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.

Renee

When we decided to buy our first house, we had no idea what we were doing or what we were looking for. Choosing Ryan to help us with the purchase was the best decision we made. He knew everything! When he would show us houses, he could easily point out problem areas or issues that would fixing in the near future. He had the foresight to use a plumber to inspect the pipes, which saved us thousands of dollars that would otherwise been paid after we closed on the home. When we were having problems with our own mortgage broker, Ryan sought out advice from his own trusted mortgage brokers to ensure that we got the loan we needed. Finally, Ryan has a fantastic sense of how to best utilize home spaces, so he was always giving us ideas on how we could update potential houses to make them more functional. He absolutely went above and beyond what we ever could have imagined. If any of you are looking for a new home and need a realtor, we HIGHLY recommend Ryan!!! You won’t regret it.

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.

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.