November Weekly Wasatch Front Market Report
Inventory increasing (still on the low side by historic standards) / decent demand. Homes selling and A LOT of opportunities out there for buyers
Very unique market. The last sentence above is my best one sentence description of current market conditions.
Current trends until this week: Supply slowly increasing, demand slowly decreasing, months of supply climbing. Inventory/supply is still low by historic standards, but less so by recent standards of being used to low inventory levels since 2020. Absorption rate data is creeping into "balanced market" territory. Tilted towards sellers, yes, but just barely. Historically, this is exactly the seasonal variation that we see. Last year, inventory peaked in early November and then began to quickly fall. That trend continued through March. This past week is the first inventory decrease that we have seen in quite some time. Is this a blip? Maybe. Will we see a decline in inventory as we typically see this time of year? Highly probable.
Across the board for the Wasatch Front counties, inventory/supply ranges from two months to four months. In the current inventory we are seeing a lot of of price reductions. In Salt Lake County, 13.4% 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 467 Expireds in Salt Lake County, 398 Expireds in Utah County, and 143 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 increase in the last couple weeks. Big drop in mortgage rates late last week. Buyers ARE BUYING homes in the current mortgage environment. 30 year mortgages are now at 7.76% (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
All of Utah
(residential)
9,528
Homes On Market
3,956
Under Contract
4.02
Months Of Supply
Salt Lake County
(residential)
2,432
Homes On Market
1,108
Under Contract
3.06
Months Of Supply
Utah County
(residential)
1,939
Homes On Market
1,011
Under Contract
3.77
Months Of Supply
Davis County
(residential)
706
Homes On Market
295
Under Contract
3.25
Months Of Supply
Tooele County
(residential)
305
Homes On Market
152
Under Contract
4.01
Months Of Supply
Weber County
(residential)
838
Homes On Market
257
Under Contract
3.89
Months Of Supply