December 2015 Market Update

ACT Inventory last Thursday of December
2014      ( 3723 )              100%
2015     ( 2674 )              71.82%
Salt Lake County Highlights

December active listings (inventory) down 28.18% from December 2014 yet pendings are up 23.89% in Salt Lake County.  This was a pretty consistent theme for all of 2015 in Salt Lake County.  Inventory down 20+ percent from same months 2014 yet under contracts are up 20+ percent from same time last year.  I’m SHOCKED inventory has been able to remain this low for this long.

Unit Sales
Theories as to Why
  • Absorption has remained high.  MORE sales and less days on market thus inventory stays low.  This is a fact
  • Lots of new construction not ending up in the MLS system.  People are buying, we are just not seeing those stats in the system
Median price closed out at $250K which is a downturn from June and July of about $7K; this concerns me a bit because for the past 2 years 2013 and 2014 we saw median price increase all year long.
Now in 2015 we have it peaking in summer and retracting even though inventory is low. Why?  Buyers really are experiencing sticker shock. Crazy though we saw unit sales pick back up in November and December over 8% from same time prior year.  Remember in October we flat lined and I was concerned.  Well it’s picked back up.
Median Sold Value

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