The real estate market in Salt Lake City has seen yet another month of a decrease in median sold home prices, with a 3.5% drop in December 2022. This marks the first month to show a decrease in median sold values year over year. The combination of high home prices, rising interest rates, snow storms and the holiday season during the slowest part of the real estate season has created the perfect storm for a decrease in home values.
One question on many people’s minds is “how long will this trend last?” While no one has a crystal ball, looking closer at the data can provide some insights on what to expect in the next few months. One important analytic to keep an eye on is market inventory. At the high point of the market, we saw inventory as low as 2,000 homes in the entire state of Utah. However, in early fall 2022, inventory reached over 10,000 homes, which would be considered pre-pandemic levels. Currently, we are seeing a downward trend, with around 7,300 homes on the market as we begin the new year. If this trend continues along with the stabilization of interest rates, we may see another shift in the market soon in Salt Lake City.
It’s important to note that while median data is a good reference, it’s not always the best indicator of your own home’s value. Homeowners in Salt Lake City should consult with a real estate expert for personalized advice on their own home’s value.
In summary, the real estate market in Salt Lake City has seen a decrease in median sold prices, due to a combination of factors such as high home prices, rising interest rates, and winter weather. Market inventory is also worth paying attention to, as it may indicate a shift in the market. Finally, homeowners should consult with a real estate expert for personalized advice on their own home’s value.
The Salt Lake County housing market is an ever-changing landscape. Understanding current trends and data can help any home buyer or seller confidently navigate their way through the market. Here, we discuss the most important data to take into account when selling or buying a home – the median sold price, number of homes sold, and days on market.
The median sold price for homes in Salt Lake County is a helpful indicator for understanding pricing trends for a given area. Generally speaking, the higher the median sold price, the more expensive homes are in the area. However, it is important to note that this figure can vary significantly from one suburb to the next.
The number of homes sold in a given area can also give insight into the health of the local market. A higher number of homes sold indicates a larger number of buyers interested in buying in the area. On the other hand, a smaller number of homes sold could indicate that buyers are being more cautious when it comes to making an offer.
Finally, the days on market (DOM) can be used to gain insights into how quickly homes are selling in an area. A lower DOM typically indicates that homes are selling quickly, while a higher DOM can usually mean that buyers are taking longer to make decisions or that there is an oversupply of homes in the market.
Overall, understanding the median sold price, number of homes sold, and days on market in the Salt Lake County housing market is essential for anyone looking to buy or sell a home. By analyzing this data, a buyer or seller can feel confident in their decisions and understand how the current trends may affect their choices.
** This data comes directly from Utah’s MLS this data search criteria is State is Utah, County is Salt Lake, All Residential
This report was generated automatically by the Wasatch Front Regional MLS on 08/12/2022 at 04:45 PM. Includes only listings where list price is between $15,000 and $10,000,000 and sold price does not exceed 25% +/- that of the list price.