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SILICON SLOPES IS THE PLACE TO BE 

By Berkshire Hathaway HomeServices Utah Properties
Aug 03, 2016

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Utah is world famous for having the Greatest Snow on Earth®, but recently, the Wasatch Front has become the home of a rapidly growing tech industry known as “Silicon Slopes”. Technology companies have descended upon the Beehive State spawning exponential growth along the Front. With Tech Giants like Adobe, Twitter and a host of innovative start-ups concentrated in South Salt lake County and North Utah County, residential neighborhoods in Riverton, Bluffdale, South Jordan, Draper and Lehi are bustling with new life.

What was once “small town” and farmland dotting the valley south of Salt Lake City is now the hottest area of growth in the state. The great thing is, several net positives promise to maintain the trajectory.

Location is important and although Utah may seem a bit “out-of-the-way”, it is actually drawing technology companies like no other place. The only state capitol with an international airport, Salt Lake City is a brief hour-and-a-half from the Bay Area and easily accessible to the rest of the world. The city is within minutes of unlimited outdoor activity and world class skiing. Renowned ballet, symphony, theatre and professional sports add to the vibrant community.

Low home prices, competitive salaries, and low operating costs are another draw for business and residents alike. Tech companies relocating from the Bay Area are able to offer their employees better benefits as well as invest more money back into business and product development resulting in better products and a more robust corporate footprint.

The entrepreneurial spirit and capable, willing workforce add to the stability of “Silicon Slopes”. Local universities provide outstanding programs in computer science, engineering and programming. They inspire and supply a healthy work ethic and energize future innovators and executives.

The “Silicon Slopes” area of the Wasatch Front is an exciting place to live and work and its contribution to the state’s economy has solidly secured Utah’s place on the map.

UTAH'S HISTORY OF INNOVATION

By Berkshire Hathaway HomeServices Utah Properties
Jun 05, 2016

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Innovation and entrepreneurship are absolutely necessary in the technology and medical industries to be globally competitive. Even traditional industries have found that they must be more innovative to remain successful. With rapid growth occuring on the Wasatch Front, it is vital that Utah be creative and innovative in creating jobs, relieving traffic congestion, and planning for the future. Thankfully, Utah has a long tradition of both innovation and entrepreneurship.

So, what are Utah's innovations and who are Utah’s famous entrepreneurs? Here are a few inspirational notables:

• Alan Ashton developed the world’s first word processing software.

• Alvino Ray invented the electric guitar

• Don Carlos Edwards created fry sauce.

• Frank Zamboni invented... well, the Zamboni.

• Harvey Fletcher invented the hearing aid.

• James Fletcher invented the car stereo.

• Jonathan Coon founded 1-800 Contacts while a student at BYU.

• Dr. Joshua Shiffman is currently pioneering research to discover a cure for cancer.

• Lester Wire invented the electric traffic light.

• Mario Capecchi discovered how to “turn off” genes.

• Nolan Bushnell developed PONG, the first computer game.

• Philo T. Farnsworth invented the television.

• Robert B. Ingebretsen invented the DVD.

• Robert K. Jarvik invented the artificial heart at the University of Utah.

• Walter Frederick invented the Frisbee

• The ACP gene, involved in colon cancer was discovered at the Huntsman Cancer Institute.

• The first interactive graphics program as well as the computer animation technology used by Pixar were developed at the University of Utah.

• Kentucky Fried Chicken opened its first restaurant in Salt Lake City

• The Utah Genome Project along with the Utah Population Database is assisting in medical innovation.

• Utah State University, Known as “Space U”, has built and sent the most satelllites into space.

Utah ranked No. 1 Best State for Business for 2015—the fifth year out of the last six

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

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From the Governor's Office of Economic Development: 

When you think of the nation’s greatest sports dynasties, you might think of the Boston Celtics, New York Yankees or Green Bay Packers. Now think “economic dynasty”—and Utah should come to mind. Forbes magazine once again ranked Utah as the No. 1 Best State for Business for 2015. This marks five out of the last six years in the top spot.

“We’ve enjoyed years of success but have also learned a very important lesson: it’s much harder to stay on top than it is to get there,” said Governor Gary R. Herbert. “It’s always exciting to earn top accolades, but it’s even more meaningful that this is our fifth win from Forbes. It means that all of our work to maintain a winning business environment is working. It means we’re continuously building a champion state.”

