Salt Lake City Housing Market Analysis - August 2024
The Salt Lake City, UT metro area housing market in August 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 3.0% year-over-year (YoY) to $530,000, indicating a slight cooling in the market. Conversely, the Median List Price has seen a 2.8% increase YoY, now standing at $555,000, suggesting that sellers remain optimistic about property values.
When examining Price Per Square Foot, the median Price Per Square Foot has risen by 1.5% YoY to $247.59, while the Median List Price per square foot has increased by 3.6% YoY to $260.18. These figures indicate a modest appreciation in property values on a per-square-foot basis, reflecting a steady demand for housing in the area.
The number of Homes Sold has declined by 3.8% YoY, with 1,176 Homes Sold in August 2024. However, Pending Sales have increased by 2.3% YoY to 1,316, suggesting that while fewer transactions have closed, there is still a healthy pipeline of future sales. New Listings have decreased by 4.7% YoY to 1,433, which could indicate a tightening supply of available homes.
Inventory levels have risen by 7.5% YoY to 3,033 homes, providing more options for buyers. The Months of Supply metric, which measures how long it would take to sell all current inventory at the current sales pace, has increased significantly by 30.0% YoY to 2.60 months. This increase suggests a shift towards a more balanced market, though it still leans slightly in favor of sellers.
The Median Days on Market have increased by 7.0% YoY to 37 days, indicating that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio remains relatively stable at 99.1%, with a minor decrease of 0.1% YoY, showing that homes are still selling close to their list prices.
The percentage of Homes Sold above list price has dropped by 4.8% YoY to 25.8%, reflecting a decrease in competitive bidding. Additionally, the percentage of Price Drops has increased by 1.0% YoY to 39.3%, suggesting that sellers are adjusting their expectations to align with market conditions. The percentage of homes going off-market within two weeks has decreased by 4.4% YoY to 34.7%, indicating a slight slowdown in the speed of transactions.
Overall, the Salt Lake City housing market in August 2024 shows signs of stabilization with a mix of upward and downward trends. While some metrics indicate a cooling market, others suggest continued demand and seller optimism. Buyers and sellers alike should stay informed and consider these trends when making real estate decisions.
