Local Weekly Market Snapshot for Southern Utah: 7-9-14

     

     

     

      dandelion blow

     

     

     

    Local Market: 

    Hello Clients,

    ·       Sales contracts were up this week to 75 vs. 63 the week prior

    ·       There were zero (0) sales in the $700K + range this last week

    ·       Sales in the under $250K ranger were up to 52 vs. 39 the prior week

    ·       There were 10 new 2014 construction sales this last week

    ·       Total listings fell this last week to 1,709 vs. 1,736 the prior week

    ·       Total Inventory is still running approximately 30 – 35% higher than 12 months ago

    ·       There is currently a nine (9) month supply of homes in the $250-$450K range

    ·       There is currently a four (4) month supply of homes in the 0 – $250K range

    If you have a serious interest in selling your property or want a market analysis on your home – please call the Ames Team at 435-674-6011.

    We have over 27 pre-qualified buyers that hope to purchase in the next 30-60 days.  Why list with The Ames ??? – http://youtu.be/hZx1o6fx-EU

    If you or a friend are looking to save THOUSANDS on purchasing a great property then call us and let us show you the great values on HUD Homes and how you may qualify to purchase one.  Call the Ames Team at 435-674-6011.

     

    Deal of The Week: Amazing Newly Listed Home in Brian Head for $1,279,900, 1.0 Acres, 5 Bed, 5 Bath, 4,750 sq. ft. Follow Link to View Listing: http://www.flexmls.com/cgi-bin/mainmenu.cgi?cmd=url+other/run_public_link.html&public_link_tech_id=12hftserqt1u&s=6&id=1&cid=1

     

       

    $0-$250

    $250-$450

    $450-$700

    $700-$1.1

    $1.1  – $1.4 

    $1.4- $2Mill. 

    $2Mill. – Up 

    TOTAL

     
         

    6/23/14

                                     

    Active

    719

    673

    208

    70

    33

    19

    14

    1736

     
     

    New Listings (last 7 days)

    67

    41

    12

    3

    0

    0

    0

    123

     
     

    Pending 

    277

    117

    27

    5

    2

    0

    1

    429

     
     

    Pending (last 7 days)

    39

    18

    2

    1

    1

    0

    0

    61

     
     

    Closed (last 7 days)

    41

    16

    4

    1

    0

    1

    0

    63

     
     

    Avg. Days on Market – Closed (7 days)

    95 DOM

    104 DOM

    218 DOM

    135 DOM

    DOM

    123 DOM

    DOM

     

     
     

    Closed (last 60 days) 

    378

    195

    30

    7

    0

    3

    1

    614

     
     

    Avg. Days on Market-Closed (60 days)

    99 DOM

    105 DOM

    120 DOM

    64 DOM

    DOM

    133 DOM

    1236 DOM

     

     
     
       

    $0-$250

    $250-$450

    $450-$700

    $700-$1.1

    $1.1  – $1.4 

    $1.4- $2Mill. 

    $2Mill. – Up 

    TOTAL

     
         

    6/30/14

                                     

    Active

    728

    652

    197

    67

    31

    20

    14

    1709

     
     

    New Listings (last 7 days)

    71

    47

    13

    0

    1

    1

    0

    133

     
     

    Pending 

    263

    123

    27

    1

    2

    0

    1

    417

     
     

    Pending (last 7 days)

    52

    19

    4

    0

    0

    0

    0

    75

     
     

    Closed (last 7 days)

    61

    29

    5

    4

    0

    0

    0

    99

     
     

    Avg. Days on Market – Closed (7 days)

    101 DOM

    110 DOM

    146 DOM

    78 DOM

    DOM

     DOM

    DOM

     

     
     

    Closed (last 60 days) 

    397

    199

    31

    13

    0

    3

    1

    644

     
     

    Avg. Days on Market-Closed (60 days)

    96 DOM

    104 DOM

    129 DOM

    102 DOM

    DOM

    133 DOM

    1236 DOM

     

     
     

    Breakdown of Pending in the last 7 days-6/30/14

    $0-250: 52 Total

    3 Built in 2014

    REO/BANK OWNED

    3

    SHORT SALE

    6

    EQUITY

    43

    $250-450: 19 Total

    4 Built in 2014

    REO/BANK OWNED

     

