Supply/Inventory trending downward over the last 5 months. Demand is quickly increasing. The market accelerated recently. Mortgage rates on a roller coaster.  

The data has been showing an accelerating market for the past five months. As of the last month+ 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 sixteenth week in a row. This trend is likely to continue. Demand indicators are on an upward trend. 

Across the board for the Wasatch Front counties, inventory/supply ranges from less than two months to three months. In the current inventory we are seeing a lot of, but now decreasing amounts, of price reductions. In Salt Lake County, 11% 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 364 Expireds in Salt Lake County, 320 Expireds in Utah County, and 119 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 and then in the last couple weeks there has been a big increase. 30 year mortgages are now at 6.73% (Freddie Mac). These numbers are posted every Thursday and this number is currently plunging. In the past few weeks we saw rates for 30 year fixed jump by about a point and then suddenly drop by a half point. 

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