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Salt Lake County Real Estate Market Update - March 1, 2024

By
Real Estate Agent with Homebuyer Representation, Inc. DRE# 5467433

Active listings for Salt Lake County single family homes are up 223 since last year, but down 195 compared to last month. Things are still tight.

 

Homes are selling a little bit faster than January with the average Days on the Market down to 38. Believe it or not, this is still a "fast" pace for sales. You just can't compare it to that time period when many homes were selling in 1 or 2 days. That was a VERY unbalanced market.

 

Sold listings were also up, with 184 more sales in February than January. We attribute some of that to the lower interest rates we were seeing at the time many of those homes would have gone under contract.

 

With fewer Active listings, and no decrease in housing demand, the months of housing supply is also down. Price per square foot is up again. $15/sf higher than last year, and $5/sf compared to last month.

 

Prices have been holding very steady, and even rising in many areas. Lower rates generally push home prices higher. If you plan to buy a home this year, sooner is better.

 

Interest rates have come down from the peak (around 8%), but the Fed came back pretty quickly and said not to expect huge cuts on a regular basis, causing the decrease to level out. The expectation now is that rates will likely get better (lower), but VERY gradually, over a many months period. This is healthier for the market than many large drops as it helps keep prices from skyrocketing. It hurts if you are looking to buy a home right now. But in the long run, buying now works out better than buying later when rates are lower and prices are higher. You can refinance a loan, but you can't "refinance" what you pay for the home.

 

If you watch news, you'll see headlines of big rate drops one day and other headlines saying rates are rising the next. 30-year Conventional Fixed interest rates are bouncing around the 7% mark, plus or minus 1/4 to 3/8th of a percent. For some first-time buyer offerings and VA loans you may still find rates in the mid-low 6's. Interest rates vary more widely today for different loan types and programs than they did just months ago. So check directly with a lender you trust before being scared off by headlines and billboards.

 

If you need a good lender recommendation to see what your scenario would look like, or if you want some solid advice on how to shop multiple lenders, just let us know.

If you are thinking about buying a home in the Salt Lake City metro area, call Homebuyer Representation today at 801-999-8889 for the highest level of representation.

Homebuyer Representation, Inc. is a licensed Utah Real Estate Brokerage and an Exclusive Buyer Brokerage. We don't list homes or represent sellers!

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Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Have an outstanding weekend.

Mar 02, 2024 11:25 AM
Benjamin Clark

Thanks Roy! You too!

Mar 02, 2024 12:16 PM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Benjamin Clark this is good information for both Buyers and Sellers in this area.

Mar 03, 2024 12:22 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Thanks for sharing your market update.  Great information for buyers and sellers in your area.
Mar 04, 2024 03:41 AM