Friday, July 20, 2018

Wasatch County Q2 2018 Single Family Stats

The Utah Housing Market is on a tear, right? So what does the latest reporting mean that Salt Lake City had the 2nd largest Year-Over-Year inventory increase in the nation?

Basic economics of Supply & Demand, says that when the supply increases of any given product the price of that product will decrease.

The number of Single Family Homes for sale 2nd Quarter 2018 in Wasatch County was approx 15% lower than Q2 2017 and the Average Sales Price was over 25% higher in Q2 2018.

The Average Days on the Market before a home went under contract decreased by approximately 35%, which I believe is also a reflection of less inventory.

Sellers are still having a hard time judging the market value of their homes - the Sales Price as a Percentage of Original Price dropped from 99% in Q2 2017 to 97% Q2 2018.

So, is it a seller's market as you often hear?
It is estimated that there is an approximately 6-month inventory of Single Family Homes for sale in Wasatch County. It is generally accepted that a supply of 6 months or more is a Buyers Market.

For what it's worth, now is a great time to buy a home in Wasatch County.

Contact me for more information and to work with you in all of your Real Estate transactions.
Brian Olsen
Coldwell Banker
C: 801-318-3108

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