Utah has been ranked No. 1 for economic outlook every year since 2008. Everyone from the Washington Post and Fortune magazine to The New Yorker has been talking about Utah, trying to discover the Beehive State’s secret to success. Collaboration is one of the state’s not-so-secret strengths.

“Sports dynasties don’t happen because of one star player or a single miracle play,” said Val Hale, executive director of the Governor’s Office of Economic Development. “They happen because of focused strategy, tireless effort and—perhaps most importantly—teamwork. The same goes for Utah’s economy. This is the result of continued partnership between Utah’s greatest in business, government, education and our communities. Team Utah has built an incredible economic dynasty.”

The Forbes ranking comes just days after the U.S. Chamber of Commerce’s latest research titled “Enterprising States: States Innovate.” Utah took top marks in all six measured categories, including business climate and high-tech performance. The state won the No. 1 spot for innovation and entrepreneurship, garnering the label of “most fundamentally sound state” from the Chamber.

One point in the Chamber’s study is reminiscent of 2013—the one year in the past six—that Utah ranked a still noteworthy No. 3 rather than No. 1 with Forbes. One area for improvement in the “States Innovate” report is talent pipeline. Utah barely missed the top ten for the category taking the No. 11 spot.

Like any hall of fame team, Utah’s overall success lies in a proactive focus on the fundamentals: reduced regulation, spending within means and, when necessary, implementing “cross-training” and “conditioning” to perfect our economic play.

Just last month, an unprecedented collaboration between government, industry and education leaders produced the Utah Aerospace Pathways (UAP) program. The program is designed to place high school students on the fast-track for aerospace careers, landing them in high-paying jobs right after high school graduation. UAP serves as a pilot for similar education programs for other industries—such as the IT and software sector—along with incumbent worker training programs. Coupled with other endeavors such as the STEM Action Center’s grant programs and teacher trainings, all hands are on deck for tackling workforce development. The idea is to create sustainable economic development.

“Our job as part of Team Utah is to work with companies that are considering Utah for expansion, so we see the business site selection process regularly,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Receiving the Forbes Best State for Business ranking again in 2015, and for the fifth time in six years, confirms what we hear from companies every day: no one else does economic development like Utah. The model we have in this state, with industry support, local community participation and leadership from the Governor’s Office—it is uncommon and remarkable.”

Salt Lake City Spring Market Update

By Berkshire Hathaway HomeServices Utah Properties
Apr 21, 2016

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March 2016 active listings (inventory) was down 32% from March 2015; yet, pending sales are up 8% in Salt Lake City County. This trend of low inventory by high pendings has occurred consistently for the last year. Bottom line: demand for housing remains strong, and inventory remains constrained.

Utah county has slowed slightly as far as pendings and Davis County has the lowest number of listings. The county is down 45% in inventory when compared to the same time last year. Once again, Davis county has more pending deals than they do active inventory.

Weber County is showing the same signs of frantic buyer interest with inventory down 37% from March of last yet, but pending sales are up 9%.

Davis County is seeing the strongest appreciation if you look at the month of March 2016 over 2015, with a 10% increase in median sales price this year.

Median price closed out at $255,000 in SLC county, which is up from January by almost 7%!  Pricing is skyrocketing in the affordable price range; for Wasatch front, anything under $500K is seeing rapid appreciation. Median price in SLC may reach over $260K for all unit types and could surpass $300K for single family homes. That's a ceiling we've never even gotten close to in Salt Lake City.

Remember it's a seasonal market and this is common.  If we remove the seasonality and just compare March 2015 to Feb 2016 median price is up 7%. This conveys that the market ceiling is really being challenged.  On one hand, there is nothing to buy because inventory is low; but, at the same time buyers are experiencing price shock since the market got back to all time new highs in 2015.

Our take: The market will remain hot with more inventory coming to market over the next 90 days and likely will still see strong appreciation until inventory gets back to normal market levels.

