Utah Housing Market Analysis: September 2024
The Utah housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Utah stands at $547,800, reflecting a slight decrease of 0.3% year-over-year (YoY). Similarly, the Median List Price has decreased by 1.2% YoY, now at $568,700. This decline in prices suggests a cooling in the market, potentially offering opportunities for buyers.
In terms of Price Per Square Foot, the median price is $251, which also marks a 1.2% decrease YoY. Conversely, the Median List Price per square foot has seen a modest increase of 0.7% YoY, now at $261. This divergence indicates a potential stabilization in listing prices despite the overall decrease in sales prices.
Sales activity in Utah has shown positive momentum, with 3,080 Homes Sold, representing a 5.6% increase YoY. Pending Sales have also risen by 4.7% YoY, totaling 3,762. New Listings have increased by 2.0% YoY, reaching 4,222, while inventory has grown significantly by 7.2% YoY, now at 11,626. The Months of Supply have increased by 10.0% YoY, currently at 3.80 months, indicating a shift towards a more balanced market.
The Median Days on Market for homes in Utah is 46 days, which is a 4.0% increase YoY. This suggests that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio remains unchanged at 98.8%, indicating that homes are generally selling close to their list prices.
The percentage of Homes Sold above list price has decreased by 1.1% YoY, now at 22.3%. This decline suggests a reduction in competitive bidding situations. Price Drops have remained relatively stable, with a slight decrease of 0.1% YoY, now at 33.1%. Additionally, the percentage of homes going off the market within two weeks has increased by 2.2% YoY, now at 28.9%, indicating that a significant portion of homes are still selling quickly.
Overall, the Utah housing market in September 2024 exhibits a mix of declining prices and increased sales activity. While the market shows signs of cooling in terms of pricing, the rise in sales and inventory suggests a more balanced environment, potentially benefiting both buyers and sellers.
