Salt Lake
REALTOR
速
slrealtors.com
Maga zine February 2016
Salt Lake Home Sales Near Record Levels p. 12 Major RPAC Investors Recognized p. 22 The Price of a Good Life p. 18
THE MAGIC OF CITY CREEK LIVING FOR THEM. A N A P P L E i PA D P R O F O R Y O U . Internationally acclaimed for its extraordinary design, the magic of City Creek living can’t be matched. Owners enjoy the best of city and mountain living with doorstep access to fine dining, world-class shopping, arts and entertainment. And with TRAX connecting to the airport, travel is as easy as lock-and-leave.
Thanks to our Realtors® colleagues, City Creek Living had a very successful year. To show our appreciation, Realtors® whose clients go under contract between January 1, 2016 through April 30, 2016 will receive a 32GB iPad Pro* upon closing. *Awarded in the form of an Apple gift card.
Here’s to another great year together. Schedule an appointment at 801.240.8600 to tour City Creek designer model homes. Hours: Mon-Fri 10 a.m. to 6 p.m. Saturdays & evenings by appointment. City Creek Living pays 3% BAC | www.CityCreekLiving.com
2016 ECONOMIC & HOUSING FORECAST 10 reasons to be optimistic in 2016 by Matthew Gardner, Chief Economist, Windermere Real Estate
THE NATIONAL ECONOMIC FORECAST 1.
The U.S. will continue to expand with real GDP growth of 2.3% in 2016.
2.
Employment will continue to expand but the rate of growth will slow. Look for an increase of 1.6% in 2016.
3.
The U.S. unemployment rate will continue to drop and end 2016 at 4.8%.
4.
Inflation will remain in check with the Consumer Price Index at 1.9%.
THE NATIONAL HOUSING MARKET FORECAST 5.
Mortgage rates will rise, but we will still end 2016 with the average 30-year fixed rate below 5%.
6.
Credit Quality – which had been remarkably stringent – will relax a little.
7.
Existing home sales will rise modestly to an annual rate of 5.53 million units with existing home prices up by 4.7%.
8.
New home sales will jump and be one of the biggest stories for 2016. Look for a 23% increase in sales and prices rising by 3.4%.
9.
Foreclosures will continue to trend down to “pre-bubble” averages.
10. The Millennials will start to enter the market.
Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residential market analysis, commercial/industrial market analysis, financial analysis, land use and regional economics. He is the former Principal of Gardner Economics, and has over 25 years of professional experience both in the U.S. and U.K. Utah is excited to welcome Mathew Gardner to our stage early this year. Look for further details announced shortly.
SUGAR HOUSE | UNION PARK | PARK CITY | COALVILLE
Utah has the fastest growing economy and home sales are booming p. 12
Table of Contents Features 12 Exceptional Market Fundamentals
James Wood
18 What Price for a Good Life?
Dave Anderton
20 Protecting the Real Estate Profession
Dave Anderton
22 RPAC 2015 Major Investors
Columns 7 Code of Ethics … and Then Some! Cheryl Acker – President’s Message
Departments 8 Happenings 8 In the News 26 Housing Watch 28 Realtor® Connections 28 On the Move
On the Cover: Photo: Dave Anderton Photo left: © iStockphoto.com/arbati6
This Magazine is Self-Supporting Salt Lake Realtor® Magazine is self-supporting. The advertisers in this magazine pay for all production and distribution costs. Help support this magazine by advertising. For advertising rates, please contact Mills Publishing at 801.467.9419. The paper used in Salt Lake Realtor® Magazine comes from trees in managed timberlands. These trees are planted and grown specifically to make paper and do not come from parks or wilderness areas. In addition, a portion of this magazine is printed from recycled paper.
Salt Lake
REALTOR slrealtors.com
®
Maga zine
February 2016 volume 76 number 2 The Salt Lake REALTOR® (ISSN 2153 2141) is published monthly by Mills Publishing, located at 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106. Periodicals Postage Paid at Salt Lake City, UT. POSTMASTER: Send address changes to: The Salt Lake REALTOR,® 772 E. 3300 South, Suite 200 Salt Lake City, Utah 84106-4618.
Fall in Love START A LONG-TERM RELATIONSHIP WITH US!
Be Part of the “I Love Realtors” Program. Taste sweet success when you join our exclusive, automated marketing system. It’s digital and print, with coaching and interviews from top-tier names. Success is sweet when you team up with Security National. Turning Houses into Homes.™
SNMC.COM NASDAQ: SNFCA
844.542.LOAN (5626)
NMLS# 3116
12 communities accross the Wasatch Front!
Midway Riverton West Valley City Bluffdale Lehi Spanish Fork
Farmington South Salt Lake West Jordan Eagle Mountain Herriman
Let’s Work Together! fieldstonehomes.com
Salt Lake
REALTOR
® ®
Maga zine
slrealtors.com slrealtors.com
President Cheryl Acker Realtypath
Directors
First Vice President Troy Peterson Equity Real Estate Second Vice President Adam Kirkham Summit Sotheby’s International Treasurer Jared Booth CBC Intermountain Past President Dave Robison goBE Realty CEO Curtis A. Bullock
M. Brock Andersen Berkshire Hathaway J. Scott Colemere Colemere Realty Associates Kimberly Farber-Bowen Equity Real Estate Kevin Larsen Coldwell Banker Residential Mike Morgan Realtypath Jodie Osofsky Select Group Realty Steve A. Perry Realtypath Scott Robbins Coldwell Banker Residential Michael Rowe Berkshire Hathaway Randal Smith Equity Real Estate Matthew Ulrich Ulrich Realtors®
Advertising information may be obtained by calling (801) 467-9419 or by visiting www.millspub.com
Managing Editor Dave Anderton Publisher Mills Publishing, Inc. www.millspub.com
T
he Realtor® Code of Ethics is the cornerstone of the National Association of Realtors® ethics training. It guides Realtors® and also shows the public the level of commitment, education and dedication to their profession that each member of NAR possesses. Realtors® are required to complete this class between 2013-2016. If you have not taken it yet, it must be done by the end of the year. Some Realtors® seem to procrastinate in completing the education requirement to take the Code of Ethics. Don’t procrastinate. You can take the course live at the Realtor® Campus. You also have the option to take a special online class by April 30, and you will be entered into a drawing for prizes (gift cards, free CE class, three months of free MLS fees). Check www.slrealtors.com for the dates for the live Code of Ethics classes. For online classes go to slrealtorseducation.com and then click on the Online Library tab. The class, “How to Be an Ethical and Involved Realtor” is one that will fill the NAR requirement.
President Dan Miller Art Director Jackie Medina Graphic Design Leslie Hanna Ken Magleby Patrick Witmer
Code of Ethics . . . and Then Some!
Office Administrator Cynthia Bell Snow Office Assistant Jessica Snow
Sales Staff Paula Bell Karen Malan Paul Nicholas Salt Lake Board: (801) 542-8840 e-mail: dave@saltlakeboard.com Web Site: www.slrealtors.com The Salt Lake Board of REALTORS® is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support the affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. The Salt Lake REALTOR® is the monthly magazine of the Salt Lake Board of REALTORS®. Opinions expressed by writers and persons quoted in articles are their own and do not necessarily reflect positions of the Salt Lake Board of REALTORS®.