 

 

APRIL CALENDAR

By Berkshire Hathaway HomeServices Utah Properties
Apr 06, 2016

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4/1                      Utah’s Biggest Liar Contest 2016 at Orem Public Library

4/1                      Seven Brides For Seven Brothers at The Terrace Playhouse

4/1-2                   Downtown Garden Stroll

4/1-3                   Wild Women Symposium - Spring 2016

4/1-3                   Beauty and the Beast at The Capitol Theatre

4/1-9                   Cowgirls at The Pioneer Theatre

4/2                      Joanna Newsom at The Depot

4/2-23 M, F, S     The Little Mermaid at The Ziegfeld Theater

4/2-30                 Woodland Fairies at Gardner Village

4/5                      Utah Bike Summit: Shifting Into High Gear

4/8                      Holst’s The Planets - An HD Odyssey at Abravanel Hall

4/8-9                   Temple Square Festival Of Choirs at The Assembly Hall

4/9                      Salt Lake City Challenge 2016: The Ultimate Urban Scavenger Race

4/11                    Network After Work at Monroe

4/12                    Elvis Costello - Detour at Kingsbury Hall

4/13, 20              Walking Meditation - An Introduction

4/14                    U Recycle Day at Rice-Eccles Stadium

4/15                    Salt Lake Gallery Stroll

4/15-16               Alice: Adventures in Wonderland at Peery's Egyptian Theater

4/15-30               12th Annual Tulip Festival at Thanksgiving Point

4/16                    Salt Lake City Marathon

4/16                    Sense/Ability Tour at Utah Museum of Contemporary Art

4/16                    Marrow Registry Drive at Huntsman Cancer Institute

4/20-24               Odysseo by Cavalia at the Shops at South Towne

4/23                    Family Art Night at the Bountiful Davis Art Center

4/27                    2nd Annual Foodtrepreneur Festival at The Leonardo

4/28                    Doktor Kaboom! at Kingsbury Hall

4/28                    Sarah Mlynowski And Shannon Hale - Authors at The King's English Bookshop

4/29-30               Temple Square Chorale And The Orchestra At Temple Square

4/30                    45th Annual Historic Homes Tour: University Neighborhood

4/30-5/1              2016 Crossroads of the West Gun Show at South Towne Expo Center

In Spite of Low Inventory, Wasatch Front Home Sales are Up

By Berkshire Hathaway HomeServices Utah Properties - Wasatch Front
Mar 04, 2016

While inventory along the Wasatch Front is down... way down, sales are up across all Wasatch Front counties.

Taking a look at Salt Lake County in January of this year, inventory is at 2430 homes across the county. That is down 30.20% from January 2015, yet sales are up 12.89% in the same comparison. In Weber County inventory is down 31.82% in January but sales are up 10.19% and pending sales are up 16.35%. Utah County had similar results in the same period comparison; 12.63% increased sales with 26.44% less inventory. What is amazing is Davis County has a 12.50% increase in sales over January 2015 in the face of a 41.38% drop in inventory!

Berkshire Hathaway HomeServices Utah Properties is doing well along the Wasatch Front. In 2016 to date, Salt Lake Countty has 12.03% Market Share. Century 21 Everest Realty Group is in distant 2nd place with 9.99% Market Share. BHHS agents are listing homes at a higher average price than anyone in our market and closing sales at 98.01% of asking price.

So far, 2016 is shaping up to be a great year for real estate. Median home prices are up across the Wasatch Front and are likely to continue up into the spring. The shortage of home listings is a concern and needs to be addressed as we move into the warmer sales months. For those considering selling, now is the perfect time to capitalize on your investment. There are plenty of buyers and interest rates have dropped in 2016 instead of rising as predicted at the end of 2015.

Do Downtown Salt Lake City Like A Local

By Berkshire Hathaway HomeServices Utah Properties
Feb 28, 2016

1258706.SLCNightSkyline1-smHome of the recently dubbed “Silicon Slopes” (IT, software development, hardware manufacturing, and research firms along the Wasatch Front), Salt Lake City is a pretty big deal. The Downtown area offers a plethora of entertainment, culture and diversion for every lifestyle and interest. Explore Salt Lake City and find out why YOU love it.

Getting Around

On Foot

The downtown area of Salt Lake City is very pedestrian friendly and the grid layout of the streets makes it easy to navigate.

