What a wild year so far; Coronavirus, Earthquakes and Civil Unrest. What is in store for Salt Lake County next? Maybe a housing shortage? Yep. Maybe the below graphs will be of some assistance for your real estate search.
This first graph shows the # of Active Listings and those Under Contract. What this represents is a version of Supply (Active Listings) and Demand (Listings Under Contract) for Salt Lake County. Historically, Supply has always been higher than Demand, but the lines crossed just before COVID-19 started ramping and then again after the restrictions started being lifted. For Sellers this is great, other than for the increased contract cancellation rate. And Buyers are furiously competing on any listing where it is priced right.
These two graphs represent the density of Active listings (left graph) and Ratio of Active to Under Contract Listings (right graph). Herriman (84096) had the most Active Listings at the end of May, while Downtown SLC (84101) had more Supply than Demand. This might be a useful graph when trying to understand what area might have less competition, when looking to buy or too much inventory when looking to sell.
These two graphs represent the Total # of New Listings for the Month (left graph) and the change in New Listings for that area compared to last year (right graph). Herriman (84096) again had the most New Listings for May, while Riverton (84065) had the biggest increase in listings year over year. This might also be a useful graph when trying to understand what area might have less competition, when looking to buy or too much inventory when looking to sell.
This graph shows the Average Selling price and the # of Days on Market for listings that sold in May. Normally, one would expect as price goes up, DOM would trend in the same direction. Sugarhouse (84105) has the lowest DOM on market and is on the more expensive side, while Herriman (84096) is a little more affordable and homes sit over twice as long. Again, this points to selling and buying patterns for an area and is something to consider if you do not have a preference for where you live.
Anyway, thanks for your time. If you’d like to connect or share your thoughts, I can be reached via email at email@example.com.
Please remember zip codes do not reflect subdivisions, and any given subdivision could have completely different trends than the zip code it is in.