Heber, UT Metro Area Housing Market Analysis - November 2024

The Heber, UT metro area housing market in November 2024 presents a complex landscape characterized by contrasting trends in pricing and sales activity. The Median Sales Price has decreased by 6.5% year-over-year, settling at $1,097,500. In contrast, the Median List Price has surged by 24.3% to $1,305,000, indicating a potential disconnect between seller expectations and buyer willingness.

Price Dynamics

The median Price Per Square Foot has seen a significant decline of 16.5% year-over-year, now at $503.84. This drop suggests a potential correction in the market, possibly due to previous overvaluation. Meanwhile, the Median List Price per square foot has decreased by 5.3% to $555.76, reflecting a more modest adjustment in seller pricing strategies.

Sales Activity

Sales activity in the Heber area has been robust, with Homes Sold increasing by 20.5% year-over-year to 212 units. Pending Sales have also seen a substantial rise of 51.1%, reaching 213 units. This uptick in sales activity suggests strong buyer interest, despite the overall decline in sales prices.

Inventory and Supply

The Inventory of Homes Available has decreased slightly by 3.3% year-over-year, totaling 986 units. The Months of Supply have dramatically decreased by 110%, now standing at 4.7 months. This sharp decline in supply indicates a tightening market, which could exert upward pressure on prices if demand remains strong.

Market Velocity

The Median Days on Market have decreased by 6.0% year-over-year, now averaging 80 days. This reduction suggests that homes are selling more quickly than they were a year ago, which is consistent with the increased sales activity.

Pricing Strategies and Market Behavior

The average sale to list ratio has remained relatively stable, with a slight increase of 0.1% to 97.2%. The percentage of Homes Sold above list price has also seen a modest increase of 0.6%, now at 10.8%. These figures indicate that while sellers are achieving close to their asking prices, there is still room for negotiation.

The percentage of Price Drops has increased by 1.8% to 17.1%, suggesting that some sellers are adjusting their expectations to align with market realities. Additionally, the percentage of homes going off the market within two weeks has risen by 4.6% to 23.0%, indicating a segment of the market that is moving quickly.

Conclusion

The Heber, UT metro area housing market in November 2024 is characterized by a decline in sales prices and a rise in sales activity. The contrasting trends in list and sales prices suggest a market in transition, with sellers adjusting to new market conditions. The decrease in inventory and Months of Supply points to a tightening market, which could influence future pricing dynamics. Overall, the market exhibits a blend of challenges and opportunities for both buyers and sellers.