What’s Going on in the Salt Lake Market?

Salt Lake City Area Real Estate Podcast with Jodie Osofsky

It’s time for another market update for Salt Lake County, and the stats are looking good.

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I’ve got the latest numbers from the Salt Lake market update. We’re approaching the fourth quarter, so this hopefully this update will help you understand what’s going on in the area as we make the transition.

Let’s start with rates. The interest rates continue to be pretty low, though the Fed is threatening to raise them in December, so we’ll see what happens when that decision is made. Currently, conventional interest rates hover slightly above 4%, and FHA and VA rates are just below 4%. All in all, interest rates are still very good, keeping buyers active in the marketplace.
Though it softened up at the beginning of the fall, the market is still very strong and we’re seeing multiple offers again.

Interest rates are still very good, keeping buyers active in the marketplace.

Values have plateaued. This can be seen as a good thing since they haven’t continued to rise and make housing unaffordable to most people.
Here are a few statistics for you:

• In 2017, the average days on market is 34 days. Interestingly, this is the same average as last year.
• Almost 11,000 homes have sold in Salt Lake County this year so far. The entirety of 2016 saw 11,330 homes sold, so it looks like we’re on track to surpass that in 2017.
• Year to date, the average sales price is $372,853 for a single-family home. For the third quarter of 2016, the average was $341,943. This shows that there’s been quite a year-over-year increase in single-family home values.
• There are about 3.5 months of inventory on the market right now, meaning if no one else were to put their homes up for sale, we’d sell all of the currently available homes in 3.5 months. A healthy market has between three and six months of inventory, so we’re in a great time to sell, but not so much that the market is skewed against buyers.

As I said, we’re in a good, healthy market. Despite media scare tactics, there’s nothing indicating that a bubble or a crash is imminent.
If you have questions or want to discuss this further, please feel free to reach out to me. I’d love to hear from you.