One question that is frequently asked, “What article is the most violated?” The top four articles Realtors® find themselves cited for are: 1, 2, 9, and 16. These articles cover areas such as protecting and promoting the interests of the client, avoiding exaggeration or misrepresentation of pertinent facts relating to the property or the transaction, protecting all parties in regards to all contracts and a copy of signed contracts given to the client, and Realtors® not honoring other Realtors®’ agency relationship agreements. Sign up for a Code of Ethics class today.
We are Realtors® . . . and then some!
Cheryl Acker 2016 President
Permission will be granted in most cases, upon written request, to reprint or reproduce articles and photographs in this issue, provided proper credit is given to The Salt Lake REALTOR®, as well as to any writers and photographers whose names appear with the articles and photographs. While unsolicited original manuscripts and photographs related to the real estate profession are welcome, no payment is made for their use in the publication. Views and opinions expressed in the editorial and advertising content of the The Salt Lake REALTOR® are not necessarily endorsed by the Salt Lake Board of REALTORS®. However, advertisers do make publication of this magazine possible, so consideration of products and services listed is greatly appreciated.
OFFICIAL PUBLICATION OF THE SALT LAKE BOARD OF REALTORS ® REALTOR® is a registered mark which identifies a professional in real estate who subscribes to a strict Code of Ethics as a member of the NATIONAL ASSOCIATION OF REALTORS®. October 2005
February 2016 | Salt Lake Realtor ® | 7
Happenings
In the News Bright Outlook for Commercial Real Estate
D
Pictured: The office of Windermere Utah at its 2015 Community Service Day.
Windermere Utah Agents Give to RPAC and Serve Community Windermere Utah is an active investor in the Realtors® Political Action Committee (RPAC). In 2015, each of the firm’s agents invested his/her fair share amount. Grady Kohler is principal broker of the Salt Lake-based office and personally contributed more than $5,000 to RPAC last year. Lisa Jungemann, a former director of the Salt Lake Board of Realtors®, was a major investor in 2015 and achieved the President’s Circle. “Windermere is one of just a few brokerages in 2015 to achieve 100 percent RPAC investments,” said Curtis A. Bullock, CEO of the Salt Lake Board of Realtors®. “Windermere had 11 Realtors® in 2015 who each invested $1,000 or more in RPAC. We congratulate Grady and his office for making this investment in protecting the real estate profession.” In addition to their RPAC investments, every year Windermere offices around the country close for one day to participate in a Community Service Day. Last year Windermere Utah chose to volunteer at the Inn Between, a hospice center for Utah’s homeless where homeless men and women can spend their last few days in the peace and comfort of a warm bed. The Windermere Utah family spent the day by building a memorial garden and a privacy fence and helping to create a pet yard where the Inn’s residents will be able to interact and spend time with service animals.
Salt Lake Board of Realtors® There were 136 members of the Salt Lake Board of Realtors® in 2015 who made an investment of $1,000 or more to the Realtors® Political Action Committee (RPAC). That’s up from 129 major investors in 2014. The Salt Lake Board of Realtors® has the highest number of major investors to RPAC of any local Realtor® association across the country.
8 | Salt Lake Realtor ® | February 2016
espite various global and domestic hurdles hindering economic growth, steady job gains and stable leasing demand should help keep commercial real estate activity expanding in 2016, according to the authors of an annual report published jointly by Situs Real Estate Research Corporation (RERC), Deloitte and the National Association of Realtors®. According to the report, Expectations & Market Realities in Real Estate 2016—Navigating through the Crosscurrents, commercial real estate activity is forecast to gradually grow this year with demand for space holding steady across all commercial sectors. While commercial property values and price gains are expected to flatten after surpassing 2007 peaks in some major markets, investors will still benefit from the strong income flows generated from new and existing leases. The fifth annual release of the joint report draws on the three organizations’ respective research and expert analysis and offers an objective outlook on commercial real estate through forecasts and commentary on the current economy, capital markets and commercial real estate property markets. A research-based assessment of the office, industrial, apartment, retail and hotel property sectors is also provided. “Historically low interest rates, especially in treasuries, combined with commercial real estate’s stable prices and value make this asset an attractive investment,” says Ken Riggs, president of Situs RERC. “Looking into 2016, the commercial real estate market should moderate, which could stabilize prices.”
Best of 2015 Realtor速 Awards March Issue Recognize those who have gone above and beyond to make your business a success. Space is limited, call us and reserve space today! File Ready ad due February 26
801-467-8833 info@millspub.com Need us to build your ad? We can help.
M
MUN
I
T
T
R
A
OF
BEST
Y
CO
UTAH HOME BUILDERS ASSOCIATION COMMUNITY OF THE YEAR
HE YE
Skye Estates in Highland developed by DR Horton — America’s #1 Builder Nestled at the foothills of the gorgeous North Highland mountains lies an incredible master-planned community designed by the development and creative teams at DR Horton. Skye Estates is truly a hidden gem of a community just a mile North of Timpanogos highway on Highland Boulevard as it begins its gentle ascent towards Suncrest. Skye Estates features three stunning residential product lines, a breathtaking resort-style clubhouse, a large community park and two pocket parks allowing for just about any spontaneous outdoor fun you can imagine. In addition to a great location, Skye Estates features spectacular panoramic views*, easy access to great shopping and with the new commuter lane, a quick drive to 1-15.
• Luxury single family homes • Breathtaking lake, valley and mountain views* • Resort-style clubhouse with pool, theater room and more • Beautiful community parks • Active adult single level floorplans available– from the mid $400’s
6458 W. Carrick Way, Highland, Utah 801-542-8138
D.R. Horton is America’s #1 Homebuilder per Builder Magazine. *Seller makes no representations or warranties that the views from the property will remain the same. Future development, growth of landscaping and the like may impact any views currently experienced from the property.Photos are representational only. Prices are subject to change without notice or obligation.
Exceptional Market Fundamentals Home prices and sales continue strong upward trend; gains in 2015 driven by state’s job growth By James Wood | Ivory-Boyer Senior Fellow, Kem C. Garder Policy Institute, University ® of Utah | Commissioned by the Salt Lake Board of Realtors
B
y any measure 2015 was a “very good year” for Salt Lake County’s residential real estate market. The year saw significant increases in the number and value of homes sold, home prices and sales commissions. The strength of the market was somewhat surprising given the rather average performance of 2014. The gains achieved in 2015 were driven primarily by exceptional market fundamentals; strong job growth, improving income and wages, solid demographic growth and, of course, very favorable mortgage rates. A 2015 summary of the county’s sales statistics show: • $4.1 billion in home sales, an increase of 22 percent. • 3,800 condominium, town home and twin home sales, an increase of 26 percent. • $774 million in condominium, town home and twin home sales, an increase of 36 percent. • $292 million in residential real estate commissions, an increase of 24 percent. Figure 1 Number of Single Family Home Sales in Salt Lake County
Source: UtahRealEstate.com
12 | Salt Lake Realtor ® | February 2016
• A $272,000 median sales price for a single family home, an increase of 6.7 percent. • A $189,000 median sales price for condominiums, town homes and twin homes, an increase of 8 percent.
2015 Ranks as Third Best Year in Home Sales In 2015 existing single family homes sales totaled 13,300 units, the highest level in nine years and the third highest in the county’s history; exceeded only by the pre-recession years of 2005 and 2006 Figure 1. The strong demand for housing was not limited to single-family homes. The sale of multifamily units (condominiums, town homes and twin homes) set an all-time record of 3,800 units and accounted for 22 percent of all residential sales; the highest share ever Table 1. Over the past 20 years multifamily sales have averaged 18 percent of residential sales.
