Approaching the Spring when we will see more inventory

Highlights:
1) Roller coaster in mortgage rates over the last year.
2) 2024 inventory peaked in late October and is currently on a slow downward trend. Seasonally, this trend tends to continue until early Spring and the current downward trend is slower than most years.
3) Demand high enough to keep absorption rates at roughly 3 to 5 months (a balanced market).
4) Active, but very unique market. What is unique is that some homes go gangbusters and receive multiple offers while others sit on market or don't ultimately sell (results vary widely across neighborhoods and price brackets).
5) Seeing more multiple offer situations. Not a feature of the market, just a highlight of #4 above

This is such a unique market. The market is active, but behaviors and perceptions haven't changed. The comical way of describing this is that sellers think it is 2021, buyers think it is 2008, and the skilled Realtor's job is to close that gap.

I would argue that there is A LOT of pent up demand in the market from the past two years. A huge amount of people that want to make a move but feel like they can't afford it and/or they feel handcuffed by their current advantageous interest rate. That same argument applies to active buyers that were holding off until after the election, and after the new year, and until the Spring. 

2024 inventory peaked in late October and is currently on a downward trend. Seasonally, this trend tends to continue until early Spring.

Across the board for the Wasatch Front counties, inventory/supply ranges from three months to five months. By that measure alone it is a balanced sellers market. Some homes go gangbusters multiple offers (some neighborhood and price brackets have been super competitive with multiple offer situations being common) while others sit on market. In the current inventory we are seeing some price reductions. In Salt Lake County, 11.1% of the current inventory reduced offering price in the last 7 days and 29.2% of the current inventory reduced offering price in the last 30 days

Expired listings (homes that listed and did not sell) happen in every market. In the last 30 days there were 117 Expireds in Salt Lake County, 130 Expireds in Utah County, and 27 Expireds in Davis County. Even in a sellers market, not every listing sells. 

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 6.89% (Freddie Mac). Big up and down roller coaster recently. 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