February 2022 Wasatch Front Market Report
The 🔥 market continues. We are roughly a month and a half into the current hot hot market similar to Spring 2021
Record low inventory, sky high demand, and multiple offer situations are back. Each county along the Wasatch Front followed a similar pattern in 2021. Basically the hottest sellers market of all time from February to July. Inventory (supply) hit a record low in early Spring and hit a high (still at a low inventory level) in early November. Today, inventory is lower than at any point of 2021. Buyer demand is through the roof. This is not a supply pinch - This is demand based - Homes are listing and they are selling. With mortgage rates on the rise, savvy buyers are making a move while they can still take advantage of still amazing rates. The stats listed below are taken on a Monday which is typically the weekly high. Intra-week, the inventory varies by more than 20%. This means that homes list and that they sell quickly. The key to winning (especially when both selling and buying) in the current market is speed, having a plan, and knowing exactly what works and what does not work in the current market.
Salt Lake County
(residential)
347
Homes On Market
1,956
Under Contract
.39
Months Of Supply
Davis County
(residential)
113
Homes On Market
476
Under Contract
.52
Months Of Supply
Utah County
(residential)
372
Homes On Market
2,891
Under Contract
.61
Months Of Supply