shutterstock_16569010.jpg

Salt Lake City Spring Market Update

By Berkshire Hathaway HomeServices Utah Properties
Apr 21, 2016

slc

March 2016 active listings (inventory) was down 32% from March 2015; yet, pending sales are up 8% in Salt Lake City County. This trend of low inventory by high pendings has occurred consistently for the last year. Bottom line: demand for housing remains strong, and inventory remains constrained.

Utah county has slowed slightly as far as pendings and Davis County has the lowest number of listings. The county is down 45% in inventory when compared to the same time last year. Once again, Davis county has more pending deals than they do active inventory.

Weber County is showing the same signs of frantic buyer interest with inventory down 37% from March of last yet, but pending sales are up 9%.

Davis County is seeing the strongest appreciation if you look at the month of March 2016 over 2015, with a 10% increase in median sales price this year.

Median price closed out at $255,000 in SLC county, which is up from January by almost 7%!  Pricing is skyrocketing in the affordable price range; for Wasatch front, anything under $500K is seeing rapid appreciation. Median price in SLC may reach over $260K for all unit types and could surpass $300K for single family homes. That's a ceiling we've never even gotten close to in Salt Lake City.

Remember it's a seasonal market and this is common.  If we remove the seasonality and just compare March 2015 to Feb 2016 median price is up 7%. This conveys that the market ceiling is really being challenged.  On one hand, there is nothing to buy because inventory is low; but, at the same time buyers are experiencing price shock since the market got back to all time new highs in 2015.

Our take: The market will remain hot with more inventory coming to market over the next 90 days and likely will still see strong appreciation until inventory gets back to normal market levels.

 

 

Salt Lake City Market Update | August

By Berkshire Hathaway HomeServices Utah Properties
Sep 16, 2015

August Market Overview

FaceBook Cover Fall

 

Here's your monthly Salt Lake Real Estate market breakdown. August active listings were down 22% from last year; yet pendings were up by 21% in Salt Lake County. We are seeing similar trends in neighboring counties except Davis, which has even lower inventory and fewer pendings. Weber and Ogden have less inventory than Salt Lake County but also experienced the highest number of pendings. Ogden is the hottest market going by the stats.

Median price closed out at $250K, which suggests a slight pricing adjustment from June and July, and could be evidence of a slowing market. Usually, we see a seasonal downturn in median price, active listings, and sales in September and October. This year it arrived early and that could be significant.1,494 residences closed, which is a 9% increase over 2014. While the increase suggests growth, the 9% statistic is evidence that the market is leveling out (the increase in closings per month has been at least 11% since February of this year).

Summary:  Although summer has been hot and unprecedented in certain stats (total volume, days on market) the market is showing signs of slowing and these signs are a bit greater than your average seasonal slow down. This trend is presenting itself across all counties Wasatch Front.

Salt Lake City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 16, 2015

A current overview of Salt Lake's market. 

slc

May active listings (inventory) are down 23.68% from may 2014. In general, low inventory is one of the biggest constraints on the market we are currently witnessing. Buyers should be prepared to move quickly in a competitive marketplace.

Median price current sits at $253,000, which is a new all time high for Salt Lake county.

A total 1,564 property units closed, which amounts to an 8% increase in units from 2014. While we have witnessed a slight increase in sales, the rate of increase has slowed in the past year, which actually suggests that our market is stabilizing and generally recovered from the recession.

March and April saw an increase of 35% in sales volume and 17% over the prior year. The market is definitely moving but remains segmented and hard to predict. Now more than ever, it's key to have an advisor when navigating real estate decisions. 

Summary:

While we are seeing increase in price and sales volume across the board, the rates of growth in these two sectors suggest a potential leveling-off of the market. It could be that buyers are starting to fight back on pricing even though inventory is low.  Thus, we could be seeing the initial signs of a slight slow down, which would actually be a good, stabilizing trend in our marketplace.

Reach-out to your BHHS Utah agent with any questions regarding Salt Lake's always evolving market.

 
 
Existing user sign in: 
Forgot Password?