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Monthly Market Update for August 2022 in Salt Lake County

Tuesday, September 6, 2022   /   by Elissa Tran

Monthly Market Update for August 2022 in Salt Lake County

Back to School Back to Business! 

 

Here is YOUR Monthly Market Update for August 2022 in Salt Lake County.


 

Active

 

Exciting News for those who struggled to get under contract with multiple offers, You NOW have more homes to choose from! We are seeing over double the inventory with an average of 118% increase year over year on active inventory.  This means you have more options when finding your new home.

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Under Contract

With increasing interest rates coupled with accelerated appreciation over the last 2 years, we are seeing a slowdown in the number of properties going under contract with an average decrease of 29% compared to last August.

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SOLD

 

We saw an accelerated average appreciation from last August to this May, from May to July we saw a slight decrease in home sales, and now we are seeing a bounce back on an upward trend. Meaning home prices are still higher than this time last year but are not going up as quickly.

 

Last August homes were selling on average 1% higher than their list price, now we are seeing homes sell for 6% less than what they were listed for initially. With more competition, pricing your home right has become even more important to minimize the days you are on the market. Salt lake county is averaging 30 days on market.

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In times like these, you need to work with a trusted real estate team. We know there are alternative financing strategies that assist you in reducing your interest rates allowing you to choose from the many available homes on the market. 

Let our team help you with all your real estate needs. What are you waiting for, Call us today for your FREE Buyer Consultation or FREE home valuation? My UT Real Estate Group is HERE to discuss Your Real Estate needs.

 

  market update

My UT Real Estate Group with All American Realty
Staci Powell
3297 W Provost Cir
South Jordan, UT 84096
801-913-2463

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of October 2, 2022. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2022 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
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