2012 is poised to be a great year for real estate as the market is showing tremendous signs of improvement, the economy improves, and the trends are all pointed in the right direction. Successful REALTORS will internalize these stats as part of their sales process as a way to demonstrate that you are the trained and prepared professional ready to serve your clients needs. Happy New Year and here’s to a safe and prosperous 2012.
Here are the key messages we see from the Novemeber stats:
1. More people are buying homes
- Utah home sales rose 10.4% in November.
- This is the 6th straight month that sales of increased.
- REALTORS sold about 200 more homes in November 2011 than they did in November 2010.
- REALTORS have sold more homes this year without a tax credit than they did last year when a tax credit was in place for the first half of the year.
- November pending sales were up 31 percent from November 2010.
2. High affordability and improved employment conditions helped fuel the increase.
- Affordability rose to its second highest level at 167 in November (only beat by September).
- Utah’s improved employment situation is helping housing. In November Utah job growth was up 2.5%, compared to a 1.2 gain nationally.
3. Decreasing supply should help boost the market
- There are few homes on the market. At the end of November, there were 21,731 homes on the market. The last time this few of homes were on the market was April 2007.
- Fewer listings came on the market in November.