July 2017 Salt Lake City Real Estate Market Heartbeat
/I'm going to risk sounding, yet again, like a broken record. We are still, here in Salt Lake City, in the midst of a seller's market. UtahRealEstate.com, our local listing service, says that we've got about 3 and a half of inventory, which is a seller's market. Anything less than 6 months is a seller's market.
So it's still a seller's market, but it does feel a lot less frenetic than it did in the spring. This is pretty typical here in the month of July with two holidays - Independence Day and Pioneer day. We do typically slow down as people take vacations and just celebrate. And we will pick up again in August.
If we look at the numbers right now in Salt Lake County as of this writing there are 2,700 active listings for sale and 2,600 under contract. That's about 7-8% under last year. And earlier this year when we looked at those numbers we were 20-25% under last year. So that has gotten some better here this month. Also, for the first time we've got less housed under contract than we have for sale, which was definitely not the case in the spring. Which, again, is not atypical for the spring months We're kind of just seeing that kind of level out a little. Again, it will pick up as we enter into August. We're going to see people wanting to get settled before school starts and before winter sets in. It won't be quite as busy as the spring was - it usually isn't. And then we will slow down again as we enter the winter holiday season. And then we'll kind of cool off until we get to spring again.
It's, again, a great time to sell a house. And it's a better time to buy than it was. It is a little bit easier. It's still not a buyer's market, but it feels a little more possible and less ominous out there for buyers.
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