Comparing the single-family home market stats for Salt Lake County between October and November 2024 reveals the following trends:
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Homes Available: Inventory decreased from 1,712 homes in October to 1,535 in November, a decline of approximately 10.3%. This drop aligns with seasonal trends as the market typically slows heading into the winter months.
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Sales Volume: Total sales volume saw a significant reduction, from $539,248,064 in October to $369,970,524 in November, reflecting fewer transactions and potentially a shift in the price mix of sold properties.
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Properties Sold: The number of homes sold also declined notably, from 741 in October to 533 in November, a 28% decrease, influenced by both lower inventory and reduced buyer activity during the holiday season.
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Average Days on Market: The average time homes spent on the market increased slightly, from 45 days in October to 49 days in November, indicating a slower pace of sales.
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Median Sales Price: The median sales price decreased slightly, from $609,858 in October to $599,000 in November, suggesting a slight softening in pricing as inventory tightens and higher-priced homes become less dominant in sales.
These figures illustrate a seasonal slowdown typical for the fall and winter months, with a continued demand reflected in stable pricing and limited inventory.
If you are ready to buy or sell this holiday season, contact me today to get started. I can walk you through everything you need to know to succeed in this market!
