February is a great month in Salt Lake County real estate because it gives us a hint of what may be around the corner in Spring. As the weather warms up the for sale signs come out. If these signs are already coming out in February, it may turn into a buyer’s market with an over saturation of homes being listed.
Salt Lake City
Median List Prices: $397K
This measure is up 4% for the month of February over 2018. An increase in list price shows that the market is still appreciating and the opportunity to sell your home and get a great offer is still there! Don’t miss out on the opportunity to sell during the remainder of this sellers market. Call us to find out your home value at no cost to you!
Active Listings: 2,506
This key metric is up 23% for the month of February over 2018! A steady increase in the amount of inventory can signal growth around the county. Historically, this number will rise as the temperatures rise. Sometimes the best strategy is to list your home a month too early rather than a month too late. However, an increase of 23% could foretell an oversaturated market this spring.
Days on Market: 50
Days on market is a wonderful stat to see how long the average home takes from the time the sign goes in the ground to when the sign comes out because the sale is closed! This key metric is down 20% over 2018. When this key metric is going down, it means that homes are selling even faster. When considering the average length of time from a contract being accepted to the close of the sale is 1 month, this stat is indicating that you will have an offer accepted on your home within the first three weeks!
There’s no better time to get your home on the market in 2019 than right now. Mortgage rates have stabilized, but continue to motivate buyers to get into the market place.
Contact us for a free home value consultation!