August 2015 Market Overview
Summary: Although summer has been hot and unprecedented in certain stats (total volume, days on market) the market is showing signs of slowing and these signs are a bit greater than your average seasonal slow down. This trend is presenting itself across all counties Wasatch Front.
August active listings were down 22% from last year; yet pending sales were up by 21% in Salt Lake County. We are seeing similar trends in neighboring counties except Davis, which has even lower inventory and fewer pending sales. Weber and Ogden have less inventory than Salt Lake County but also experienced the highest number of pending sales, and Ogden is the hottest market going by the stats.
Median price closed out at $250K, which suggests a slight pricing adjustment from June/July, and could be evidence of a slowing market. Usually, we see a seasonal downturn in median price, active listings, and sales in September and October. This year it arrived early and that could be significant. 1,494 residences closed, which is a 9% increase over 2014. While the increase suggests growth, the 9% statistic is evidence that the market is leveling out (the increase in closings per month has been at least 11% since February of this year).