Market Turnaround Coming Soon?
January 2023 Salt Lake City Real Estate Market Update
We’re excited to share with you our new and improved Market Trends Report for January 2023! Click here to check it out!
This new report offers a lot more information and several great graphics. Take a look and give us your feedback. We are always trying to find the best way to share accurate and up-to-date information on the Utah housing market, and we hope this new report does just that.
So let’s take a look at the numbers.
January 2023 median sales price is $532,000. The median sales price for detached homes in Salt Lake County in January 2023 was $532,000. This is down -1.83% from the previous month and -9.83% lower than $590,000 from January 2022. However prices are still up an amazing 20% when you zoom out and look back from January 2021.
The Market Snapshot below compares January 2023 numbers to the previous 3 month average.
Total sales are still lower when compared year-over-year, but the pace of the market is changing again. We’ve seen several multiple offers in the last few weeks and have felt a noticeable increase in market activity. The seasonality of real estate is always present, and the cold, snowy January days always tend to slow buyer traffic. But recent blue skies signal that spring will return along with the busy spring selling season. In fact, we’ve noticed such a change recently that we think this spring will also mark a turning point in our local real estate market.
Plenty of opportunity for sellers. While prices are no longer at their peak, they are still up over 20% in two short years. The window in which to capitalize on those gains is still wide open, despite the market changes these last few months. But what is different this spring is that sellers will need to 1) accurately price their home at today’s market value, 2) be prepared to negotiate and work with buyers, and 3) beautifully market their home with cleaning, staging and great photographs.
Lots of opportunities for buyers too. Right now, buyer demand is lower due to a combination of normal seasonal trends and a reaction to last year’s rise in mortgage rates. But rates have started to come down since last November, which has more and more potential buyers planning to jump into the market. That means right now is a sweet spot if you’re in a good position to buy, before more buyers reappear in a mere 45 days, which is when the spring selling season officially begins. Affordability is beginning to improve, and competition is still low — for now.
Bottom Line. Success in the real estate market in 2023 is all about reframing expectations, changing our mindset and utilizing market knowledge to our advantage. If you’re thinking about making a move this year, now is the time to get started. Reach out to us today! 801.949.9878