area that's better known for the Rocky Mountains with its picture perfect back drop of canyon vistas, colored plateaus, salt flats, and snow cover mountain tops.
Utah the state so commonly thought of as the Mormon state has much more than just that to offer. It's the home of outlaws like Butch Cassidy, it's the home of outspoken television celebrities such as Roseanne Barr, and it's the home of singers like Marie Osmond. Utah certainly has an interesting past.
Regardless of who came from Utah, who lives there now, and who will live there a hundred years from now what's going on right now in the real estate world is nothing less than a miracle.
Utah has been through several weak cycles but this year things are certainly changing. I know what you're thinking: that's great but just how hot can it be? What would you say if we told you it was sizzling hot?
Utah was the 45th state to join the Union and right now it is ranking 35th in home appreciation and it's on the move up. Just last year it was almost in last place according to the Office of Federal Housing Enterprise Index.
The index states that the selling price of a home in Utah has risen 7% from the first quarter to the second quarter which is half the rate of the rest of the United States but still impressive for Utah, plus some specific markets are outdoing the national rate of 13%.
The Utah Association of Realtors report states that Salt Lake County was showing an 8.09% increase in the average selling price of a single family detached home. In the first quarter the home owner would have seen the house sell for around $190,000 and by the second quarter that same house would have been selling for around $205,000. In just a few months a substantial gain was seen. Condo prices weren't far behind seeing a 5% increase in price.
Utah County says house prices increased by 20% While Washington County saw a 21% increase. Weber County and Davis County both saw an 18% increase and Park City saw an increase in prices by 19%.
So you can see the increases have been substantial right across the board. There doesn't seem to be any Utah area that hasn't seen the increase. And some experts feel the market is still undervalued by as much as 25%.
For investors this is an exciting time. Short term investments can reap you some great benefits. There's never been a better time to be in the game than right now. It's the time to be moving out and it's also the time to be moving in for a short term gain on your investment.
Even with the increase in house prices, Utah can still boast one of the most affordable housing prices around. But if you are thinking of buying in Utah now would be a good time before houses outpace themselves and you aren't able to get into the market.
There's no sign of the current real estate trends in Utah slowing down. There's a good chance those investments are going to continue to grow at a remarkable rate.
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