Utah Housing Market: November 2024 Analysis
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The Utah housing market in November 2024 presents a complex landscape, characterized by a mix of declining and rising metrics. The Median Sales Price has decreased by 2.8% year-over-year, settling at $539,700. This decline contrasts with the Median List Price, which has increased by 2.8% to $564,000, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has decreased by 1.7% to $250, while the Median List Price per square foot has risen by 6.2% to $270. This divergence suggests that while sellers are optimistic about pricing, buyers are negotiating for lower prices, possibly due to market conditions or economic factors.
The number of Homes Sold has surged by 18.5% year-over-year, reaching 2,828 units. This increase in sales activity is complemented by a 12.2% rise in Pending Sales, totaling 3,221. New Listings have also seen a modest increase of 3.6%, amounting to 2,975, while inventory has grown by 7.8% to 10,713 homes. Despite the increase in inventory, the Months of Supply have dramatically decreased by 40.0%, now standing at 3.8 months, indicating a faster turnover of available homes.
The median days on the market have slightly increased by 3.0% to 49 days, suggesting that while homes are selling, they are taking slightly longer to do so compared to the previous year. The average sale to list ratio has seen a marginal increase of 0.2%, now at 98.7%, indicating that homes are selling close to their list prices. Additionally, the percentage of Homes Sold above list price has increased by 2.5% to 22.1%, reflecting competitive bidding in certain segments of the market.
Price Drops have decreased by 1.0% to 28.6%, suggesting that sellers are either pricing more accurately or that the market is absorbing higher prices. The percentage of homes going off the market within two weeks has increased by 2.2% to 24.0%, indicating a segment of the market that remains highly competitive and fast-moving.
Overall, the Utah housing market in November 2024 exhibits a dynamic environment with both challenges and opportunities. While sales prices have softened, the increase in sales activity and competitive bidding in certain areas highlight a resilient market. Buyers and sellers alike must navigate these conditions with careful consideration of pricing strategies and market trends.