We made it through the busiest time of the year!   For the buyer’s that have been looking, offering and been unsuccessful at getting a home under contract:  KEEP LOOKING AND HANG IN THERE!   A small window of opportunity is coming!

Every summer after the spring rush there is a short period of time between the end of June and end of July the real estate market slows down in Salt Lake.  I used to think this slow down was caused by Realtors taking time off to play in the sun.  I have discovered that is only part of the slow down the other part is buyers and sellers taking time off to play in the sun!    

If you are still shopping or on the fence, the summer slow down could be the perfect opportunity for you to find the perfect home!    

Buyer Tips for This Competitive Market like ours:

  • Make sure you have an aggressive agent that knows how to work a competitive market 
  • Make sure your agent makes you aware of new listings the day they hit the market   
  • Schedule to see new listings the day they hit the market
  • Have your ducks in a row, and make sure your agent and lender do as well
  • When you find the right home don’t delay on making an offer
  • Put your best foot forward when you offer remember when you get a home under contract you will think you offered too much and when you don’t get one you think you didn’t pay enough! 

 

You might have to make more than one offer before you get a home so don't get discouraged.  The following absorption report will explain why!   

 This absorption report is for single family homes sold or under contract in Salt Lake County.

 

 

 

 

2 Months

3 Months

4 Months

5 Months

6 Months

12 Months

Active Properties:

2,586

2,586

2,586

2,586

2,586

2,586

Under Contract Properties:

2,073

2,073

2,073

2,073

2,073

2,073

Sold Properties:

1,932

2,673

3,383

4,104

4,969

11,109

Market Absorption:

2,002.50 Per Month

1,582.00 Per Month

1,364.00 Per Month

1,235.40 Per Month

1,173.67 Per Month

1,098.50 Per Month

Inventory:

1.29 Months

1.63 Months

1.90 Months

2.09 Months

2.20 Months

2.35 Months