Salt Lake City Leads Other Cities in the Sales of Single-Family and Mulifamily Homes Residential sales, as usual, were concentrated in Salt Lake City. The city accounts for 21 percent of all households in the county but captured 27 percent of residential sales. In this case the disproportionate share of sales in Salt Lake City highlights the locational advantages of the city regarding proximity to employment, transportation and community amenities. Other cities with a significant number of homes sales were West Jordan, Sandy, West Valley and South Jordan. These four cities along with Salt Lake City accounted for two-thirds of all homes sold in the county Table 2. Salt Lake City was also the leading city in multifamily sales with 28 percent
Photo: © iStockphoto.com/dbdurden
of all condominium, town home, and twin home sales. The second tier cities for multifamily sales were South Jordan, Midvale, Murray, and West Jordan; each had just over three hundred multifamily sales in 2015.
Housing Demand Soars; Days on the Market for Listings Drops Dramatically Over the Past Year
An important indicator of housing demand is the measure of cumulative days on market (CDOM) of “for sale” homes. At the depths of the Great Recession (2009) the median cumulative days on market for a single-family home swelled to 81 days. But as the demand for housing slowly recovered the CDOM steadily declined. By 2015, the median CDOM had dropped to 21 days for single-family homes and 29 days for multifamily units. In both cases, it was the lowest CDOM since 2006. The very low median cumulative days on market data provide a clear-cut sign of a strong seller’s market particularly for moderately price homes. For a home priced in the second quintile of homes sold ($200,000 to $250,000) the median CDOM was only 14 days. In contrast for homes priced in the top 5 percent (over $600,000) the median CDOM was 67 days. Salt Housing price increases accelerated in 2015 es by Type in Lake County medianCondo, sales price of a home increased 6.7 Condo, as the Total y Twin and Sales to $272,000 Twin andand the strong demand for percent Town moderately priced Town housing pushed the median Home Homes as multifamily units up 8 percent to Sales sales price ofPercent $189,000 Table 4. While 2015’s price increases of Total Sales were not as notable as some years the increases 1,576 represent 10,875 solid, 14.4% sustainable gains. The average 1,570 annual 10,320growth 15.2% rates for housing prices in Salt 1,487 Lake 10,830 County13.7% are 4 percent for single-family 1,604 homes 11,323and 3.8 14.2%percent for multifamily units. growth14.3% rates, however, are not adjusted 1,642 These 11,513 inflation. 15.3% Adjusting for inflation makes a 1,892 for 12,380 difference in calculating the average annual 1,979 huge 12,651 15.6% 2,209 growth 14,267rate. For 15.5%example, the inflation adjusted 2,657 (constant 15,652 dollars) 17.0% annual growth rate in singleprices18.8% from 2000 to 2015 is 1.8 percent 3,554 family 18,871 compared to the 3,704 18,987 19.5% non-adjusted (current dollars) growth rate of four percent. It’s fair to say that 3,180 14,893 21.4% housing prices in Salt Lake County increase 2,419 11,213 21.6% percent annually in constant or 2,264 at about 11,168 1.8 20.3% 1,765 inflation 10,332 adjusted 17.1% dollars. Using constant dollars 1,889
11,309
16.7%
2,363
13,425
17.6%
3,012
14,698
20.5%
3,035
14,635
20.7%
3,826
17,119
22.3%
Table 1 Real Estate Sales by Type in Salt Lake County Single Family Sales
Condo, Total Twin and Sales Town Home Sales
Condo, Twin and Town Homes as Percent of Total Sales
1996
9,299
1,576
10,875
14.4%
1997
8,750
1,570
10,320
15.2%
1998
9,343
1,487
10,830
13.7%
1999
9,719
1,604
11,323
14.2%
2000
9,871
1,642
11,513
14.3%
2001
10,488
1,892
12,380
15.3%
2002
10,672
1,979
12,651
15.6%
2003
12,058
2,209
14,267
15.5%
2004
12,995
2,657
15,652
17.0%
2005
15,317
3,554
18,871
18.8%
2006
15,283
3,704
18,987
19.5%
2007
11,713
3,180
14,893
21.4%
2008
8,794
2,419
11,213
21.6%
2009
8,904
2,264
11,168
20.3%
2010
8,567
1,765
10,332
17.1%
2011
9,420
1,889
11,309
16.7%
2012
11,062
2,363
13,425
17.6%
2013
11,686
3,012
14,698
20.5%
2014
11,600
3,035
14,635
20.7%
2015
13,293
3,826
17,119
22.3%
Source: UtahRealEstate.com
Table 2 Single-Family Homes Sales by City - 2015 Sales
% Share
SaltSource: LakeUtahRealEstate.com City 3,626
27.28%
West Jordan
1,446
10.88%
Sandy
1,380
10.38%
West Valley
1,236
9.30%
South Jordan
1,006
7.57%
Unincorporated Salt Lake
716
5.39%
Figure 1 704 5.30% Number of Single Family Home Sales Taylorsville 588 4.42% in Salt Lake County Herriman
Draper
524
3.94%
Riverton
492
3.70%
Cottonwood Heights
396
2.98%
Murray
394
2.96%
Holladay
296
2.23%
Midvale
268
2.02%
Bluffdale
118
0.89%
South Salt Lake
103
0.77%
Salt Lake County
13,293
100.00%
Source: UtahRealEstate.com
Table 3
February 2016 | Salt Lake Realtor ® | 13
Changes in Current and Constant Median Sales
is a much more accurate measure of housing price performance over the long-term. Table 3 shows both constant and current median sales prices for single-family homes in Salt Lake County from 2000 to 2015. Over this period housing prices have been extremely volatile. Using the inflation adjusted prices (constant 2015 dollars) the median sales price of a home increased by 38 percent during the housing boom, followed by a 27 percent decline during the Great Recession and then a 29 percent increase in the four years of recovery. But even after four years of price recovery the median sales price of a single-family home still remains about 5 percent below the inflation adjusted peak price of $287,750. It appears the market will need at least one more Table 2 year to break the previous inflation adjusted price Homes peak. In 2015, the -median sales Single-Family Sales by City 2015 price of a single-family home increased Sales % Share in 14 of theSalt 15Lake cities Lake County; a27.28% much stronger Cityin Salt3,626 performance than 2014 when 10.88% five cities had West Jordan 1,446 prices Sandy declines Table 1,380 5. Cities with 10.38%moderately priced housing were leaders in price increases West Valley 1,236 9.30% in South 2015.Jordan Four of the five cities with double-digit 1,006 7.57% increases are moderately priced housing markets; Unincorporated 716 5.39% Murray, Salt Lake Taylorsville, West Valley, and South Salt Lake. The strength of prices5.30% in these cities Herriman 704 indicates heightened homes priced Taylorsville 588 demand for 4.42% below $250,000. Draper 524 3.94% Riverton
492
3.70%
The Number of Homeowners with Cottonwood 396 2.98% Negative Equity Has Now Dropped to 4 Heights Percent of All 394 Mortgages 2.96% Murray
Holladay The recent 296 increase in housing prices 2.23% benefitted those homeowners with underwater Midvale 268 2.02% mortgages. In 2010, 21 percent0.89% of all home Bluffdale 118 mortgages in Utah (80,000 homeowners) had South Salt Lake 103 0.77% negative equity, i.e. their mortgage debt exceeded Salt Lake County 13,293 100.00% the price of their home. Consequently, these underwater homeowners were locked into their current home, they could not move-up. This Table 3 Changes in Current and Constant Median Sales Price of Single-Family Homes, Salt Lake County
loss of much of the move-up market severely reduced the demand for housing and resulted in downward pressure on housing prices. But this condition has been reversed with the recent gains in housing prices. The number of homeowners with negative equity has now dropped to about 4 percent of all home mortgages or 15,000 households. Hence, in 2015 the move-up market was back supporting higher levels of sales, which put upward pressure on prices. Another beneficial aspect of the improving market conditions and one that bodes well for housing prices in 2016 is the huge reduction in the sale of distressed homes (short sales or foreclosed properties). For five years the “fire sale” prices of distressed homes dragged down overall housing prices. In 2011, one-third of all homes sold in Salt Lake County were distressed properties and it’s no coincidence that 2011 was the year of the largest decline in prices; 9.5 percent. The near elimination of short sales and REO sales by 2015 was a contributing factor in the acceleration of price increases in 2015.
