Cedar Hills, UT, January 24, 2019 --(PR.com
)-- As a Utah Realtor, one of the areas Rodger Hardy of Coldwell Banker Residential Brokerage-Orem focuses his services on is Cedar Hills. Over the last two years homeowners have achieved great value in the appreciation of their homes, but now the market is changing.
“Prices aren’t appreciating as much but it is still a sellers’ market because of the continuing shortage of homes for sale,” Hardy said,
According to the 4th quarters since 2016 the Wasatch Front Multiple Listing Service, real estate activity in the town a half hour drive south from Salt Lake City has been steady.
During the 4th quarter in 2016 the median sold price hit $317,000 with 28 homes sold. Median marketing time was 37 days.
Realtors took 28 listings and sold them all with a median asking price of $337,450.
In 2017, as 4th quarter prices rose 12.15 percent to a median sold price of $355,500, the number of sales declined to 21, a drop of 25 percent. Days on the market rose by one day to 38.
Realtors took 19 listings, 32.14 percent fewer than the previous 4th quarter, which emphasized the slowdown in inventory and the emerging sellers market. Agents sold all of their listings and a few more, probably for private sellers. The asking price rose to a median of $392,000, an increase of 16.17 percent over the previous 4th quarter.
Then in 2018 sales prices peaked and in the 4th quarter prices began to decline slightly. The median sold price settled in at $350,000, down 1.55 percent. Realtors took 35 listings and sold them all plus one more not listed on the MLS. The asking price fell to $379,900, down 3.09 percent. Days on the market rose to 49.
The trend for 2019 appears to be a softening of the sellers’ market and a less dramatic increase in prices. Interest rates are projected to rise about 5 percent. More home sellers are turning to Realtors to sell their homes as federal Obama-era disclosure rules are becoming more apparent. Across the country the number of private sellers dropped to 7 percent of the market, down from 8 percent just a year ago, according to the National Association of Realtors. Over the last 20 years private sellers’ market share has dropped dramatically.
“The latest research by Core Logic shows that it makes little or no difference to the sellers’ bottom line whether they hire a Realtor or sell their home themselves, Hardy said.
“I’m offering a few incentives as we finish out the winter. For example, every home I list, or if I represent the buyer, include a free home warranty worth up to $500. I also offer a professional interior designer, free of charge, to come in and help you stage your home. Staged homes sell for more than unstaged homes and sell quicker, the research shows,” he said.
Coldwell Banker Residential Brokerage has 10 offices along the Wasatch Front. Coldwell Banker has a strong Internet presence on more than 900 websites. It’s offers professional photographers to make listed homes look their best on the web, the first place 90 percent of homebuyers look.
The company’s full service marketing also includes both mobile and traditional marketing, home warranty and mortgage services, relocation and an in-house staff. Coldwell Banker agents tout a $11,000 higher average sales price than competing agents, sell homes 8 percent faster, on average sell at 99 percent of the list price and along the Wasatch Front have an annual sales volume of more than $8.2 billion.
For more information, call Hardy at 801-360-9133. Also, keep up with the Utah County real estate market with his monthly column in the Daily Herald, Real Estate Matters. He is also on Facebook at https://www.facebook.com/RealtorSiliconSlopes, or get daily updates on the national real estate scene at www.RodgerHardy.com. Specific area or neighborhood market reports are available on request.