Salt Lake City Real Estate Market Heartbeat October 2015
/I've received my monthly copy of the Realtor Confidence Index Report and that means it's time for my monthly check up on the Salt Lake City Real Estate Market.
We are still in the midst of a seller's market. According to the Wasatch Front Regional MLS we have just under 4 months of inventory currently on the market. If you remember from my August Heartbeat Post a normal market is 6-9 months of inventory. During a seller's market the demand outpaces the supply so it is typical to see increasing prices and sometimes bidding wars for properties.
That being said the Realtor Confidence Index Report on the September 2015 Survey reported a typical seasonal slow down. Confidence for September 2015 was significantly higher than the September 2014 numbers, but was showing about 5 points lower than August 2015. Again, this is typical this time of year as we move out of the busy Spring and Summer months.
Utah is showing a strong outlook for the next 6 months. And a very strong level of buyers still in the marketplace. This appears to be due to sustained job growth and the 30 year fixed interest rates falling back under the 4% mark.
On the flip side our level of sellers is categorized as weak. This makes it more difficult for buyers to find a home and is causing there to be a projection of a 3-4% price increase over the next 12 months. Our median days on the market here are still under 30 days as they have been for the last few months. This is well under the national average of 49 days.
This means that for those of you who have been on the fence about selling your home it is still a great time to list it. There are serious buyers out there looking and they have the money to buy. A well-priced home will sell - even this time of year. And if you list, I've got buyers who would be happy to have the extra homes on the market. There isn't much to choose from out there right now.
As always, I'm here to help you with any and all of your real estate needs. Give me a call or send me a text or email and we can get started today!