Public Transportation

Within the downtown area, UTA allows passengers to ride both the bus and the train at no cost: The “free fare zone” is the area within the State Capitol to the north, 200 East, 500 South and Salt Lake Central Station to the west.

Car

The city’s grid layout and ample parking places make navigating downtown by car easy.

Places

Temple Square

The three-block plaza presents nearly 20 attractions related to the Church of Jesus Christ of Latter-day Saints. Anchored by the majestic Salt Lake Temple and other fascinating buildings like the expansive Tabernacle and the Gothic-style Assembly Hall. Stroll through scenic gardens and past the gurgling fountains.

Abravanel Hall

Home of the Utah Symphony & Opera and host to many other concerts. The excellent acoustics are praised by musical experts as among the finest of any modern concert hall.

Capitol Theatre

A landmark in downtown Salt Lake since 1913, it is known today for its elegant turn-of-the-century architecture and serves as the home for Ballet West, Utah Opera, Children’s Dance Theatre, and Broadway Across America–Utah.

Rose Wagner Performing Arts Center

With its three theatres, studio spaces, permanent art installations, and rotating art gallery, the Rose Wagner Performing Arts Center is a performance hub for Salt Lake’s artists and performing arts companies.

The City Library Plaza

The 240,000-square-foot library features a 6-story walkable curving wall and a rooftop garden. Inside are shops and a cafe at ground level and reading galleries above, with spiraling fireplaces on 4 levels, abundant natural light, and magnificent views. The plaza has a reflecting pool and fountain.

The Leonardo at Library Square

The Leonardo has created an innovative, dynamic space that ignites the imagination of visitors of all ages and inspires them to see the world in a new way.

Gallivan Center

The Gallivan Center features an expanded grassy amphitheater, a huge ice rink, a unique array of art projects and a two-story, copper finished, banquet, party and meeting facility.

Clark Planetarium

10,000 square feet of free exhibits and the Orbital ATK 3D IMAX® Theatre or Hansen Dome Theatre.

The Depot

The Depot is home to Utah’s best indoor concert scene. In addition to live music, The Depot has also become a favorite location for corporate events, meetings, weddings and more.

Shop

City Creek Center

Salt Lake City’s premier shopping and dining destination was recently awarded “Best Retail Development in the Americas.” This unique shopping environment features a fully retractable glass roof, hourly fountain shows, waterfalls, and a sparkling creek that runs through the entire project.

Entertainment and Adventure

Amazing Scavenger Hunt Adventure

Turn Salt Lake City into a giant game board with this fun scavenger hunt adventure. Combine the excitement of the Amazing Race with a three-hour city tour. Start when you want and play at your pace.

Ballet West

Ballet West boasts a rich and varied repertoire, elegant and versatile artists and an American style and legacy that is as dynamic, expansive and unexpected as the Rocky Mountain region it represents. Ballet West has toured the world several times over presenting the very best in American classical ballet.

Modern West Fine Art

Modern West Fine Art is a western art gallery with a modern vision. Representing over thirty world-class contemporary artists from across the country.

Eat

Nauvoo Cafe

The Nauvoo Cafe is located on the corner of South Temple and Main Street in the Joseph Smith Memorial Building, in Downtown Salt Lake City. The cafe has fast service take-out with a great view of Main Street Plaza and Historic Temple Square.

J. Wong’s Asian Bistro

Located in the historic Patrick Lofts building and just steps away from the Salt Palace, J. Wong’s offers downtown diners fresh and sophisticated Thai and Chinese cuisine in a stylish, contemporary setting. The menu honors the traditional dishes and modern interpretations.

The Melting Pot

An unforgettable fondue experience—attentive service, fine wines, highest quality of fresh ingredients, a variety of entrée cooking styles, unique sauces, cheese fondue, and chocolate fondue.

Blue Iguana

Featuring authentic flavors from deep in the heart of Old Mexico, our Blue Iguana Chef of over 17 years, Manuel Castillo takes great pride in the constant refinement of generations of Aztec family recipes. Located just east of the Salt Palace Convention Center on West Temple.

Spencer’s for Steaks & Chops

Spencer’s for Steaks and Chops of Salt Lake City is the ultimate steakhouse. Featuring USDA prime grade steaks that are aged for 21 days, hand cut and seared to perfection in our 1600 degree broiler.

