Q3 2019 Housing Market Update

Some people have thought we might see some relief in Utah’s housing market. After all, interest rates are lower and there is more inventory on the market than there has been.

After a very brisk spring and summer buying season, though, we really haven’t seen that slowdown at all.

Home Price

The median sold price for homes in Salt Lake County was $349,000 during the third quarter, which is up quite a bit from the third quarter of 2018, when the median sold price was $323,000. We’re also up a bit from the second quarter median sold price this year, which was $345,000. It’s hard to believe that just three years ago the median sold price was $270,000.

So, if you’ve owned a home here in Salt Lake for the past three years or so, you’re sitting on some nice appreciation!

Basically, Salt Lake homes are continuing to set record-high prices every single quarter. If you’ve been thinking about buying, you may want to go ahead and do it and start cashing in on that home appreciation for yourself.

Days on Market

Homes are continuing to move fast, but they definitely aren’t moving as fast as they have been over the summer. That was 15 days, and now we’re at 22. At this time last year, the number of days on the market was just 14. If you’re buying, this should give you a little bit of breathing room.

Number of Homes Sold

5,014 homes were sold last quarter, which is very close to the 4,986 homes that were sold during the third quarter of 2018.

Inventory continues to be really tight around here, even though we have seen more homes come on the market recently. If you’re looking for a home on the lower end of the price spectrum, it may take you a while to find what you’re looking for with the current mix of inventory.

Interest Rates

Many experts predicted much higher interest rates in 2019 than we have right now. Some really nice, and unexpected, rate drops are giving people more purchasing power. Rates are as low as they were in 2016, with the average rate hovering between 3.5% and 3.6% for a 30-year, fixed-rate mortgage.

These incredibly good rates are helping people when it comes to affording their monthly mortgage payments, despite high home prices. But no one knows exactly how much longer these great interest rates will be around. In fact, this last drop was pretty unexpected. It may be smart to buy know before they increase.

Ready to Buy or Sell

Buying or selling in a market like ours comes with plenty of good and bad for both buyers and sellers. If you’re wanting to buy or sell 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 for this crazy market we’re in.

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