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Market Update: February, 2024

As agents who are daily "in the field"—whether it's writing contracts, showing properties, negotiating prices, or hosting open houses—it's easy to assume that everyone is privy to the many fine points and shifting variables of what we do.

The Salt Lake real estate market sees new data every week, so each month, we'll be talking a bit about what's new, what's consistent, and what it all means for buyers

and sellers, alike. We're just to get you invested, informed, and (hopefully) in the home that's meant for you.

Salt Lake County Real Estate Market Update, Feb. 2024

Summary: Average sales prices in Salt Lake County are up, both month-over-month and year-over-year (even though January and February are traditionally two of real estate's "slowest" months). While days on market have remained largely the same since this time last year, new listings are up by about 22%. There's no question that we're still in a seller's market, but buyers should keep in mind that any possible drop in mortgage rates has the potential to bring more buyers out of the woodwork, thereby driving prices even higher.

Park City Real Estate Market Update, Feb. 2024

Summary:  It looks as though Park City is seeing some incremental upticks, but not too much movement. While median sales prices are technically up year-over-year (an increase of just 0.8% from Feb. of '23), they're down slightly (-3.3%) from January of this year. On the other hand, days on market has seen a notable increase, going from an average of 80 days in Feb. of 2023 to 116 days in Feb. of 2024. All told, we can likely expect a continuation of this slow-and-steady behavior for the foreseeable future in the Park City real estate market.


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