Q2 2018 Market Update

If you’ve been in the Salt Lake area for a while, you might be as surprised as I am how long our market has been booming, and most experts agree that there’s no end in sight. Here’s what happened in our market during the second quarter.

Price

The median sold price for homes in Salt Lake County was a whopping $320,000 during the second quarter, which is an all-time high. We’ve suddenly gone well past that $300,000 mark, up 6.7% over the second quarter of last year.

The median asking price for homes in our area is $347,900.

Part of the reason for high prices has been historically low inventory. However, some new construction is finally hitting the market, and Salt Lake’s home inventory surged 48.6% during this past quarter, rebounding from huge drops. (In fact, this increase in inventory was the second largest in the nation.)

Days on Market

We saw a winter slowdown last quarter, with homes staying on the market around 20 days. We’re back to a frenzied pace of an average of just 9 days on the market.

It’s extremely common for buyers to have to make multiple offers before they get a home right now. This, combined with high prices, is making it difficult for people to buy homes.

Number of Homes Sold

Just over 5,000 homes were sold last quarter, which is very close to the number of homes sold during the second quarter of 2017.

Ready to Buy or Sell?

Buying or selling in a market like ours comes with its own unique challenges. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a plan so we can navigate these waters together.

Billy H.

Ryan is thorough during every step of the buying process. He paid close attention to detail as we walked through several homes while keeping our best interests in mind and pointing out when certain features either met—or did not meet—expectations we shared with him. He helped us find a home we love without settling and without leaving our comfort zone. Importantly, we never felt any pressure (huge bonus points for us!) to make or accept any offer. What stands out the most to us is his responsiveness. Even with current market competition being so high, we could always count on Ryan to get us into a showing in a timely manner. In addition to working hard to help us find a home to purchase he took exceptional care while helping us sell our home, even arranging for a professional photographer to take pictures. And, his professionalism was evident in the negotiation process with both sellers and buyers. He was calm, collected, and a great listener when negotiations were at their peak. Buying and selling a home is a stressful process, but with Ryan at our side we were confident we would find what we were looking for. We refer Ryan to anyone interested in buying or selling their home (we already have)!We will without a doubt use him again in the future.

Aubrey D.

Ryan has helped me buy and sell houses on more than one occasion. His tireless efforts and tenacious expertise made the process as simple as possible, especially considering the amount of work involved. Ryan has always been reachable and quick to respond, and has proven that he works with my best interests in mind. When faced with the challenge of matching multiple offers and terms with the most desirable end, Ryan ensures that I feel well cared for. A+, would recommend.

Brandon B.

Ryan did an excellent job listing our home as our listing agent. He met with us ahead of time, suggested a list of things to work on around the house to get it ready for the market, and listed it in a timely manner. We had multiple showings right away and received several offers on the first day of showing. We were in a time crunch due to work and school schedules and Ryan was always attuned to our needs to sell the home quickly before school started. While under contract, Ryan worked with the buyers over several issues and ultimately was able to negotiate a closing that both parties were comfortable with even though there were discussions of walking away from the sale on both sides. Ryan is calm, professional, and knowledgeable, and really demonstrated the value of such an agent during our sale. We have recommended and trusted him to help us purchase multiple homes as well as represent several families members to do the same. I would definitely recommend Ryan Eborn for your real estate needs.

Renee

My wife and I have had the absolute pleasure of working with Ryan for the purchases of two homes and the sale of another. Throughout these processes he consistently made us feel like we were his top priority. Ryan helped us find our first home when we were a young couple and needed all of the experience and expertise we could get. He made the process enjoyable and smooth. When it was time to search for our second home, there was no doubt we wanted Ryan to help us again. When we found the house we had been dreaming of, he handled all of the challenges the purchase presented. Ryan really listened to our wants and concerns. He was thorough and reliable. He made the process easy, understandable, and enjoyable, and he was an exceptional advocate for us throughout the entire process. There is no question that when it comes time again for us to buy or sell that Ryan will be our agent.