The Salt Lake housing market has slowed a little bit with the cold months, as it usually does. However, don’t expect this slowdown to be permanent. Things will pick up once the spring comes.
The median sold price for homes in Salt Lake County was $323,000 during the fourth quarter, which is down slightly from the $324,900 median price during the third quarter. This slight cooling off has made it a bit easier for buyers to find a home to buy if they’re willing to buy during the winter months.
However, it’s still up from the $320,000 we saw during the second quarter. We’re continuing to set record highs for home prices around here, which is great for sellers but has been quite tough for buyers.
If you own a home, it’s likely that your home’s equity has risen quite nicely.
Days on Market
Homes are continuing to move fast, but not quite as fast as they were. Last quarter, the time was just 14 days, and now we’re at 26. However, our market continues to be extremely active.
It’s extremely common for buyers to have to make multiple offers before they get a home right now. This, combined with high prices and rising interest rates, is making it tough for many people to buy homes. However, rates have slowed down in recent weeks, and we’re around 4.75% now. These are still incredibly good interest rates. It could be a smart idea to buy before they go any higher.
Number of Homes Sold
Around 4,108 homes were sold last quarter, which is a few hundred less than were sold during the fourth quarter of last year. It’s also about 700 hundred fewer homes than were sold during the third quarter of 2018, which is a further indicator that inventory is really tight around here. It can be hard to find the home you want if you’re in the market.
Ready to Buy or Sell?
Buying or selling in a market like ours comes with plenty of good and bad. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a game plan.