Despite Rebound, Home Prices Are Not Overvalued For those who can qualify, housing is still relatively affordable in Salt Lake County. According to the U.S. Census Bureau, the median household income in Salt Lake County in 2014 was $62,672. Assuming a household with median income devotes 30 percent of their income to a mortgage payment (including taxes and insurance) that household could carry a mortgage of about $290,000. In 2015, 56 percent of single-family homes sold in the county were priced under $290,000 for a housing opportunity index of 53. An opportunity index number below 50 indicates less affordability; above 50 indicates more affordability. Overall, the local housing market, despite the rebound in prices, is not overvalued. There is still room for moderate increases provided mortgage rate increases are incremental and gradual. Mortgage rate forecasts from a number of organizations show a consensus 2016 forecast of rates moving between 4 and 5 percent with a firm ceiling at 5 percent. In 2016, homebuyers will continue to enjoy some of the lowest mortgage rates in the past 45 years Figure 2.
Boom
2004
2007
% Chg.
Current Dollars
$165,000
$250,000
+52%
Constant 2015 Dollars
$208,412
$287,747
+38%
Contraction
2007
2011
% Chg.
Current Dollars
$250,000
$199,000
-20%
Predictions for 2016: Total Residential Home Sales to Rise 11%; Single-Family
Constant 2015 Dollars
$287,747
$211,122
-27%
Prices to Rise 5-7%
Recovery
2011
2015
% Chg.
Current Dollars
$199,000
$272,000
+37%
Constant 2015 Dollars
$211,122
$272,000
+29%
Source: UtahRealEstate.com
14 | Salt Lake Realtor ® | February 2016
Local market fundamentals and conditions will be favorable for the real estate market in 2016. Job growth is expected to slow slightly but this will be offset by higher rates of net-migration and improving wage rates due to a tight labor market. There are no signs of a bubble; both sales and
prices are at sustainable levels. The market and particularly prices are now largely free of the harmful effects of foreclosures, short sales, and underwater mortgages, which held back demand and prices. And there is no indication of waning demand as demonstrated by the extremely low “days on market” data. On the supply side the inventory of existing home listings shows demand outpacing supply and there’s little concern about competing unsold inventory from home builders; their inventories are very low as well. All these positive local conditions will be supported by a very healthy statewide economy in 2016. But beyond Utah’s borders, both nationally and internationally, there are some potential dangers. Most prominent is the slowdown in the Chinese economy and the possible unraveling of their debt bubble. China’s problems have contributed in part to the recent selloffs in stock markets internationally. Declining oil prices have also negatively affected financial markets and put fiscal and political pressure on oil producing countries; Brazil, Saudi Arabia, Russia, and Nigeria. These worrisome international conditions have raised talk by some of a slowdown in the U.S. economy and perhaps a recession. The U.S. economy is now in its 77th month of expansion, a little long in the tooth as expansions go. The average post World War II expansion is 62 months, just over five years. The longest U.S. expansion was 120 months (19912001). It’s important to note however, that recent expansions have been getting longer due to
structural shifts in the economy (more service oriented) and technological advances in inventory management. International and national conditions are legitimate concerns but over the next 12 months, barring a cataclysm in China or the Mideast, they will have little impact on the local residential real estate market. Total residential sales will increase from 17,100 in 2015 to 19,000 in 2016 an increase of 11 percent. Sales of single-family homes will be up 10 percent and multifamily sales a little stronger with a 13 percent increase in sales. The median sales price of a single-family home will increase in the range of 5 to 7 percent while the increase in the price of multifamily units will be higher at 8 to 10 percent. In 2016, the median sales price of a home will be near $290,000 and near $205,000 for a multifamily unit. Figure 2 Annual Average Mortgage Interest Rates in Salt Lake County
Source: Freddie Mac
Table 4 Price Trends for Single-Family Home Sales in Salt Lake County Median Sales Price Price Increase 2000 $150,000 2.7% 2001 $155,000 3.3% 2002 2003
$159,000 $160,500
2.6% 0.9%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 AAGR 2000-2015
$165,000 $187,500 $228,000 $250,000 $247,000 $233,923 $220,000 $199,000 $212,000 $245,000 $255,000 $272,000 ---
2.8% 13.6% 21.6% 9.6% -1.2% -5.3% -6.0% -9.5% 6.5% 15.6% 4.1% 6.7% 4.0%
Source: UtahRealEstate.com
Table 5 Change in Median Sales Price of Single-Family Homes by City Median Sales Price 2014
Median Sales Price 2015
% Change in Price 2013-14
% Change in Price 2014-15
Bluffdale
$392,705
$400,000
4.3%
1.9%
Cottonwood Heights
$316,000
$339,375
-2.8%
7.4%
Draper
$405,500
$420,000
2.1%
3.6%
Herriman
$326,067
$317,000
9.7%
-2.8%
Holladay
$372,450
$379,950
-3.3%
2.0%
Midvale
$214,600
$226,950
10.0%
5.8%
Murray
$228,650
$259,000
-1.9%
13.3%
Riverton
$275,750
$306,590
-1.0%
11.2%
Salt Lake City
$255,000
$275,000
6.3%
7.8%
Sandy
$285,000
$295,000
3.6%
3.5%
South Jordan
$349,826
$357,000
6.7%
2.1%
South Salt Lake
$172,700
$190,000
-8.6%
10.0%
Taylorsville
$196,250
$218,925
4.0%
11.6%
West Jordan
$234,000
$249,000
4.8%
6.4%
West Valley
$180,000
$199,225
4.7%
10.7%
Salt Lake County
$255,000
$272,000
4.1%
6.7%
Source: UtahRealEstate.com
February 2016 | Salt Lake Realtor ® | 15
MEET THE LEADING SALES CONSULTANTS AT UTAH’S NUMBER ONE HOMEBUILDER. Larry Mitchell was recently honored as Ivory Homes’ sales consultant of the year for the second year in a row. During his 12 years with Ivory Homes Larry has sold over $100,000,000. Larry fully believes in the product he sells, he has purchased 5 Ivory Homes himself. Larry appreciates the opportunity to work with realtors and their clients contributing to their success as they contribute to his.
“It takes a team effort to produce such remarkable results...and there is not a better team out there than Ivory Homes.” In Salt Lake County contact Larry Mitchell at 801-918-7240 or larrym@ivoryhomes.com
Jaymie Chaney is Ivory’s leading sales consultant in Davis County and Weber County for 2015. Jaymie prides herself on her ability to really listen to and understand the needs of her buyers. Jaymie’s incredible consistency and caring allows her to build great relationships with buyers and realtors.
