Competition Heats Up | Utah Market Trends Report for March

Real Estate Market Update

Salt Lake City | March 2023

We continue to believe that the market is on its way back up, and last month’s housing numbers agree. So let’s dig right in and take a look at what happened in March 2023 and how it will impact the spring selling season (hint: return of the bidding war).

March 2023, Detached Homes | Salt Lake County
– $575,000 Median Sales Price, up 1.05% from February
– $650,000 Median List Price, up 3.19% from February
– 753 Units Sold, up 32% from February
– 807 New Listings, up 28% from February
– 1,562 Number of Detached Homes for Sale, down -5.68% from February
– 56 Average Days on Market, down from 59 in February

Metrics are trending up. It is hard not to notice the upwards trend. Several national real estate experts have recently opined that the “bottom” of the recent market shift was around December 2022, and we’d tend to agree. This is shown in the data, but it also mirrors the current pulse of our local market.

Competition is red hot. The number of residential listings – homes being listed for sale – is lower than ever. And that’s significant because inventory has been tight for several years. If you’re getting ready to enter the market as a buyer, get ready for the very real possibility of a bidding war on your favorite home. And although not all sellers in this market will receive multiple offers, many will, especially sellers who stage, clean, photograph and smartly price their home.

The following graphic shows just how low current inventory levels are. Note that this graphic includes all types of residential listings (detached homes/single family, townhouse and condos) entered into UtahRealEstate.com from any county.

Our Market Trends Report focuses on detached homes in Salt Lake County for simplicity, but it trends similarly. While there is a welcome increase in listings month/month, overall the amount of new listings available for sale remains low with no real signs of reprieve. So even though interest rates are higher and demand is lower, the constrained supply will keep our housing prices strong.

The best time to sell a home is now. Experts at realtor.com claim this week as the “best week” to list a home in 2023. While this is quite granular (and unrealistic), we do agree that the spring selling season is upon us and it is a very good time to sell a home. So if you’re ready to capitalize on your appreciation and move to a home that fits your needs better, now is the time.

It is critical that you stage your home. According to the National Association of Realtors, 82% of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home. Homes that are staged typically sell faster and for a higher price because they help potential buyers more easily picture their new life in the house. Staging is key if you want to sell your home for the highest price.

Bottom Line:

Prices are not receding. In fact, they could be even higher in a few months given our low inventory. Buyers should anticipate bidding wars this spring and be prepared to act quickly. Sellers will be able to command multiple offers and get strong price for their home if they are willing to stage, clean and price their home right.

Are you ready to buy or sell this spring? Contact us now to plan your next step. We can start by making a checklist of what you need to do, then we can prioritize together and move forward together. Call us today at 801.949.9878

Be sure to look through the entire March 2023 Market Trends Report for both Salt Lake and Summit County to see all the details.