Housing inventories increased in the last few months, but there is still a 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 a little over 2700 active residential listings on the market (normal is 3100+) and roughly 2700 listings under contract. In a market in equilibrium, we typically see far less homes under contract (less than two-thirds) than the number of homes that are actively on the market. With escrows lasting 30 to 45 days this tells us that homes are selling quickly.
Davis County: 760 Active and 700 Under Contract
Utah County: 1950 Active and 1900 Under Contract
Tooele County: 240 Active and 210 Under Contract
Luckily for anyone looking to buy a home, inventories increased in the last few months. Early this year we had less than 1700 active residential listings on the market in Salt Lake County.
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. Multiple offers are more the norm than the exception in the average and lower price points.
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.