“It is so rewarding to see happy families in their new homes and to know that I was a part of creating that happiness for them.” In Davis and Weber Counties contact Jaymie Chaney 801-654-7975 or jaymiec@ivoryhomes.com
Steve Syphus lead the Ivory sales team in Utah County in 2015. Steve has been with Ivory for 6 years and cannot wait for the amazing opportunities 2016 will bring. Steve believes the new construction business is so much more than selling homes — it is improving lives. Steve uses his bank of past experience to help buyer create a vision of future possibility.
“It’s exciting yet humbling to be part of an organization that not only values its core principles and traditions, but continues pushing to new heights with increasingly diverse products and services to meet the demands of todays more discriminating home buyers.” In Utah County contact Steve Syphus 801-850-8506 or steves@ivoryhomes.com
Hoss Almaraz, Ivory’s leading sales consultant in St. George for 2015 has been with the company for 4 years. Hoss attributes his success to the experience and consistency of the Ivory team. Hoss loves watching his buyers grow as they move through the process.
“I know I have the best support in the industry backing up every homes I sell. Each aspect of the sale, from marketing to pre-construction, through construction and even into warranty work gives me absolute confidence in our ability to provide the best buying experience my clients will find anywhere.” In St. George contact Hoss Almaraz 435-313-5247 or hossa@ivoryhomes.com
Homes That
MOVE You
Ivory Homes has been Utah”s #1 homebuilder for the past 28 years. A record like that requires a constant focus on improvement. Ivory continually finds ways to simplify processes, while maintaining high levels of quality and design. In addition, our customer satisfaction rate has been over 90% for the past 15 years.
Photo: © iStockphoto.com/pixdeluxe
What Price for a Good Life? Salt Lake City ranked No. 718 in highest average home price of more than 2,700 U.S. cities. By Dave Anderton
T
he good life comes at a high price for some Americans. If you live in San Francisco you need to earn $180,600 just to buy a simple house and live comfortably, according to a new report by Finder.com. The study looked at 78 U.S. cities and calculated the minimum salary needed to buy an average home and pay basic expenses. Not surprisingly, San Francisco topped the
18 | Salt Lake Realtor ® | February 2016
list of highest required salaries. San Francisco consistently ranks as one of the nation’s most expensive real estate markets. Only one Utah city was included in the Finder.com list – Ogden, Utah – which ranked more affordable with a required salary of $47,365 and home value of $124,400. A separate report by Coldwell Banker found that nine of the top 10 most expensive U.S. real estate markets were California cities. In San
Francisco, the average price of a four-bedroom, two-bathroom home was $1.4 million. Newport Beach was the most expensive housing market, according to Coldwell Banker, with an average home price of $2.3 million. Cleveland, Ohio, was the most affordable at $74,502. The report analyzed more than 81,000 similar-sized fourbedroom, two-bathroom homes. In contrast to California, Salt Lake City ranked No. 718 in highest average home price ($374,063) of more than 2,700 U.S. cities, according to the study. Draper, with an average home price of $442,164, was the nation’s No. 484th most expensive city. However, Utah home prices have nearly matched pre-recession levels, making it harder for firsttime home buyers to quality for a mortgage. That has lifted condominium and townhome sales. In 2015, roughly 3,700 condos and townhomes were sold, a 27 percent rise compared to 2014 sales. The median price of condos/townhomes was $189,000, nearly $85,000 less than the price of a single-family home in Salt Lake County. Is it harder today to make a living than it was in previous generations? According to the Pew Research Center, yes and no. While younger
people today are better educated, fewer of them were employed in the years following the Great Recession. “A consistent 78 percent of men in the Gen X, Boomer and Silent generations were employed at ages 18 to 33, a share that dropped 10 points to 68 percent among millennial men,” the report said. “In addition, while employment among young women had been increasing with each generation, it dropped 6 points between Gen X women in 1998 (69 percent) and millennial women in 2014 (63 percent).” Another factor weighing heavy on younger people is student loan debt. The National Association of Realtors® recently released a recent report stating that student loan debt is hampering home buying. Student loan debt, the report stated, delays home buyers from purchasing a home by three to five years. Roughly 13 percent of recent U.S. home buyers had difficulty saving for the down payment. Of those, 51 percent said student loan debt made saving the most strenuous step in the buying process. Dave Anderton is the communications director for the Salt Lake Board of Realtors®.
BUSTOS BOOTCAMP! 12 WEEK TRAINING PROGRAM Are you ready for success?
Sprint your way into top performance!
Stack 6-7 transactions a month! Skip the learning curve and start making money NOW!
Strengthen your Real Estate muscles with technique and skill! No obligation - Free consultation
Develop the habits to sell over 100 homes a year! The best athletes require training programs! Call now for details!!!
801.858.3131 hr@williambustos.com BUSTOS BOOTCAMP!
February 2016 | Salt Lake Realtor ® | 19
The Government Affairs and RPAC Committee is one the most popular committees of the Salt Lake Board of Realtors®. This year more than 50 people signed up for the committee. Becky Grubel is the 2016 committee chairwoman and Bryan Colemere is vice chairman.
Protecting the Real Estate Profession “Where an excess of power prevails, property of no sort is duly respected. No man is safe in his opinions, his person, his faculties, or his possessions.” James Madison By Dave Anderton
E
very year private property rights come under attack. According to Dave Robison, past president of the Salt Lake Board of Realtors® and founder of South Jordan-based goBE Realty, the attacks are not necessarily by people that understand what they are doing. It’s more so by people with an agenda and who don’t appreciate the big picture. “I’m seeing neighbors that believe they should dictate what someone else should do with their property even if it is within zoning laws,” Robison said. “As a Realtor® we are subscribing to more than just access to the MLS. We have an inherent duty to invest in RPAC every year.” Robison offers more than lip service. Last
20 | Salt Lake Realtor ® | February 2016
year he invested $17,000 to the Realtors® Political Action Committee and joined the ranks of the Hall of Fame investors, a handful of individuals who have contributed $25,000 or more during their lifetime. Robison’s investment in 2015 set a record amount given in the space of one year, according to Curtis A. Bullock, CEO of the Salt Lake Board of Realtors®. “Some have asked why I invested so much in RPAC,” Robison said. “My investment this last year in RPAC is my way of putting my money where my mouth is. It is that big of a deal. I could have put it towards an investment property. I did in a way of sorts. I invested in private property rights which pays all of us a dividend. All of us
Service Directory need to have it in our budget every year to invest in RPAC.” It is RPAC investments like Robison’s that make a difference at the local level. Trent Staggs, a Realtor® and Riverton City council member, was elected to the Riverton City Council in 2013. He received the support and backing of RPAC. Since he’s been in office, Staggs has helped overhaul and streamline the building permit process to make it timelier. Recently, Staggs was featured in the South Valley Journal as a force in streamlining development and cutting down wait times for business and residential applications. The new changes will cut 25 calendar days off the approval time for commercial site plan applications and 22 calendar days off the approval time for residential site plan applications. According to The Journal, it currently takes more than 100 days for commercial and residential site plans to be approved. “This is a very big change and will save the city and residents money by not having to notice twice for every site plan, and save the developer on average about 15 days for not having to wait for the city council to hear and review their plan after the planning commission has made a recommendation,” Staggs told the South Valley Journal. “ Justin Allen, government affairs director for the Salt Lake Board of Realtors®, believes Utah has a fantastic culture of advocacy and political involvement manifested in RPAC fund raising. “We have the most major investors of any local Realtor® association in the country,” Allen said. “We try to elect reasonable people to local office. These actions help to lead to more affordable housing options by an improved streamlined development process. Any additional costs to housing from a slow regulatory or permit process ends up affecting the end cost for the consumer.” Grady Kohler, principal broker and partner for Windermere Utah, recently stepped up his personal RPAC donations by investing $5,000. He believes tax incentives, like the mortgage interest deduction and 1031 tax exchange, are incentives at risk and would make real estate investment less desirable should they be discontinued. “We definitely do see the value,” Kohler said. “What was eye opening for me was the number of agents that didn’t contribute anything. People opt out of it because they don’t know what it does. It’s a pretty easy sell and helps our industry when you see what it does.” Dave Anderton is the communications director of the Salt Lake Board of Realtors®.
