Inventory trending downward / 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 four weeks ago: 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 four weeks have 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, 5.8% 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 476 Expireds in Salt Lake County, 356 Expireds in Utah County, and 121 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 drop in mortgage rates recently. Buyers ARE BUYING homes in the current mortgage environment. 30 year mortgages are now at 7.29% (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