News from the Market: July '22
Updated: May 23
The market may have cooled in recent months, but after last year’s fever-pitch, we see this more as a return to somewhat-normalcy, and a welcome chance for clients to catch their breath.
Median price of a single-family home in SLC was $603,396, up 6.54% from the previous year (but down 4.02% from June 2022).
Median days on market in the Salt Lake area were 14 (up from 6 last year).
Median price per square foot was $249, up 10% from last year.
Number of units sold in July was 752, down 34% from the same time last year.
While home prices can still get bid-up in multiple offer situations, we’re also seeing more homes sit on the market for longer than we were this time last year. What does this mean? Buyers have more time to shop around a make smart offers, and sellers are no longer getting a weekend bidding war for anything with a front door. Buyers aren’t necessarily jumping to waive contingencies and inspections, and sellers are having to take a bit more care in pricing and presentation—and that’s where our decades of industry experience come in handy.
In sum, we think the current climate is a good thing overall, and that these conditions will create an environment wherein it’s easier for both buyers and sellers to take time and make decisions (and offers) that are right for them.