At long last, the housing crisis is finally over! For us anyway. Because according to the latest analysis of the area, the Salt Lake City real estate market is completely back to normal.
According to Desert News, one of our local news sources, the housing market in SLC has been on the up for the past year. And while that’s nothing new, what is new is that we’ve finally returned to those pre-recession levels of a normal, healthy, buzzing market.
Single-family home sales for Salt Lake County shot up by 5 percent last year for a total of 11,686 houses sold – 30 percent of which happened in Salt Lake City alone. This is just 20 percent shy of the area’s all-time high, when local homes for sale reached 14,878 in 2006.
Prices are also on the rebound, particularly in SLC, one of the few places in all of Utah that actually saw property values grow by over 20 percent. That’s great news for those homeowners looking for a good time to sell, as the higher prices get, the more value you can reap on your resale.
On the flip side, foreclosures and underwater mortgages keep tumbling – which is also great news, because it means if you’re buying homes in Salt Lake City, you can expect to not only keep them but have them retain their positive value. Foreclosures and negative equity have been pesky issues for housing markets all across the country since the bubble first burst, but in SLC, those problems are a thing of the past.
All signs point to a healthy housing market that will only get stronger in the year ahead. Combine that with one of America’s best-performing cities, and you’ve got a city that is ripe to call home for you and your family – and the Muve Real Estate Group can help you achieve exactly that.
