Below average supply approaching average/ above average demand. Inventory increasing. 

The Spring and into the Summer was a sellers market with relatively high sales volume.  Current trends: Supply slowly increasing, demand slowly decreasing, months of supply climbing. Inventory levels entering "balanced market" territory. We are entering the normal seasonal variation of the market normalizing in the Fall. 

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, 11.9% 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 405 Expireds in Salt Lake County, 297 Expireds in Utah County, and 102 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. Buyers ARE BUYING homes in the current mortgage environment. 30 year mortgages are now at 7.12% (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