People always ask. How’s the market? Of course the answer is depends.
Depends on many factors, geography, price point, whether you are buying or selling.
Another thing it depends on.
Are you buying or selling?
Are we in a buyers market a sellers market? What’s going on?
A Buyers market is defined as having less than 6 months supply of homes.
A sellers market is defined as having more than 7 months supply of homes.
A neutral market is defined as 6-6.99 months supply of homes
The formula that is used to determine how many months supply of homes is.
Take the number of sold for the last 60 days added to the sale pending then divide by 3.
Then divide the number of active listings by that number.
Actual Cottonwood Heights numbers
| # of Active Listings | 159 |
| # of Listings that have a Sale Pending | 47 |
| # of Listings that have sold in the last 60 days | 40 |
| Add the pending and sold then divide by 3 | 29 |
| Absorption Rate/ Months Supply of Homes | 5.48 |
Based on that we are in a slight sellers market, not to be confused with a run away sellers market of a few years gone by.
Currently Salt Lake County has three markets.
Under $250,000 based on the current numbers there are 4.99 months supply of homes. That is a seller’s market.
$250-450,000 there is a 6.86 Months Supply which is considered a neutral market.
$450,000 and above there is a 11.51 Months supply of homes, pure buyers market.
If you would like a more detailed report for your area, contact me.
Voice or Text 801-999-8209
Rob@Aubrey.net
