The Spring Market kicked off early in January and continues for longer than the typical seasonal hot market. Now starting to normalize. 

Highlights:
1) The Spring Market kicked off early in January
2) Inventory supply bottomed in March, now up 44% from that low point
3) Local data showed an accelerating market since early November. Now slowing as much needed inventory hits the market.
4) Demand high enough to keep absorption rates at roughly 2 months (a sellers market).

This is such a unique market. The market has picked up in the past six months, but behaviors and perceptions haven't changed. The comical way of describing this is that sellers think it is 2021, buyers think it is 2008, and the skilled Realtor's job is to close that gap.

I would argue that there is A LOT of pent up demand in the market from the past two years. A huge amount of people that want to make a move but feel like they can't afford it and/or they feel handcuffed by their current advantageous interest rate. 

Now seeing much needed inventory coming to market (this trend typically continues through November). Consistent small weekly inventory increases since the inventory low in March, now 44% higher than early March. By historic standards there is a low inventory, by recent standards, not so much. There are plenty of homes to choose from. 

Across the board for the Wasatch Front counties, inventory/supply ranges from two months to three months. By that measure alone it is a sellers market. In the current inventory we are seeing some price reductions. In Salt Lake County, 13.9% of the current inventory reduced offering price in the last 7 days and 34.0% of the current inventory reduced offering price in the last 30 days

Expired listings (homes that listed and did not sell) happen in every market. In the last 30 days there were 77 Expireds in Salt Lake County, 72 Expireds in Utah County, and 19 Expireds in Davis County. Even in a sellers market, not every listing sells. 

The headlines these days are all about big swings in mortgage rates. Buyers ARE BUYING homes in the current mortgage environment. 30 year mortgages are now at 6.99% (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