BIG DROP IN MORTGAGE RATES! Inventory trending downward / decent demand. Market likely to accelerate early 2024. 

2023 trends (since March) until nine weeks ago: Supply slowly increasing, demand slowly decreasing, months of supply climbing. This trend reversed in early November. Last year, inventory peaked in early November and then began to quickly fall. That trend continued through March.

I would argue that there is A LOT of pent up demand in the market from the past 18 months, and especially the past 6 months, that is going to enter the market in early 2024 to scoop up the decreased inventory. Don't be surprised if the market rapidly accelerates in January/February. 

Across the board for the Wasatch Front counties, inventory/supply ranges from three months to five months. In the current inventory we are seeing some price reductions. In Salt Lake County, 4.3% of the current inventory reduced offering price in the last 7 days. 

Expired listings (homes that listed and did not sell) returned last year. In the last 30 days there were 523 Expireds in Salt Lake County, 422 Expireds in Utah County, and 130 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. Big drop in mortgage rates recently and on a downward trend. Buyers ARE BUYING homes in the current mortgage environment. 30 year mortgages are now at 6.62% (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