As you probably have heard, the Utah real estate market has shifted.
Homes are not selling like they used to. What is causing this and what does the rest of 2022 look like? Watch below…
Highlights:
➡️ July’s Consumer Price Index (CPI) has inflation up 8.5% since July 2021
➡️ Active listings went from 1800 last spring to just under 10,000 today
➡️ New listings added this year are on par from previous years
➡️ We’ve had a 44% decrease in showings on active listings
Are we seeing price drops with real estate in Utah? YES! The average sale price for a single family home in salt lake county went from $649,000 to $599,000 which represents the first compression in Utah home values in years. We’ve also seen a 30% decline in home sales when you compare July 2021 to July 2022.
We aren’t anticipating any large drops in Utah house values this year but keeping a close eye on inventory levels and interest rates.
My prediction, is we see a 5-7% decline in Utah house prices in the next 6-12 months.
That might not be great news for sellers, but keep in mind you’ve gained a lot more than that the previous 12 months as we’ve seen Utah house values jump over 20% the past year.
All in all, we will be ok. This is not 2009 by any stretch of the imagination. we are keeping a close eye on the market. We’ve been doing this for over 19 years and have seen good markets, bad markets, and everything in between. We know exactly what to do no matter what happens. We look forward to helping our buyers and sellers navigate through this next market.
If you have any questions about your home value, reach out to us at 801-999-8005 and we’ll provide you with a comprehensive market analysis report on your home.
