Supply is at the low end of Normal. Demand is softened, but still there. Homes ARE selling. 

The local market has been changing rapidly since May. There is so much conflicting information out there. What we know is the local data. The data shows a balanced market between buyers and sellers where homes are selling at decreased but still decent volume.

Inventory declined slightly across the MLS and in most Wasatch Front counties for the third week in a row. This is what we typically see during the holiday season. Demand indicators (escrows and recent sales) on a slow downward trend. 

Across the board for the Wasatch Front counties, inventory/supply ranges from three to seven+ months. In the current inventory we are seeing a lot of price reductions. In Salt Lake County, 14.8% of the current inventory reduced offering price in the last 7 days. 

Expired listings (homes that listed and did not sell) are back. In the last 30 days there were 642 Expireds in Salt Lake County, 503 Expireds in Utah County, and 184 Expireds in Davis County. The increase in expired listing shows a change in seller psychology and a return to what we typically see in a normal market. 

The headlines these days are all about mortgage rates. 30 year mortgages are now at 6.49% (Freddie Mac). These numbers are posted every Thursday. 

So what does this market shift actually mean? Market conditions show a balanced market where most homes do not sell right away with multiple offers. Successful sellers approach the market strategically. Buyers have more available homes to choose from. In practice that means that buyers are able make offers subject to inspection and appraisal again. We are back in a more normal environment where two parties (buyer and sellers) have to negotiate with each other to find a mutually outcome. 

If you are having thoughts of moving, it might benefit you to have a casual conversation about what is possible in this market. Pro tip, selling and buying at the same time without moving twice IS POSSIBLE in the current market. Schedule a strategy session HERE