Heber, UT Metro Area Housing Market Analysis - August 2024
The Heber, UT metro area housing market in August 2024 presents a complex landscape with notable shifts in pricing and sales dynamics. The Median Sales Price has decreased to $1,197,500, reflecting a year-over-year decline of 4.2%. Similarly, the Median List Price has dropped to $1,190,000, marking a 7.3% decrease compared to the previous year. These declines suggest a cooling in the market, potentially offering opportunities for buyers seeking more favorable pricing.
In terms of Price Per Square Foot, the median price stands at $518.27, down by 2.9% from last year. The Median List Price per square foot has also decreased to $553.84, a 3.9% decline year-over-year. These reductions indicate a broader trend of price adjustments in the region, possibly influenced by changing buyer preferences or economic conditions.
Sales activity remains stable, with 226 Homes Sold, showing no change from the previous year. However, Pending Sales have increased by 9.7%, reaching 295, suggesting a potential uptick in future sales. New Listings have seen a modest rise of 1.5%, totaling 333, while inventory has grown significantly by 9.6% to 1,307 homes. This increase in inventory, coupled with a 50% rise in Months of Supply to 5.8 months, indicates a shift towards a more balanced market, providing buyers with more options and negotiating power.
The Median Days on Market have slightly increased by 1.0% to 57 days, suggesting that homes are taking marginally longer to sell. The average sale to list ratio has decreased slightly to 97.2%, down by 0.1% year-over-year, indicating that sellers are receiving offers closer to their asking prices. The percentage of Homes Sold above list price has also seen a minor decline of 0.4%, now at 11.9%.
Price Drops have decreased by 1.2%, now accounting for 28.0% of listings, which may reflect sellers' willingness to adjust prices to meet market demands. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.4% to 16.9%, suggesting a slight slowdown in the pace of sales.
Overall, the Heber, UT metro area housing market in August 2024 is characterized by declining prices and increased inventory, pointing towards a more buyer-friendly environment. While sales remain steady, the rise in Pending Sales and inventory suggests potential shifts in market dynamics in the coming months.