    SHORT SALE

     

    EQUITY

    19

    $450-700: 4 Total

     3 Built in 2014

    REO/BANK OWNED

     

    SHORT SALE

     

    EQUITY

    4

    $700-1.1: 0 Total

    0 Built in 2014

    REO/BANK OWNED

     

    SHORT SALE

     

    EQUITY

     

    $1.1-1.4: 0 Total

    0 Built in 2014

    REO/BANK OWNED

     

    SHORT SALE

     

    EQUITY

     

    $1.4-2: 0 Total

    0 Built in 2014

    REO/BANK OWNED

    SHORT SALE

     

    EQUITY

     

    $2-UP: 0 Total

    0 Built in 2014

    REO/BANK OWNED

     

    SHORT SALE

     

    EQUITY

     

    LENDERS TO CONTACT:

    Academy Mortgage                                     Matt Hickman                 435-632-6811  

    Bank of American Fork                               Chris Palmer                   435-215-3044

    Cache Valley Bank                                      Michael Beckstrand        435-705-0293

    JP Morgan CHASE                                     Laurie Gable                   435-627-6750 

    Patriot Mortgage                                         Russ Brown                    435-669-1900

    Southwest Community Credit Union          Stacy Spendlove             435-628-2693         

    Security National Mortgage                        Amber Coleman             702-604-7027

    SWBC                                                        Melodi Mathews              435-703-3879  

    US Bank                                                     Ryan Stover                    801-557-6941

     

    Zions Bank                                                 Mike Wittwer                   435-634-5133

      

    National Real Estate News

    Millennials aging into homeownership

    Hadley Malcolm, USA TODAY

    We’re getting so old. As Millennials age into their 30s, they’re expected to make like adults and finally start to buy their own homes, according to Harvard’s Joint Center for Housing Studies’ annual report out Thursday.

    The report says households in their 30s will increase by 2.7 million between 2015 and 2025. Overall, Millennials are expected to make up 24 million new households in the next decade.

    The increase could spell good news for the housing market. First-time homebuyers have been very slow to enter the market since the recession. The homeownership rate of those under 35 was 36.8% last year, just a 0.1% increase over 2012. And get this: 2.1 million more young adults lived with their parents last year than what was expected based on pre-recession household formation rates.

    Rising student loan debt and flat wage growth hasn’t helped. Student loan debt increased by $114 billion last year, according to JCHS. And median income for households ages 25 to 34 fell 11% from 2002 to 2012.

    But as the economy slowly recovers and Millennials reach relative young adult old age, they’re going to start making up for their absence in the housing market, says Chris Herbert, research director at JCHS.

    “As they move into their early 30s, I think we’ll see more first-time homebuyer demand,” he says. “That’s going to help give the housing market the spur it really needs.”

    Real estate companies are already adapting to a new wave of younger customers, with social media marketing campaigns and YouTube channels.

    Coldwell Banker Realtor Jessica Edwards says she’s given clients Facetime tours of homes. She also has a YouTube channel where she posts videos of herself giving tips to homebuyers. She says Millennials do their research and agents have to be prepared for very informed clients.

    Coldwell Banker is also partnering with Buzzfeed to provide content, in true Buzzfeed form, like: “74 Thoughts Everyone Has When Buying Their First Home.”

    “As a real estate agent when we first sit down with them you need to be 10 times more prepared,” Edwards says.

    John Ames, CPA, CDPE    

    The Ames Team, “The Get it Done Guys”

    Ranked Top 100 RE/MAX Nationwide in 2012 and 2013

    Ranked Top 150 Teams Nationwide by The Wall Street Journal in 2012

    RE/MAX First Realty

    amesteam@sgremax.com

    (800) 206-1003

    435-634-5499

    Fax 435-628-4071

    Trackback from your site.

    John Ames

    John Ames, CPA spent 17 years working in a Big Eight CPA firm and running four public wall street companies. He brings a, ” no tomorrow ” work ethic to real estate. His entire team is trained weekly by the #1 coach in Real Estate (and has been for 10+ Years). John is a Board of Trustees member for IHC / Dixie regional Medical Center. John’s wife Lisa is is a three-time cancer survivor and they are heavily involved in fund raising for Dixie Regional and Huntsman Cancer Institute

    Leave a Reply