Summer 2020 Real Estate Market Update
/I want to take a minute to talk about the current state of the Salt Lake City real estate market. It’s a question I get often - especially in the midst of our current pandemic.
So far this summer I have not seen a market switch yet from a Seller’s to a Buyer’s market. We have been in a seller’s market for at least 5 years now. We’ve seen rising prices, low inventory and buyers competing with each other for homes. It’s been wonderful for sellers, but a difficult time for buyers.
So far, that hasn’t changed here in Salt Lake. In our county, there is currently, as of this writing, just over 1 month of inventory on the market. That means that if no other houses were listed, we’d sell out of houses in a month. That’s a typical indicator of a strong seller’s market. And as is indicative of this type of market I am seeing houses being competed for and selling for at or above their asking price. I am not, however, seeing a huge increase in prices in our county. Prices are going up a little, but not in the double digit percentages of years past. The last statistic I saw showed prices up about 4% is all. That’s definitely better for buyers and still good for sellers.
Part of the reason we have low inventory is the unknown state of our world at the moment. It makes sellers want to hold off on listing that house - understandably so. Our current market inventory is 39% lower than this same time last year. That being said, there are still buyers out there buying. We have 16% more houses under contract right now than this time last year.
If you're on the fence about selling, that’s okay - the world is weird right now. If seeing this info helps, great. I’m here to work you through the process when you’re ready. And if you’re looking to buy - it’s possible and with my help we can find a great place and write a smart offer to help you get it. Give me a call!