Caffe Molise

Fresh fish, grilled meats, pasta, salads, and decadent desserts. Excellent wine list and full bar. Garden patio seating and private dining room available. Reservations accepted.

Legends Pub & Grill

Kick back and watch your favorite games on our big screens while you enjoy an awesome meal and our full bar. Stop by anytime for the best food and sports in town or call to reserve space for your group.

 

Salt Lake City-Home of Startups

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

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Say good-bye to San Francisco, New York and Portland—Salt Lake City tops the list of places where startup dreams come true. Why? Maybe because it's a western oasis of low cost-of-living and stress-free recreation. Maybe it's because 31% of it's 1.1 million residents are college graduates with the highest percentage of foreign language speakers in the US.

Whatever the reason, Utah is open for business. Inspired by early sofware innovators Novell and WordPerfect, tech companies have found the "Silicon Slopes" to be the destination of choice. This insurgence of the tech industry has launched a slew of software and hardware startups all along the Wasatch front. In additon, the Utah Science Technology and Research Economic Development Initiative provides funding to the Univesity of Utah and Utah State University to research new technologies that are then spun off into companies each year.

SLC February Events

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

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FEBRUARY EVENTS
2/1-2/13 American Chronicles: The Art of Norman Rockwell at BYU MOA

2/1-2/6 You're a Good Man, Charlie Brown at Terrace Plaza Playhouse

2/2 Vintage Dance Class at Pioneer Hall

2/5 Milwaukee Bucks at Utah Jazz

2/5-2/6 Life and Light Through the Lens at Viridian Events Center

2/5-2/6 Utah Symphony–Mendelssohns's Violin Concerto In E Minor at Abravenal Hall

2/6 Winter Palooza

2/6 The Charity Ball: A Night In Old Hollywood

2/8 The Harlem Globetrotters

2/9 In The Shadow Of The MoonFilm at Salt Lake City Public Library–Main

2/10 Wild Wednesdays: Wild Romance: A Special Valentine's... at Ogden Nature Center

2/10 Shannon & Dean Hale at The Kings English Bookshop

2/10 Ballet West's Masquerade Party at Capitol Theatre

2/11-2/12 Marvel Universe Live!

2/12-2/13 Ballet West's Romeo And Juliet at Capitol Theatre

2/13 A Gentri Valentine at Kingsbury Hall

2/16 Marchfourth! at State Room

2/19-2/20 Tanner Gift Of Music Concert at Salt Lake LDS Tabernacle

2/19-2/20 Seven Brides For Seven Brothers at Terrace Plaza Playhouse

2/23 Utah Symphony Guild–Diamond Jubilee at Zions Bank Building

2/25 Refresh Your Run at REI

2/27 Society Of Children's Book Writers And Illustrators Conference

Everyone Likes Photos of Pretty Homes

By Berkshire Hathaway HomeServices Utah Properties
Dec 01, 2015

A Picture Can Be Worth a Thousand Words

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This is even more true when it comes to selling your home. And let’s face it, you want those words to end with a definitive “sold.”

Homes garner more traffic and buyer interest when presented effectively—which means they sell faster. That’s why it is essential that you showcase your home through images in the best way possible.

According to the National Association of REALTORS,®nearly 90% of all homebuyers begin shopping for homes online. They click through photos and send a list of those of interest to their real estate agent. In fact, homes with few or no photos are often skipped simply for that reason, even if the home’s description matches a buyer’s ideal listing.

Many agents believe that apart from staging, no other marketing investment is as important as professional photography in marketing a property. So to generate more buyer interest, there has been a dramatic increase in the use of professional real estate photographers. As much as we like to think we take great photos, a professional has an eye for seeing the best composition and lighting, plus better equipment to make the photos bright, clear and sharp.

Wasatch Front December Market Update

By Berkshire Hathaway HomeServices Utah Properties
Nov 24, 2015

Active listings (inventory) are down 23% from October 2014, but Pendings are actually up by the same margin of 23% in Salt Lake County--this is perhaps the strongest indicator we have of the health of our housing market. Buyer interest has remained strong even in a slightly limited market. The Ogden and Davis County markets are witnessing even more pronounced versions of the same trend.

