News reports reveal that consumer confidence in real estate is on the rise in Utah. 2014 proved to be a year of growth and development and we at The Real Estate Group believe that the industry will see a steady incline this year.
Statistics show that there is a high level of optimism among Utahns about the state of the economy, a reality that will positively affect the real estate industry in the Beehive State.
Consumer Confidence in Utah
Compared to Americans in general, Utah residents are more confident in the state of the economy. Zions Bank’s Consumer Attitude Index rose to 2.5 points from August to September 2014. The experts say that the 109.3 reading reflects an increase of 16.7 points over the previous year. Forty-eight percent of surveyed participants say that they feel good about business conditions in the state.
Economic analysts say that this growing confidence results from the perceived strong labor market. The Utah Department of Workforce Services reports that the state created more jobs in 2014 (3.5% higher) than in 2013.
As the state and local government continue to create more investment and employment opportunities, more of the Beehive State’s residents are getting into buying and selling their properties. More are taking advantage of property listing services; statistics confirm that the industry is growing as people who were once pessimistic about the market are dipping their feet back into the market.
According to Wasatch Front Multiple Listing Service, the real estate market peaked in August of 2014, yielding 752 sales. There are currently 2,089 residential properties available throughout Utah County and 916 are under contract. 423 properties were already sold on the first few days of this month. The average list to sale ratio across America is at 89%, but for Utah County, it ranged from 95-99%.
The Year Ahead
We believe that the market will continue to thrive in 2015. We support the projection of real estate associations that the primary mover for the Utah property market will be the aging baby boomers. Right now, there is already an increase of homebuyers and sellers among the elderly. Baby boomers are seeing Utah as a perfect place for retirement. With the state’s scenic landscapes that promote good health and an economy that supports its needs, more Americans are expected to settle in Utah as they age.
Utah’s real estate market will only continue to thrive as consumer confidence grows. If you are an investor or homeowner planning to buy and sell properties in the state, come on over and talk to us. Our 18 years of experience navigating through Utah’s property market has helped many clients get the home of their dreams and the same can become a reality for you.