Utah Residential Real Estate – Statistics

For the past several years Utah’s economy has been one of the best in the nation, that trend continued through 2012. The current unemployment rate in Utah is 5.9%, a full two percentage points below the national rate. The continued strengthening of the Utah economy and the improving employment numbers are feeding the local housing market in an extremely positive manner.

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One of the brightest spots in the Utah housing recovery is in the new home construction market. Midway through the 4th quarter of 2012 new home construction was up almost 40% statewide, ranking Utah sixth among all states in new home construction. There were approximately 7500 new single family homes built in 2012 across the state, up from about 5400 in 2011. The upward trend in new home construction is expected to continue through 2013.

Statewide, all major housing market indicators moved in a positive direction. Closed sales for 2012 were up 12.4% over 2011 while pended sales were up 14.7% for the same period. The number of days a property was on the market dropped from 92 days to 84 days. The median sales price of homes in Utah rose by 3.7% while the average sales price jumped by 4.0%. Inventory in the single-family unit segment dropped 22.2% in December 2012 versus December 2011, and the current month’s supply of homes is 5.1 months. It is also worth noting that Utah continues to have one of the best housing affordability indexes in the nation at 179, up 8.9% over 2011.

Sometimes I am hard to catch.  If you try me at the following places, you will have a much better chance of finding me:

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Kristen Johnson
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shesellsparkcity@gmail.com
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Relocating to Utah? Here are the facts:

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Did you know…

  •   Forbes Magazine ranked Utah as the #1 Best State for Business and Careers for the third year in a row.
  •   One of only 7 states to maintain the highest bond rating by Moody’s, Finch, and S&P.
  •   #1 ranking in the ALEC-Laffer State Economic Rankings for 2012
  •   #1 “Best Place to Live in the Future”  by Gallup.
  •   CNBC ranks Utah #2 for the Best State for Doing Business.
  •   Salt Lake City ranks in the top 15 Hottest American Cities of the Future by Business Insider.
  •   Provo and Ogden are ranked #1 and #6 Best Cities for Business by Forbes.
  •   Utah ranks #8 Overall in the 2012 New State Economy Index and #1 for “Economic Dynamism” by the Information Technology & Innovation Foundation
  •   Utah is the top state for volunteerism in America for seven years in a row according to the Volunteering and Civic Life in America report.
  •   Utah also ranks first nationally for doing favors for neighbors, according to Census based data.
  •   #1 ranking for Utah by Pollina Corporate Real Estate survey for Top 10 Pro-Business States.
  •   Chief Executive Magazine shows Utah as #9 Best State for Business.
  •     #1 Five years in a row for “Expected Economic Recovery and Economic Outlook” by the American Economic Council.
  •   “Best Managed States in the Nation” #1 ranking by the Pew Center on the States
  •   Utah is the #4 “Best Run State in America” by 24/7 Wall Street
  •   Innovation Daily shows Utah as #2 for “The New Places Where America’s Tech Future is Taking Place” for 2005-1012.
  •   Top ten “Best Tax Climates for Business” by the Tax Foundation
  •   #1 (with Minnesota) for “Best Livable States of the Future” by NBC News/Reuters
  •   #1 “Best States to Live – In 2032” by CNN Money
  •   Utah #2 “The Next Boom States” by the U.S. Chamber of Commerce

Interested in more or the details?  Go to www.business.utah.gov/whyutah/accolades

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Employment  2012 showed a 2.9% increase in nonagricultural jobs, or about 35,800 new positions created, exceeding the national rate of 1.4% by more than double.  Unemployment fell from 5.8% to 5.2%, significantly below the U.S. rate of 7.1%.  Industries leading this job expansion were Information, Hospitality, Financial, and Professional Services.  Construction was the only sector with a net job loss, down 2.2% over 2011 though we expect that trend will reverse with solid gains in 2013 of nearly 10%.  Overall, we should see net gains of 3.5% for 2013 in nonfarm jobs.

Wages and Income  Utah ranked 7th in America for personal income growth, finishing 2012 up 4.7%, led by strong wage growth of 5.5% with a similar increase expected for this year.  Annual average pay per capita was up 3.2% to $41,070 last year and is projected to rise 2.7% in 2013.  Median household income stands at $58,438, 11th in the nation.

Taxable Sales | Tax Collection  Taxable sales rose 6.2% in 2012 and retail trade was up 6.7%.  Business investment tax collection rose 6.6% and those on services were up 6.4%.  This year, we can expect retail sales to grow by 6.1% and taxable sales to gain 5.4%. Tax collections for the State will rise to about 5.7% this year.

Population  Utah’s population increased in 2012 by 40,090 people or 1.5% ranking fifth overall in the nation, though on a percentage basis we were more than double the U.S. rate.  Our total population stood at 2,855,287 for 2012 and should be about the same for this year.  Utah’s high internal birth rate will continue and will offset a somewhat slower in-migration trend, though continued nonagricultural job creation, particularly in construction could have a stronger positive impact. Utah’s life expectancy stands at 78.6 years, third in America. The median age is 29.5 which ranks youngest in the nation.  We also have the largest average household size currently at 3.13 persons per home.

Education  90.3% of Utah residents are high school graduates and 29.7% of those over 25 years hold a bachelor’s degree.

Sometimes I am hard to catch.  If you try me at the following places, you will have a much better chance of finding me:

Facebook
LinkedIn
Twitter

Kristen Johnson
435.659.8041
shesellsparkcity@gmail.com
Friends, followers, and connections are a way of the future. Feel free to share!