The best way to describe the current market is that there is a massive shortage of available homes. Prices are increasing and there are more buyers than sellers.
As of this writing, in Salt Lake County, there are currently less than 1800 active residential listings on the market (normal is 3100+) and roughly 2700 listings under contract. So active listings are roughly half of normal and under contract listings are 1.5X the amount of active listings. With escrows lasting 30 to 45 days this tells us that homes are selling quickly.
Average days on market in price brackets under jumbo territory are a few weeks. However, the homes that are priced right and marketed properly sell within days.
There is a 2.7 month supply of housing inventory in Salt Lake County and the median home price climbed to $273,801, 14% higher than January of last year.
If you are thinking of selling and/or buying a home it is a good time to do it. Mortgage rates are still low and the Wasatch Front real estate market is strong.
Thinking of selling your house? VIEW OUR SELLER PROCESS
Thinking of buying a home? VIEW OUR BUYER PROCESS
Selling your home and using the proceeds of the sale to buy a new home? VIEW COORDINATING A SALE/PURCHASE
Or SCHEDULE A CALL to get started.