I’m beginning to sound like a broken record. Our market is hot, and pretty much every expert around expects that to continue. Let’s break down the most important things from the third quarter of 2018.
The median sold price for homes in Salt Lake County was $324,900 during the third quarter, which is up from the $320,000 we saw during the second quarter. We’re continuing to set record highs (great for sellers, tough for buyers). We’re up about 11.5% over prices in the third quarter of 2017.
The median asking price for homes in our area is $339,900, which is actually a slight drop over last quarter.
Part of the reason for high prices has been historically low inventory. New construction is finally hitting the market, but it’s not making home prices more affordable. Construction costs continue to rise, and that’s keeping home prices high.
Days on Market
Homes are continuing to move extra fast, and they’re on the market for an average of just 14 days. Ours is one of the most active markets in the country.
It’s extremely common for buyers to have to make multiple offers before they get a home right now. This, combined with high prices and rising interest rates (we’re at about 5% now), is making it tough for many people to buy homes.
Number of Homes Sold
Around 4,800 homes were sold last quarter, which is very close to the number of homes sold during the third quarter of 2017. It’s down a couple of hundred from the number of homes sold during the second quarter of this year.
Ready to Buy or Sell?
Buying or selling in a market like ours comes with plenty of good and bad. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a game plan.