Winter 2023

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The real estate market has been interesting to watch these last few months. I used my handy-dandy Utah Real Estate membership to do some research that I want to share with you. It's sort of bad and sort of good news.

Good: It is a BUYERS market.
Bad: Home prices are currently increasing (the increase might be slower, but they are still going up).

Oct 2022
Salt Lake County
Average days on market 39
Average list price $612,036
Average sold price $601,849
Number of sales 797
Number of listings in Oct 2021 1,086
Number of current listings 2,647

Oct 2022
Utah County
Average days on market 43
Average list price $574,609
Average sold price $566,872
Number of sales 540
Number of listings in Oct 2021 782
Number of listings current listings 2,396

LISTINGS INCREASED
Earlier this year, 2022 listings were low, matching 2021 levels. But, there was a sharp increase in June.  This month, 2022 active listings are at 2018 levels.

PURCHASING DECREASED
People aren’t buying houses as much as they did in 2021. Starting the end of May 2022, purchasing declined rapidly. In fact, there are less under contract listings this month than ANY other month for the past four years, EXCEPT January 2019.

LISTINGS TAKEN DOWN
Because people are not buying, over 661 homes have been taken off the market in Utah county and 643 in Salt Lake county since January 2022. More houses have been taken off the market during the last two months than ANY other month for the past four years.

BUYERS MARKET
This winter looks like a good time to buy. Purchasers are negotiating prices. I got one client's purchase down $50,000 along with other great concessions in my client's favor.

HIGH INTEREST RATES
The reason it is a buyer's market is because there is a surplus of houses on the market. There is a surplus because not many people want to buy while the interest rates are so high. Don't be afraid of those rates.! You can get a good deal right now and refinance when rates drop. I have a great lender who I have used for my own houses in Utah. I'll recommend her over and over again. I've seen many transactions with other lenders and I am convinced of who is the best for mortgages.

GOOD LUCK out there. Let me know if you want to see any houses this winter.