Sales prices are ⬆️, Inventory is still ⬇️
We’re in the final stretch of summer and the weather isn’t the only thing that’s changing.
Since we last spoke, the median sale price in Salt Lake City increased from $600,100 to $612,950 – up 2% in the month of July alone! While the monthly median sales price flatlined from May to June, July’s uptick speaks to the resilience of people and bodes well for the future.
After interest rates skyrocketed in the fall and winter of 2022, many homeowners opted to stay put rather than pay a premium to make a lateral move. But, as history has proven time and time again, people eventually prioritize their housing needs over economic reports. July’s healthy median sales price reinforces the trend towards market stabilization we’ve seen since January of this year.
This trend extends to housing inventory as well. Following a sharp decline in new listings in January of 2023, inventory steadily increased since April of this year. Inventory is up 1.1% from June to July, but still down 27% compared to July 2022.
With inventory still relatively low and median sale price still very strong, sellers have a unique opportunity to capitalize on the disparity between demand and supply.
In a traditional market, offers are often dependent on buyers’ requested repairs and upgrades. Today, sellers may bypass buyer requests, knowing there will likely be another interested party should this one decide to move on.
Buyers are re-evaluating their priorities and making hard decisions about what matters most, while sellers are empowered to wait for the offer that makes the most sense for them.
If you’re thinking about putting your home on the market, we’d love to talk it out. Just reach out to 801.949.9878 or visit JuliaSplan.com.
Become a Utah Insider Today
Stay up to date with everything happening in the Utah market.
