July Wasatch Front Market Report
QUICKLY moving towards the normalization of a more balanced market.
Supply is up, demand is somewhat muted. This always happens when markets change. Everyone pauses in the uncertainty of the change and then all the sudden... the new normal becomes normal to everyone. That new normal is still a seller's market, but it is also a market with multiple months of inventory.
Inventory is has been steadily increasing for the last four months and is now well above pre-pandemic levels. Across the board for the Wasatch Front counties, inventory/supply ranges from two to three months. In the current inventory we are seeing a lot of price reductions. In Salt Lake County, 19.7% of the current inventory reduced offering price in the last 7 days. I would argue that these sellers are dropping their price to where they should have been from when they first listed.
The headlines these days are all about mortgage rates. Especially last week. 30 year mortgages are now at 5.51% (Freddie Mac).
So what does this market shift actually mean? Market conditions still favor sellers but most homes do not sell right away with multiple offers. The primary change is that 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
All of Utah
(residential)
8,900
Homes On Market
6,794
Under Contract
2.93
Months Of Supply
Salt Lake County
(residential)
2,322
Homes On Market
1,787
Under Contract
2.31
Months Of Supply
Utah County
(residential)
2,170
Homes On Market
2,558
Under Contract
3.08
Months Of Supply
Davis County
(residential)
757
Homes On Market
477
Under Contract
2.23
Months Of Supply
Tooele County
(residential)
271
Homes On Market
217
Under Contract
3.11
Months Of Supply
Weber County
(residential)
761
Homes On Market
362
Under Contract
3.03
Months Of Supply