The Spring Market kicks off early! Inventory trending downward / decent demand. Market accelerating.

Highlights:
1) The Spring Market kicks off early
2) Seeing multiple offers again
3) Local data showed an accelerating market since early November.
We are now experiencing that acceleration 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 now entering the market to scoop up the decreased inventory at the now lower mortgage rates.
4) Last year the "habitually seeing multiple offers" season was nearly identical in timing and lasted 2 to 3 months.

2023 trends (since March) until early November: Supply slowly increasing, demand slowly decreasing, months of supply climbing. This trend reversed in early November. The previous year, inventory peaked in early November and then began to quickly fall. That trend continued through March. 2024 inventory trends: Currently at the low for the year. The last couple of weeks have been flat/little to no change.

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. Until recently, I said don't be surprised if the market rapidly accelerates. That is now happening. We are starting to see multiple offers again. 

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. Less and less each week. In Salt Lake County, 8.5% of the current inventory reduced offering price in the last 7 days. 

Expired listings (homes that listed and did not sell) returned in the last couple years. In the last 30 days there were 286 Expireds in Salt Lake County, 241 Expireds in Utah County, and 96 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. Big drop in mortgage rates in the past few months. Buyers ARE BUYING homes in the current mortgage environment. 30 year mortgages are now at 6.94% (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