Home Inspection CRITERIUM-BERNHISEL ENGINEERS 801-466-0931 Scott Bernhisel, PE, MBA Professional Engineer
• Comprehensive Inspections • Expert Testimony • Diagnostics • Structural Repair & Design • Electrical, Mechanical, Roofing • Maintenance Planning • Environmental Assessments Exceeding ASHI Standards
TO ADVERTISE IN THIS SERVICE DIRECTORY PLEASE CALL
MILLS PUBLISHING, INC. 801-467-9419
Property Mgmt. PROPERTY MANAGEMENT DOESN’T COST IT PAYS ! Let the Professional Management Team at Miller & Company Do the work! With over 150 years combined experience and a proven 33 year record. We locate a qualified client for rental property & take care of the day to day operations. We pay agent referrals for New Properties placed and we Honor your client relationship. Specializing in Finer Homes, Plexes and Condos Call today! MILLER & COMPANY PROPERTY MANAGEMENT 801-566-7922 www.rentinutah.com pm@utmillerco.com
Becky Grubel and Bryan Colemere
February 2016 | Salt Lake Realtor ® | 21
RPAC 2015 MAJOR INVESTORS
HALL OF FAME
$25,000 or more LIFETIME INVESTMENT
$50K HALL OF FAME President’s Circle
Jim Bringhurst
President’s Circle
Gary Cannon
Butch Dailey
John Gonzales
Craig Hawker
Jeffrey Jonas
Chris Kyler
Tuiono Malakai
David Mansell
Al Mansell
Aaron Marshall
Christopher Nichols
President’s Circle
Platinum R
George Richards
Dave Robison
Platinum R President’s Circle
Platinum R
Charlotte Thomas
H. Blaine Walker President’s Circle
CRYSTAL R ($2,500)
President’s Circle
Thomas Wright
President’s Circle
The Realtors速 Political Action Committee
Members Making a Difference GOLDEN R-$5,000
Justin Allen
James Bringhurst
Chris Kyler
Joel Carson
Chris Nichols
Kim Farber Bowen
Troy Peterson
Craig Hawker
H. Blaine Walker
Grady Kohler
Thomas Wright
CRYSTAL R-$2,500
Judy Allen
Boyd Brown
Gregory Call
Scott Colemere
Aaron Marshall
ShirLee McGarry
Donna Pozzuoli
James Rex
Amy Gibbons
Becky Grubel
Claire Arslanian Larson
George Richards George Richards George Richards Walt Vandenberg Randall Woodbury
CRYSTAL R ($2,500)
* President’s Circle
STERLING R - $1,000
Cheryl Acker*
Lana Ames
Russell Booth
Jillinda Bowers
Kimberly Chatterton
Jennifer Clark
M. Brock Andersen
Jake Breen
Kristen Coleman-Nicholl
Ken Averett
Jacob Ballstaedt
Curtis Bullock*
Max Burdick
Bryan Colemere
Thomas Colemere
Sally Beagle
Cameron Burnside
Kenneth Bell
Susan Benson
Annie Bertoch Macdonald
Terry Bickmore
Jared Booth
Gary Cannon*
Sheridyn Cannon
Michael Carmody
KK Chaplin
Terry Cononelos
Carol Ann Daves
R. Brian De Haan
DeAnna Dipo
John Dowdle
Jason Eldredge
Scott Chapman
Connie Elliott
James Ellis
Gregory Fabiano
Mark Feigh
Laura Fidler
Rod Folkersen
David Frederickson
David Freiss
Michael Gabel
Linda Geer
Bob Goodson
Joel Hair
Bill Heiner
Lori Hendry
Julie Holmes
Jonah Hornsby
Dawn Houghton
Kris Hudson
Bryan Hurd
Cassie Jackson
Shirley Jacobson
Spencer Janke
Steven Johnson
Lisa Jungemann*
Tony Ketterling
Lori Khodadad
Jeffery Kirk
Adam Kirkham
Carolyn Kirkham Greene
Ryan Kirkham
Lindsey Kraatz
Thomas Kreifeldt
Fred Larsen
Kevin Larsen
Eric Lee
Bridget Lloyd
Cheryl Lyon
Susie Martindale
Jennifer Mascaro
Chris McCandless
Carolee Mecham
Michael Morgan
George Morris
Angie Domichel Nelden*
Michael Rowe
Heather Roxburgh
Linda Secrist
Kelly Shuldberg
Scott Steadman
Joshua Stern
Joseph Olschewski
Steve Perry
Ravath Pok
Ryan Pool
Lisa Radke
Tamra Rieper
Scott Robbins
Jeff Sidwell
Laurel Simmons
Debra Sjoblom
Elizabeth Slager
Janice Smith
Randy Smith
Catherine Sneyd
Matthew Ulrich
Michael Ulrich
Nathan Ulrich
Tricia Vanderkooi
Lisa Wanlass
Paul Willden
Durven Wilson
Sharon Spratley
Alex Winder
Doug Winder
Cameron Wood
Lisa Woodbury
Lee Stern
Elaine Zambos
BRONZE R - $500 Barbara Breen, Erika Rowell, Jeff Worthington, David Young, Britton Sharp, Thomas Swallow, Steven Critchfield, Matthew Frazier, Vann Larson, Margene Wrigley, Cecil Thompson.
2015 Event Sponsors Golden ($5,000): Edge Homes, UtahRealEstate.com, Utah Apartment Association Crystal ($2,500): D.R. Horton, Praedo Institute Sterling ($1,500): All-Points Inspections, America First Credit Union, Daybreak, Home Guard Inspections, Landmark Home Warranty, Pillar to Post Home Inspections, Women’s Council of Realtors®, Woodside Homes
For information about RPAC or how to invest in RPAC, please contact Justin Allen, Salt Lake Board of Realtors® Government Affairs Director, at justin@slrealtors.com or 801-542-8857.
CRYSTAL R ($2,500)
A great partnership providing the opportunity for the American Dream
www.vfund.com
NMLS#252108
Best of State 2013 Mortgage Banking
Utah’s 100 Fastest Growing Companies
MORTGAGE BANKERS ASSOCIATION
M E M B
E R
Cedar City • Ivory-Layton • Ivory-Lehi • Ivory-SLC • Layton • Logan • Old Mill • Orem • South Ogden • South Valley • St. George • Sugar House • Union Heights
*We’re partnering with the Salt Lake Chapter of Habitat for Humanity, and we are looking for volunteers to help us build a home! Call 801.290.5373 or email volunteer@vfund.com.
