The Latest Real Estate Numbers Along the Wasatch Front

Salt Lake City Real Estate Podcast with Joshua Stern

We’re back with another update on the Wasatch Front real estate market. In the third quarter of 2019, we saw a significant jump in sales. Year to date, we’re up 2.1% with over 37,700 homes sold so far in 2019. The average price for all home types is over $383,000. At the same time last year, our average price was just over $354,000. That’s an 8.2% year-over-year increase, which is great news if you’re a homeowner looking to capitalize on your equity by selling. Our average days on market along the Wasatch Front is 47 days—a 20% increase from the 39-day average we saw at this time last year. “Prices are rising, but so is our supply of homes.” Our overall inventory for all housing types is at a 3.8-month supply. Anything less than six months is considered a seller’s market. The market is still very good, but homes are taking slightly longer to sell. The third quarter also brought us some of the lowest interest rates we’ve seen in a few years. As we finish the third quarter, rates jumped up a bit, but are still fantastic. Prices continue to go up, but there’s more inventory available. Couple that with solid interest rates and we have a good market for buyers and sellers right now. If you have any questions for us in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.