August Wasatch Front Market Report
Below average supply approaching average/ above average demand. Inventory increasing.
The Spring and into the Summer was a sellers market with relatively high sales volume. Current trends: Supply slowly increasing, demand slowly decreasing, months of supply climbing.
Across the board for the Wasatch Front counties, inventory/supply ranges from two months to just over four months (still very much a sellers market). In the current inventory we are seeing a lot of of price reductions. In Salt Lake County, 13.3% of the current inventory reduced offering price in the last 7 days.
Expired listings (homes that listed and did not sell) returned last Fall, and are now on a declining trend. In the last 30 days there were 374 Expireds in Salt Lake County, 303 Expireds in Utah County, and 107 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 big swings in mortgage rates. 30 year mortgages are now at 6.90% (Freddie Mac). These numbers are posted every Thursday.
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)
8,494
Homes On Market
4,848
Under Contract
3.09
Months Of Supply
Salt Lake County
(residential)
2,016
Homes On Market
1,349
Under Contract
2.10
Months Of Supply
Utah County
(residential)
1,727
Homes On Market
1,178
Under Contract
2.97
Months Of Supply
Davis County
(residential)
666
Homes On Market
383
Under Contract
2.42
Months Of Supply
Tooele County
(residential)
288
Homes On Market
204
Under Contract
4.36
Months Of Supply
Weber County
(residential)
699
Homes On Market
381
Under Contract
2.68
Months Of Supply