Salt Lake City Housing Market: A Detailed Analysis for November 2024
The Salt Lake City metro area housing market in November 2024 presents a complex landscape with varied trends across different metrics. The Median Sales Price has decreased by 2.9% year-over-year, settling at $519,495. This decline in sales price contrasts with the Median List Price, which has seen a smaller decrease of 1.3%, now at $526,990. Despite these reductions, the market shows resilience in other areas.
One of the standout metrics is the median Price Per Square Foot, which has increased by 5.5% year-over-year to $250.50. This rise indicates a strong demand for space, even as overall prices have softened. Similarly, the Median List Price per square foot has risen by 3.5%, reaching $262.16, suggesting that sellers are still optimistic about the value of their properties on a per-square-foot basis.
In terms of sales activity, the number of Homes Sold has increased by 11.0% year-over-year, with 910 Homes Sold in November 2024. Pending Sales have also seen a significant rise of 11.7%, totaling 1,063. This uptick in sales activity is supported by a modest increase in New Listings, which have grown by 2.6% to 905. Inventory levels have risen by 5.5% to 2,783, providing more options for buyers in the market.
The Months of Supply, a critical indicator of market balance, has decreased by 10.0% to 3.10 months. This reduction suggests a shift towards a seller's market, as the supply of homes is not keeping pace with demand. The Median Days on Market have increased slightly by 2.0% to 41 days, indicating that while homes are selling, they are taking marginally longer to do so compared to last year.
The average sale to list ratio remains steady at 99.0%, unchanged from the previous year, indicating that homes are generally selling close to their asking prices. The percentage of Homes Sold above list price has increased by 1.8% to 26.0%, reflecting competitive bidding in certain segments of the market. Price Drops have slightly decreased by 0.6% to 32.8%, suggesting that sellers are adjusting their expectations in line with market conditions.
Finally, the percentage of homes going off the market within two weeks has increased by 2.5% to 26.6%, highlighting the brisk pace at which some properties are being snapped up. This metric underscores the continued demand and urgency among buyers in the Salt Lake City metro area.
Overall, the Salt Lake City housing market in November 2024 is characterized by a mix of declining prices and robust sales activity. While the Median Sales Price has softened, the increase in sales volume and Price Per Square Foot indicates a resilient market with strong underlying demand. Buyers and sellers alike should remain attentive to these evolving trends as they navigate the market.
