The Salt Lake County real estate market has seen some interesting shifts over the past month. Whether you’re buying, selling, or just keeping an eye on the market, here’s how the numbers changed from June to July for single-family homes.
1. Homes Available
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June: 2,039 homes
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July: 2,113 homes
What It Means:
Inventory ticked up slightly in July, giving buyers a few more options. Increased inventory can ease competition and make it a little easier to find the right property without getting into multiple-offer situations.
2. Properties Sold
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June: 754
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July: 743
What It Means:
Closings dipped just slightly, which could reflect buyers being a bit more cautious with rising interest rates or taking their time with more options on the market.
3. Average Days on Market
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June: 37 days
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July: 47 days
What It Means:
Homes are staying on the market about 10 days longer than the previous month. This slower pace often benefits buyers, allowing for more negotiation opportunities and less pressure to make instant decisions.
4. Average Sales Price
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June: $748,189
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July: $758,045
What It Means:
Even with slightly slower sales, the average sales price climbed. This suggests that well-presented and well-priced homes are still attracting strong offers, and higher-end sales may be influencing the market average.
5. Total Sales Volume
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June: $562,551,432
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July: $563,227,948
What It Means:
Total volume held steady, showing that while fewer homes sold in July, higher sales prices kept the overall dollar volume nearly identical to the previous month.
Key Takeaways for Buyers & Sellers
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Buyers: You now have more inventory to choose from and slightly more time to make decisions. If you’ve been on the fence, market conditions are tilting in your favor.
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Sellers: Homes are taking longer to sell, so pricing and presentation are more important than ever. The good news is that sales prices are still holding strong.
The Salt Lake County market remains active, with subtle shifts that favor careful buyers and strategic sellers.
