Listings down 24%: It’s a seller’s market

With listings at a seasonal low, if you have a home to sell, now is the time!

As you will see in the chart below, there are 23% fewer homes listed today than there were on this day in 2015. There are also more homes currently “Under Contract” today than there were a year ago. All signs of a hot real estate market here along the Wasatch Front. Now is the time to sell!

Why are listings down? I don’t know all the reasons, but here are some:

  1. Weather. It’s been cold and snowy! Many people want to wait until the weather is better.
  2. Spring Listings: Real estate in Utah is seasonal. It literally follows the seasons! In the winter, it’s more dormant. In the spring, buyers and sellers come out!
  3. Buyers are buying! If there are good homes out there, buyers are snapping them up with the great interest rates.

Also, basic Economics teach us that if supply goes down (inventory of active homes), and demand goes up (Under Contract Homes), then naturally the prices of homes would go up as well. I will gladly produce a home price report shortly.

Thanks for shopping!

Jeremy

02-10-2016 Daily Snapshot