Today's Housing Market
A Peek at Salt Lake County's Progress
Occasionally, I like to pull a “slice of life” sampling of current market conditions to see exactly where we are in terms of sales, inventory, pricing and the overall health of the housing market. It’s a good idea to stay abreast of fluctuations in the market. In time, you will become familiar with the signs and indicators of more substantial changes that can literally alter an entire community’s, state’s and even a nation’s economy. Today, I’ll focus on Salt Lake County. You would be surprised by how much difference we see from one county to another.
Salt Lake County Still Strong
As of today (June 21, 2017), there are 2,220 Salt Lake County homes for sale. This figure includes mobile and mobile and modular homes, townhomes, condos, and single-family homes. Multi-family properties are not included in the count.
Listing prices for these properties range from $12,500 to $9.8 million. Anytime we see a high-end (or a low end) home at that extreme, we expect to see the median price go up (or down). The current median listing price is $ 398,925. (The number in the center of the highest and lowest numbers in the range.) The average price in Salt Lake County is $513,436. The median current days on market is 27.
Homes Under Contract Enjoyed Median 8-Day CDOM
Today there are 2,569 homes under contract in Salt Lake City. Prices start at $39,800 and go up to $2.2 million. The median price is $280,000. The average price is $329,148 and the median current days on market? Eight. Yes, just eight. That’s the real news story – how quickly homes have been selling in recent months. The fact that the CDOM for active homes right now is 27 tells me we are seeing a little bit of a shift in the market. Things could be leveling off.
YTD Home Sales Look Great
So far, this year a total of 7,581 homes have sold. The lowest priced of those homes was $10,000. Now, remember what I said about a wide price spread – it draws the median home price way up. The highest-priced home sold year-to-date was for $9.85 million. The median home sold price is $287,649. The average price, $331,374. Again, the news is in the speed with which these houses sold – a whopping 10 days. That’s fast.
Now is the Time to Sell
If you have plans to sell your home in the near future, this is the time. Although I am confident the market will remain strong for the foreseeable future, I fully expect home prices to level off. If you would like information about selling your home, please call me (Joel Carson) today at 801-673-3333.
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