Supply/Inventory trending downward over the last 3+ months. Demand is quickly increasing. The market is accelerating. 

The market in the past year has been interesting. Record breaking rate hikes starting in January 2022. A mega boom from January to April/May. Then rapid normalization for roughly six months. 

The data has been showing an accelerating market for the past three months. As of the last 3 weeks the market acceleration is VERY noticeable. We are seeing multiple offer situations again. This does not mean that market conditions are back into early 2021 / early 2023 territory. It does mean that days on market is dropping and certain neighborhoods/properties have demand that is much higher than supply. 

Inventory declined slightly across the MLS and in most Wasatch Front counties for the thirteenth week in a row. Demand indicators are on an upward trend. 

Across the board for the Wasatch Front counties, inventory/supply ranges from less than three to four+ months. In the current inventory we are seeing a lot of, but now decreasing amounts, of price reductions. In Salt Lake County, 9.4% 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 491 Expireds in Salt Lake County, 389 Expireds in Utah County, and 157 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. Big declines in mortgage rates recently. 30 year mortgages are now at 6.12% (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