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In terms of pricing, the median price for single family homes in Salt Lake County is $245,000, which represents a downturn from this summer. In July, Salt Lake City hit the peak of its market at $257,000 -- to see that number come down suggests that the market is adjusting based on buyer demands. The market seems to have found its ceiling. Similarly, we are seeing almost the same number of sales from last year, giving professionals reason to believe that our market is healthy and growing at a marginal rate that is advantageous to clients.

Salt Lake City Market Update | August

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2015

August Market Overview

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Here's your monthly Salt Lake Real Estate market breakdown. August active listings were down 22% from last year; yet pendings were up by 21% in Salt Lake County. We are seeing similar trends in neighboring counties except Davis, which has even lower inventory and fewer pendings. Weber and Ogden have less inventory than Salt Lake County but also experienced the highest number of pendings. Ogden is the hottest market going by the stats.

Median price closed out at $250K, which suggests a slight pricing adjustment from June and July, and could be evidence of a slowing market. Usually, we see a seasonal downturn in median price, active listings, and sales in September and October. This year it arrived early and that could be significant.1,494 residences closed, which is a 9% increase over 2014. While the increase suggests growth, the 9% statistic is evidence that the market is leveling out (the increase in closings per month has been at least 11% since February of this year).

Summary:  Although summer has been hot and unprecedented in certain stats (total volume, days on market) the market is showing signs of slowing and these signs are a bit greater than your average seasonal slow down. This trend is presenting itself across all counties Wasatch Front.

Salt Lake City Market Update | Summer 2015

By Berkshire Hathaway HomeServices Utah Properties
Aug 20, 2015

Market Overview | Information you can trust. 

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-While active inventory is down 26% from last July, pended sales are up 30% in Salt Lake County and surrounding areas.

-Median price is currently $260,000, which is an all time high for Salt Lake County and has been moving upwards at a steady rate of 2% since February.

-1,074 properties closed, which represents a 19% increase from the same time last year.

-In Salt Lake County, June 2015 was the first month in the history of the MLS where sold volume amounted to over $500,000,000.  Both June and July of this year did over $500 Million in volume. Again, that's never happened. In the summers 2006 and 2007, more units closed than this summer (about 10% more) but those sales did not amount to the same volume amount.

-Summary: Our market is strong and is trending upwards at a measured pace. In spite of slightly constrained inventory, we are still seeing a notable increase in sales and pendings, which suggests buyer confidence.

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The East Bench (Sugar House, Harvard-Princeton-Yale, 9th and 9th) boasts some of Salt Lakes most attractive residential micro-neighborhoods. Filled with restaurants, boutiques, yoga studios, public park, walkable urban centers, and young energy, this is one of the best places to live in the city...the market is reflecting the interest.

-There are currently 86 homes for sale and only 20% of them are listed for under $400,000; the median asking price is $515,000.

-48 homes are currently under contract in the area, suggesting less than 2 month supply of homes, which is the lowest in the country.

-There were over 11 sales for over $1 million

Utah, Salt Lake, and Another Business Accolade

By Berkshire Hathaway HomeServices Utah Properties
Aug 06, 2015

Business Facilities magazine – which focuses on corporate expansion and relocation – just issued their annual, much respected State Rankings report. As expected, Utah and Salt Lake came away with some serious plaudits. Here are some the rankings for our state and metro:

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State:

Economic Growth Potential: #1 Employment Leaders: #3

Best Business Climate: #5

Broadband Leaders: #6

Best Infrastructure: #8

Best Business Tax Climate: #9

Cities:

Job Growth Leaders: Provo – #2

Fastest Growing Metros: St. George – #5

Top Medical Device Hubs: Salt Lake – #6

Tech Jobs Leader: Salt Lake – #6

Economic Growth Potential: Salt Lake – #7

STEM Leader: Provo - #9

Utah and its dominant metros are growing at a clip. With the arrival of companies like Netflix, Adobe, Domo, Rakuten, Alliance Health, Overstock, Goldman Sachs, American Express, Skullcandy, Vivint, Backcountry, and others, we now boast one of the most robust state-level economies in the U.S. Further, we are poised to grow at a rate above domestic projections.

