What Factors are Affecting Salt Lake's Market?

There is surely a lot of inventory available. Buyers have more choices. They are not forced to deal with unreasonable Sellers. In most cases they can find another suitable home where the Seller is more reasonable.

Let's compare 3rd Quarter Numbers. (See Salt Lake County 3rd Quarter Statistics)

Last year, there were 8458 new listings in the 3rd Quarter. This year, there were 10489 new listings. That is 2031 MORE HOMES available, while at the same time the average increase in SOLD price of homes dropped from 23.85% to only 9.56%. (Still, VERY respectable.)

The average percentage of new listings that sell is also DOWN 45.15%.

58.96% of New Listings Sold during the 3rd quarter last year. 32.34% is the percentage of New Listings that Sold during the 3rd Quarter this year.

Why are 2/3 of new listings not selling?

I'll list some of my reasons, but what are the top 3 things that you see affecting the Salt Lake County market?

What factors have you seen affect the national market, that may not as of yet affected Salt Lake as strongly?

Why do you think that is?

Can Salt Lake avoid an actual slump in home values? (Where sales prices decline?) As of now, the rate of the increase in values has slowed, but it is still positive.

Homebuyer Representation, Inc. is a Real Estate Brokerage that services Salt Lake City, Utah and surrounding areas. Agents are Exclusive Buyer Agents (EBAs) and represent BUYERS ONLY. For Free Reports or a Free Consultation, contact Homebuyer Representation at (801) 969-8989 or click the highlighted links in this paragraph.

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