Brace for Impact - Salt Lake County 1st Quarter Market Trends

Now we've done it.

The number of listings in Salt Lake County for the 1st quarter of 2008 was the highest we've seen in the last ten years. Generally speaking, that means LOTS of people are selling, or at least trying to sell.

Are you sitting down?

The number of sales for the same time period was at a 10 year low. That's right, we've had the fewest number of buyers we've had in a long, long time.

What does this mean?

It is perhaps too soon to tell, but the disparity in the numbers has never been greater for as long as we've been tracking them electronically with the MLS for Salt Lake County. But unless buyers come out in droves this spring, it will be a clear buyer's market. Will there be price slashes beyond belief? Doubtful. Few sellers in Salt Lake County truly have to sell. Many just want to sell.

The fire hose effect.

With the youngest population of any state, excellent job growth, low unemployment, and record setting in-migration...Utah is poised to lead the country in growth for what has been estimated by many to be the next 15-20 years. Imagine a virtual fire hose of new buyers flooding the market at all times. Now imagine that hose getting partially clogged. Pretty soon that hose begins to bulge (remember the cartoon images?) until it is ready to burst. It will happen. It's just a matter of time.

Brace for impact.

Thinking of selling? You may want to get it on the market NOW. With growing inventory and record low buyer numbers, prices are going to slide down considerably this spring if the trend continues. If you have no immediate need to sell, hang on to your property. It's value will return soon enough!