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What does this mean for real estate?

New housing. More housing. Influx of capital. Stability.

Our market remains complex and amounts to a patchwork of micro-markets with divergent trends and pricing, but overall northern Utah is in a moment of unprecedented, but measured growth. Our low employment rate and strong economy mean higher consumer confidence, which translates into a generally healthy real estate market.

Reach-out to your BHHS Utah Properties professional for guidance with regards to our market.

Salt Lake City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 16, 2015

A current overview of Salt Lake's market. 

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May active listings (inventory) are down 23.68% from may 2014. In general, low inventory is one of the biggest constraints on the market we are currently witnessing. Buyers should be prepared to move quickly in a competitive marketplace.

Median price current sits at $253,000, which is a new all time high for Salt Lake county.

A total 1,564 property units closed, which amounts to an 8% increase in units from 2014. While we have witnessed a slight increase in sales, the rate of increase has slowed in the past year, which actually suggests that our market is stabilizing and generally recovered from the recession.

March and April saw an increase of 35% in sales volume and 17% over the prior year. The market is definitely moving but remains segmented and hard to predict. Now more than ever, it's key to have an advisor when navigating real estate decisions. 

Summary:

While we are seeing increase in price and sales volume across the board, the rates of growth in these two sectors suggest a potential leveling-off of the market. It could be that buyers are starting to fight back on pricing even though inventory is low.  Thus, we could be seeing the initial signs of a slight slow down, which would actually be a good, stabilizing trend in our marketplace.

Reach-out to your BHHS Utah agent with any questions regarding Salt Lake's always evolving market.

Choosing a Neighborhood

By Berkshire Hathaway HomeServices Utah Properties
Jun 29, 2015

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Location, Location, Location. 

When you begin the searching process for your new home, it's best to start with neighborhood. Take into account everything from where your friends are, bike lanes, commute time, food scene, access to health care, etc...

Investigate the surrounding area: Good schools boost your property value. Research the closest parks and community centers and consider how busy streets impact the neighborhood. Check out stores and restaurants in the area. Let's be real, distance to the nearest place to buy milk or work-out is of critical import.

Take the temperature of the area: Is the average resident young, married, settled professionals with kids...? Are you looking for urban energy or quiet with big yards and wide sidewalks? It's important to think long term. Is this an area that will work for you in 5 years?

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Research the Homeowner’s Association: What are the regular fees? Are there lawn or construction restrictions? Knowing these things can really make an impact.

A good real estate agent can furnish you with a wealth of local information and take you on a tour of the closest commerce centers, restaurants and shops. A little groundwork will help ensure that your dream house is surrounded by a dream neighborhood.

4th of July Happenings

By Berkshire Hathaway HomeServices Utah Properties
Jun 29, 2015

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How are you celebrating the 4th? We have to be honest--this is one of our favorite holidays because of how seriously Utah takes its celebration of Independence. From Park City's famous parade to Oakley's Rodeo to Salt Lake's Fireworks, it's one of the best weekends of the year. Here's how to enjoy it.

July 3rd celebration at The Canyons

Set up at the Ski Beach at 3 pm and enjoy magicians, face painting, photo booth fun, cowboy buskers, followed by a free performance by The Soulistics. At dusk, you will be treated to one of the best Firework shows in the 84060.

Oakley Rodeo and 4th of July Celebration 

Nothing says, "I love you, America." like a rodeo. This all weekend event is really not to be missed. Watch barrel racing, bull riding, roping, etc...in the stunning setting of Oakley, UT.

Salt Lake City's 4th of July Celebration at Jordan Park

Games, live music, good eats, Fireworks!!! It's the 4th in Salt Lake.

Park City Independence Day Parade

Start with the Pancake Breakfast in City Park; then take care of those calories by running in the Park City Ski Team 5k Fun Run. At 11am the Main Street Parade starts, which is just about the best thing to ever happen west of the Mississippi. Following the parade, head down to City Park and enjoy BBQ, vendors, and live music. You will see the entire town, so be sure to be in your best Red, White, and Blue paraphernalia.

Sports Events

Both the Bees and Real Salt Lake are playing at home on the 4th and are giving big 'ole firework shows after.

 
 
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