Inventories in Utah, Davis, Salt Lake, and Wasatch on the rise again

Inventories in Utah, Davis, Salt Lake, and Wasatch on the rise again

Taking an inventory of active homes across the Greater Wasatch Front today.

As of July 31st  we have 8846 active single family homes for sale.  Number of units are up from 8436 single family units last month.  An inventory increase of 5%.  This is from all of the inventory with the Salt Lake Board Regional Multiple Listings held in the State of Utah.
Salt Lake County shows 2447 active single family units.  Up 7%

Utah County shows 1933 active Single Family Units.  Small increase from 1912 last month. Up just  1%

Wasatch County shows 343 active Single Family Units for sale up from 323 or 6%

Davis County shows 664 active Single Family units for sale up from 606 or 10%

 

Inventories in Utah, Davis, Salt Lake, and Wasatch on the rise again

Highest Median Prices in Salt Lake County

Article courtesy of Salt Lake Board of Realtors

Salt Lake County home prices continued to climb in the second quarter of 2018, according to the Salt Lake Board of Realtors®. The median single-family home price in the April-through-June period increased to $352,500, up 7.8 percent compared to a median price of $327,000 in last year’s second quarter. Home prices increased across all Wasatch Front counties including: Davis, up 9.8 percent; Tooele, up 20.9 percent; Utah, up 10.1 percent; and Weber, up 9.6 percent. The median sales price of a Salt Lake County condominium also increased in the second quarter to $237,300, up 5.5 percent compared to a median price of $225,000 a year earlier.

2019 to 2023 The next 4 years

What is Utah Real Estate Going to do in the next 3- 4 years?

If interest rates creep up to about 5% the inventories will fatten up and prices will either adjust down ever so slightly or remain the same for the next 18 months.

A giant elephant in the room, no one seems to want to talk about is the heath care disaster left by the Obama administration.  Still in effect for the most part and creating a huge burden on both consumers and employers. Many families with good incomes pay more for healthcare that their rent or mortgage.  If or when that is fixed it will create new disposable income for families and could possibly spur home demand to new unsustainable high. Pushing the metro area prices even higher. Don’t get me wrong I am all for axing the entire health care plan and starting over. Any bill over 23 pages of long enough let alone 2300 pages in the oxymoron name “Affordable Care Act”.

 

With the inventories showing a climb, this will actually spur more homes to be placed for sale. My own opinion is a large group of empty nesters are waiting for better selection.  This is the group that wants to sell and buy but haven’t.

 

As for the future our Utah (Greater Wasatch Front)  the next three to five year economy shows no signs of slowing down.  In migration will fill existing apartment vacancies which in turn, at some point graduate to a purchase of sort. Population along the Wasatch Front is slated to double by the year 2050

post is simply an editors opinion, please note and come to your own conclusion

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