Below average supply / above average demand. 

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 followed by a slow strengthening. 

The data has been showing an accelerating market since late 2022. This does not mean that market conditions are back into early 2021 / early 2022 territory. It does mean that days on market is dropping and certain neighborhoods/properties have demand that is much higher than supply. 

Inventory declined for six months starting in November. Now trending upward as more homes list in the Spring/Summer. Demand indicators are on an upward trend. 

Across the board for the Wasatch Front counties, inventory/supply ranges from just under two months to just over three months. In the current inventory we are seeing a lot of, but now decreasing amounts, of price reductions. In Salt Lake County, 12.8% 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 328 Expireds in Salt Lake County, 260 Expireds in Utah County, and 80 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 6.81% (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