🌟 August Market Vibes in Salt Lake County = Mostly Good News 🌟
What do you see in the latest market trends for existing single family home sales? 🙈 I’ve highlighted some key points that stood out to me. The green highlights similar trends, while the yellow points out differences. Despite a historically low number of sales last month, we’re still trending towards a ‘normal’ market. 📉 Take a closer look at the percentages of homes that sold at, below, or above their original list prices. 🏠 These figures remind me of the pre-2020 market, rather than the extremes of 2021 or 2008.
August 2024 vs. August 2023:
📆 Days on Market: Homes are staying on the market slightly longer.
💰 Median Sales Price: Prices have remained steady with no change from last year.
🔽 Homes Selling Below List Price: There’s been a slight increase in the number of homes selling below their original list price compared to last year.
📉 Closed Sales: The total number of closed sales has decreased from last year (597 vs. 693).
This month, I also included the average and median days on market and the median sales price for more context. 📝 We’re seeing healthier figures today, and the market is gradually returning to the number of active listings we had pre-2020. However, it’s important to remember that Salt Lake County was already a sellers’ market before COVID-19. The historically low-interest rates post-2020 only added fuel to the fire, creating an intense market frenzy that wasn’t sustainable. 📈
It’s important to note that these market numbers can fluctuate based on specific home features, such as location, age, quality, and size. 🏡 While understanding broader market trends in your county is a great starting point, it’s not the whole story. Always consider all variables when evaluating market conditions.
If you’d like a detailed analysis of your property, text “MARKET” to 801-652-4377.
Real Broker, LLC
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