Housing Watch Home Sales Slow in Final Quarter of 2015; Condo Sales Skyrocket 2 - C OLOR
H
ome sales in Salt Lake County in the fourth quarter showed a modest increase, but slowed compared to previous quarters, according to the Salt Lake Board of Realtors®. There were 2,899 single-family homes sold in the final three months of 2015, a less than 2 percent increase compared to 2,857 sales a year earlier. Despite the slowdown in sales, 2015 marked the third best year in the number of homes sold in the history of Salt Lake County. In each of the first three quarters of 2015, home sales in Salt Lake County posted double-digit gains year-over-year (15 to 16 percent each quarter). Home sales also slowed in Davis County in the final quarter of 2015, up just 0.51 percent year-over-year. Utah County home sales fell nearly 3 percent. “Sales declines in the fourth quarter were not exclusive to the Wasatch Front. Home sales across much of the country also sagged during this period,” said Cheryl Acker, president of the Salt Lake Board of Realtors®. “To some degree this was caused by delayed closings resulting from the rollout of the RESPA-TILA Know Before You Owe initiative, which took effect on Oct. 3.” The rule was implemented by the Consumer Financial Protection Bureau to offer greater transparency into the mortgage and closing process. Unlike other Wasatch Front counties, Weber and Tooele counties
in the fourth quarter saw home sales climb at 13 percent and 23 percent respectively. In the final quarter of 2015, the median single-family home price in Salt Lake County reached $267,500, a nearly 5 percent rise compared to a median price of $255,000 a year earlier. The median home price in Davis County was $245,000, a 9 percent climb compared to $224,000 last year. The top five priciest areas in the fourth quarter for single-family homes by ZIP code along the Wasatch Front were: Alpine (84004) $565,000; Emigration Canyon (84108) $495,000; Lindon (84042) $444,750; Avenues (84103); $424,700; and Holladay (84124) $417,500. The bright spot in the fourth quarter was condominium sales. As first-time buyers struggled to qualify for higher home prices, many turned to townhomes and condominiums. In Salt Lake County, condo sales increased to 822 units sold in the fourth quarter, a 16 percent rise compared to 706 sales in the fourth quarter of 2014. Utah County saw its condo sales rise 15 percent. The median price of condos sold in Salt Lake was $194,750, up nearly 13 percent from a year ago. The average cumulative days a listing was on the market in the fourth quarter in Salt Lake County was 54 days, down from 75 days in the fourth quarter of 2014.
Salt Lake County Home Sales Per Quarter
26 | Salt Lake Realtor ® | February 2016
COUNTY ZIP CITY 2015 HOUSE % +/- 2015 Q4 MEDIAN % +/- 2015 CONDO % +/- 2015 Q4 % +/- 2015 Q4 % +/ # SOLD CHANGE SALES PRICE CHANGE # SOLD CHANGE CONDO MEDIAN CHANGE AVERAGE CHANGE SALES PRICE CDOM S.L. CO
84006
COPPERTON
4
0.00%
$182,250.00
23.98%
0
n/a
$0.00
n/a
31
-63.53%
S.L. CO
84020
DRAPER
141
7.63%
$400,000.00
-3.00%
52
36.84%
$215,000.00
10.00%
67
-19.28%
S.L. CO
84044
MAGNA
113
11.88%
$179,000.00
12.23%
7
40.00%
$91,000.00
-23.21%
31
-43.64%
S.L. CO
84047
MIDVALE
57
-3.39%
$229,000.00
-2.97%
64
-11.11%
$216,500.00
4.10%
50
-24.24%
S.L. CO
84065
RIVERTON
95
-24.60%
$327,500.00
10.46%
54
217.65%
$233,494.00
12.26%
61
-24.69%
S.L. CO
84070
SANDY
74
21.31%
$240,000.00
1.05%
27
17.39%
$164,900.00
10.67%
41
-48.75%
S.L. CO
84081
WEST JORDAN
101
-17.21%
$288,230.00
15.29%
14
-26.32%
$194,950.00
15.42%
36
-51.35%
S.L. CO
84084
WEST JORDAN
119
21.43%
$234,900.00
10.59%
37
15.62%
$165,900.00
6.01%
33
-45.00%
S.L. CO
84088
WEST JORDAN
108
16.13%
$257,000.00
1.62%
19
137.50%
$177,000.00
9.09%
50
-15.25%
S.L. CO
84091
SANDY
0
n/a
$0.00
n/a
0
n/a
$0.00
n/a
0
n/a
S.L. CO
84092
SANDY
70
-20.45%
$378,150.00
9.24%
0
-100.00%
$0.00
-100.00%
77
0.00%
S.L. CO
84093
SANDY
74
-7.50%
$337,000.00
5.48%
2
100.00%
$315,000.00
12.50%
75
-10.71%
S.L. CO
84094
SANDY
72
-10.00%
$259,950.00
5.46%
14
250.00%
$237,000.00
51.34%
40
-33.33%
S.L. CO
84095
SOUTH JORDAN
155
-25.84%
$353,484.00
-2.89%
50
-12.28%
$219,950.00
11.09%
84
-10.64%
S.L. CO
84096
HERRIMAN
185
38.06%
$321,456.00
1.90%
48
140.00%
$223,155.00
18.39%
58
-29.27%
S.L. CO
84101
SLC
2
-60.00%
$124,950.00
-26.93%
28
40.00%
$243,950.00
4.25%
97
0.00%
S.L. CO
84102
SLC
21
-19.23%
$326,000.00
21.78%
24
-11.11%
$162,250.00
-1.67%
64
16.36%
S.L. CO
84103
SLC
44
-30.16%
$424,700.00
-12.25%
30
15.38%
$182,450.00
-7.62%
89
-5.32%
S.L. CO
84104
SLC
47
11.90%
$150,000.00
-0.63%
1
-50.00%
$65,000.00
-33.64%
36
-2.70%
S.L. CO
84105
SLC
91
-15.74%
$344,000.00
11.09%
0
-100.00%
$0.00
-100.00%
51
-13.56%
S.L. CO
84106
SLC
115
13.86%
$278,000.00
3.77%
33
-21.43%
$185,000.00
15.81%
49
-37.97%
S.L. CO
84107
MURRAY
43
-17.31%
$249,900.00
6.25%
66
34.69%
$184,700.00
47.88%
72
-18.18%
S.L. CO
84108
SLC
57
50.00%
$495,000.00
32.00%
18
28.57%
$261,000.00
5.24%
79
3.95%
S.L. CO
84109
SLC
66
0.00%
$378,750.00
19.29%
5
-28.57%
$192,500.00
21.84%
55
-28.57%
S.L. CO
84111
SLC
21
-8.70%
$250,000.00
19.05%
19
58.33%
$279,000.00
25.96%
63
-20.25%
S.L. CO
84115
S SLC
68
38.78%
$200,000.00
6.67%
17
-5.56%
$153,500.00
14.21%
34
-61.80%
S.L. CO
84116
SLC
68
19.30%
$181,500.00
12.04%
7
0.00%
$128,900.00
18.26%
36
-56.10%
S.L. CO
84117
HOLLADAY
54
14.89%
$336,250.00
-6.86%
39
-4.88%
$127,000.00
-17.53%
67
4.69%
S.L. CO
84118
TAYLORSVILLE/ KEARNS 177
7.93%
$192,000.00
10.06%
2
100.00%
$214,750.00
141.29%
37
-35.09%
S.L. CO
84119
WVC
81
0.00%
$182,500.00
8.63%
44
29.41%
$140,000.00
7.28%
48
-20.00%
S.L. CO
84120
WVC
144
0.00%
$195,000.00
5.41%
10
-16.67%
$192,500.00
15.79%
38
-40.62%
S.L. CO
84121
COTTONWOOD
121
4.31%
$330,000.00
6.45%
24
-31.43%
$166,000.00
-26.22%
61
-48.74%
S.L. CO
84123
TAYLORSVILLE/ KEARNS 71
24.56%
$246,500.00
15.73%
41
46.43%
$127,000.00
15.56%
31
-67.71%
S.L. CO
84124
HOLLADAY
68
0.00%
$417,500.00
29.48%
11
10.00%
$214,000.00
-21.54%
93
14.81%
S.L. CO
