The following analysis of the Salt Lake County real estate market is provided by Windermere Real Estate Principal Economist Jeff Tucker. We hope that this information may assist you with making better-informed real estate decisions.
ECONOMIC OVERVIEW
After a slow spring, the U.S. housing market cooled further this summer, with price gains leveling off and sales holding steady. Existing home sales have hovered around an annualized pace of 4 million through August—nearly identical to last year’s unusually low 4.06 million.
Mortgage rates dropped in the third quarter, falling from an average of 6.82% in May and June, to 6.35% in September. The combination of rising inventory, softer pricing, and lower mortgage rates is making this fall a good time to buy a home.
A key driver behind falling mortgage rates is the cooling U.S. economy, following a sharp slowdown in job growth over the summer. After revisions, nonfarm payrolls show little to no growth from April through August, and the next jobs reports are on hold due to the government shutdown. While slower growth poses challenges, it often brings the silver lining of lower interest rates—and this cycle appears to be following that pattern.
Active Listings
Salt Lake County saw substantial year-over-year growth in new listings earlier this spring, exceeding 20% in March and April, but only 3% growth in September. Selling enthusiasm seems to have faded this summer after the buildup of inventory in late spring.
Median Sold Price
All in all, Salt Lake County has begun to show a bit more balance after swinging in buyers’ favor earlier this year: inventory gains slowed down, and rebounding demand showed up in both rising sale counts and prices.
New Listings
The average number of days it took to sell a home in Salt Lake County was up substantially throughout the third quarter, ending at 51 days in September compared to 41 days the previous year.
Closed Sales
In September, the median sale price rose 3% year over year—from $620,000 to $637,000. This uptick, along with August’s gain, broke a streak of modest price declines seen earlier in the summer.
Days on Market
The average number of days it took to sell a home in Salt Lake County was up substantially throughout the third quarter, ending at 51 days in September compared to 41 days the previous year.
CONCLUSIONS
All of the markets covered in this report have shifted into balanced or buyer-friendly territory, so it’s a good time to plan accordingly.
A consistent theme across the regions is the rise in inventory, paired with flat home sales and relatively flat prices compared to a year ago. This environment offers prospective buyers several advantages: more homes to choose from, greater leverage to negotiate, and less pressure to rush into a decision or compete in bidding wars.
For sellers, it’s important to be aware that the market has changed. Unlike the last several years, buyers now have more options, and home prices have leveled off. Success in today’s market depends on setting a realistic list price and presenting the home in its best possible light. With the right strategy, many homes are still selling quickly—and even above asking price—in every market highlighted in this report.
About Jeff Tucker
As Principal Economist for Windermere Real Estate, Jeff Tucker is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Jeff has over 10 years of experience as an economist at companies such as Zillow, Amazon, and AirDNA.
Webb Real Estate Group is not a Real Estate Brokerage. Webb Real Estate Group is a Real Estate Team under the Brokerage Windermere Real Estate.
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