Salt Lake City Housing Market: September 2024 Analysis
The Salt Lake City metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the region stands at $528,000, reflecting a slight decrease of 0.4% year-over-year (YoY). This decline suggests a modest cooling in home prices, which may be indicative of broader market adjustments.
Conversely, the Median List Price remains stable at $549,900, showing no change YoY. This stability in list prices, despite the slight drop in sales prices, could imply that sellers are maintaining their pricing expectations, potentially due to confidence in the market's resilience.
One notable area of growth is the median Price Per Square Foot, which has increased by 4.5% YoY to $254. This rise indicates a continued demand for space, even as overall sales prices experience a minor dip. Similarly, the Median List Price per square foot has risen by 4.3% YoY to $255.50, further underscoring the value placed on square footage in the current market.
Sales activity has shown a positive trend, with the number of Homes Sold reaching 1,062, marking a significant increase of 10.7% YoY. Pending Sales have also risen by 6.5% YoY to 1,233, suggesting sustained buyer interest and activity in the market. New Listings have seen a modest increase of 1.6% YoY, totaling 1,333, which may help to meet the growing demand.
Inventory levels have increased by 4.1% YoY to 3,045, providing more options for prospective buyers. However, the Months of Supply have decreased by 20.0% YoY to 2.9 months, indicating a faster turnover of available homes and a competitive market environment.
The Median Days on Market have increased by 4.0% YoY to 38 days, suggesting that while homes are selling, they may be taking slightly longer to do so compared to the previous year. The average sale to list ratio remains unchanged at 99.1%, indicating that homes are generally selling close to their asking prices.
The percentage of Homes Sold above list price has decreased slightly by 0.7% YoY to 26.3%, which may reflect a slight easing in bidding wars. Price Drops have increased by 0.8% YoY to 38.6%, potentially signaling some adjustments by sellers to align with market conditions.
Lastly, the percentage of homes going off the market within two weeks has risen by 3.1% YoY to 34.0%, highlighting the swift pace at which desirable properties are being snapped up by buyers.
Overall, the Salt Lake City housing market in September 2024 exhibits a mix of stability and growth, with certain indicators pointing to a competitive yet slightly cooling environment. Buyers and sellers alike should remain attentive to these trends as they navigate the evolving market landscape.