84128
WEST VALLEY
101
32.89%
$212,000.00
9.99%
9
0.00%
$151,000.00
7.93%
31
-40.38%
S.L. CO
84129
TAYLORSVILLE
71
-19.32%
$220,500.00
10.25%
6
-45.45%
$141,700.00
20.08%
51
24.39%
S.L. CO TOTALS
2899
1.47%
$267,500.00
4.90%
822
16.43%
$194,750.00
12.57%
54
-28.00%
DAVIS CO 84010
BOUNTIFUL
92
-14.02%
$286,500.00
20.38%
27
-27.03%
$165,000.00
-5.71%
60
-32.58%
DAVIS CO 84014
CENTERVILLE
43
104.76%
$277,915.00
16.04%
14
-36.36%
$132,500.00
-27.38%
45
-42.31%
DAVIS CO 84015
CLEARFIELD
256
4.07%
$195,000.00
8.03%
16
45.45%
$121,950.00
1.71%
62
-15.07%
DAVIS CO 84025
FARMINGTON
48
-21.31%
$336,500.00
5.16%
15
50.00%
$212,500.00
14.86%
74
-16.85%
DAVIS CO 84037
KAYSVILLE
97
21.25%
$309,900.00
14.35%
3
-70.00%
$159,000.00
-5.79%
53
-44.79%
DAVIS CO 84040
LAYTON
76
-16.48%
$277,500.00
11.00%
8
0.00%
$181,425.00
16.59%
69
-30.30%
DAVIS CO 84041
LAYTON
162
5.88%
$209,250.00
14.97%
14
75.00%
$173,000.00
8.26%
40
-43.66%
DAVIS CO 84054
N. SALT LAKE
73
48.98%
$264,900.00
8.19%
19
35.71%
$191,700.00
12.11%
51
-27.14%
DAVIS CO 84075
SYRACUSE
93
-26.77%
$264,000.00
10.05%
0
-100.00%
$0.00
-100.00%
55
-32.10%
DAVIS CO 84087
WOODS CROSS
39
0.00%
$239,550.00
4.15%
5
-28.57%
$180,000.00
-1.90%
29
-35.56%
979
0.51%
$245,000.00
9.38%
121
-8.33%
$173,000.00
1.82%
55
-31.25%
DAVIS CO TOTALS
February 2016 | Salt Lake Realtor 速 | 27
REALTOR® Connections Q&A: Jodie Osofsky Jodie Osofsky is member of the Board of Directors of the Salt Lake Board of Realtors®. She is a Realtor® with Sandy-based Select Group Realty. She is the director liaison for the Charity Challenge Committee. Q: What is the Charity Challenge? A: The Salt Lake Board of Realtors® in 2016 will launch a fresh approach in serving our community. For the first time, the Board has established a 501(c)(3), giving us a federal tax exemption. The committee is currently formulating several opportunities for Realtors® to get involved. These opportunities include: direct volunteer time, brokerto-broker challenges, and a major fundraising event on June 16. Q: Who can help? A: All Realtors® and affiliates are invited to take part in the Charity Challenge. Dates and times will be announced in future weekly emails, social media, and Salt Lake Realtor® magazine. Q: How do I get involved? A: For more information, please contact Laura Harrison at laura@slrealtors.com.
Realtypath Opens New South Valley Branch & Education Center Realtypath announced it opened a new office and education center. Located in Riverton near Bangerter Highway and 126th South, the office is capable of accommodating up to 150 agents. The conference and office space was designed to serve agents and real estate clientele in the expanding southwest corridor. “The branch intends to target Realtors’® needs without bounds or company borders,” said Mike Morgan, branch broker and president. “Our end game is to have the Realtypath brand be perceived by the public as a signature that the transaction will go smoothly.”
28 | Salt Lake Realtor ® | February 2016
On the Move Signature Group Real Estate recently announced it joined forces with Realty ONEGroup. The new firm will be called RealtyONEGroup Signature. Signature Group Real Estate was founded in 2001 by Ravath (RP) and Joan Pok. In 2006, the firm was recognized by the Mountainwest Capital Network as the No. 1 Fastest Utah Growing Company. The new brokerage recently hired Matt Dulle as principal broker of the firm. Dulle has served on the Young Professionals Network of the Salt Lake Board of Realtors® and the Council of Residential Specialists. Exit Realty Legacy announced that Vilisoni (Vili) Kotobalavu has joined its brokerage. Vili is native to the North Shores of Oahu, Hawaii and attended the University of Utah, where he graduated with a Bachelor of Science in Geography and attained a Geographic Information Systems (GIS) certification. He later attended Stringham Real Estate School and learned that geography is applicable to nearly everything Realtors® do in the real estate business. Aubrey and Associates announced the following Realtors® have joined the firm: Doug Miller, Brandon Hacker, Peter Schiess, Elizabeth Lippert, James McBeth, Launie Belnap, Mike Smithson, and Sandra Gillen. Salt Lake Realtor® Magazine welcomes announcements of new Realtors®, affiliates, awards and professional accomplishments. Items received are printed at the discretion of Salt Lake Realtor® Magazine on a first-come, first-serve basis. Send your news to dave@slrealtors.com.
FOLLOW THE SIGNS
www.C21Everest.com
In 2015, over 4,900 homes sold along the Wasatch Front* had a touch of gold from a CENTURY 21 Everest Realty Group agent. Come to our monthly Summit meeting to find out why. Lunch is on us! contact GeorgeMorris@Century21.com
Century 21 Everest Realty Group: The Gold Standard
©2015 Century 21 Real Estate LLC. CENTURY 21® is a trademark licensed to Century 21 Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated. *Data provided by WFRMLS
Ty Pennington’s
TOP THREE REASONS you should choose Guaranteed Rate
TOP 10 RETAIL LENDER & 95% CUSTOMER SATISFACTION*
FAST & EASY DIGITAL MORTGAGE
LOW, LOW RATES! TY PENNINGTON TV HOST
close more deals. period.
Julia G. Borst
(801) 617-1200
Regional Sales Manager
Julia.Borst@guaranteedrate.com
6900 South 900 East, Suite 150 • Midvale, UT 84047
guaranteedrate.com/juliaborst
Julia G. Borst NMLS ID:275440, LO ID# UT - 5495305 - 7495184 • NMLS ID #2611 (Nationwide Mortgage Licensing System www.nmlsconsumeraccess.org) • UT - Lic #749518 *95% Customer Satisfaction: Data Source: Guaranteed Rate’s Client Satisfaction Surveys (Averaged 2007-2015)
This is Bill. Bill pays his broker $395 per deal, caps at $15K and gets the best darn marketing ever. Bill keeps lots of his commissions. Bill works at RealtyONEGroup Signature. Bill is smart. Be like Bill.
w w w.JoinROGSignature.com Matt Dulle & RP, Managing Brokers 801. 381.6288 matt@rogsignature.com
SI G N AT U R E
C OOLT U R E
C OA CH ING
C OMM ITMENT
CR AZY C OMM I S SIONS