As of July 9th, the Salt Lake County real estate market just hit a new threshold, with over 3,000 active listings. That number includes condos, townhomes, and single-family homes. To be precise, there were 3,283 homes on the market that morning.
But to truly understand what that means for you, whether you’re buying or selling, we need to put that number into context.
What’s Selling (and What’s Not)
Over the past 30 days, 1,091 properties sold in Salt Lake County. Meanwhile, 1,361 homes are currently under contract. So while inventory is rising, buyers are still making moves.
This brings us to a key real estate metric, absorption rate, which tells us how long it would take to sell off the current inventory at the current pace of sales.
- When we divide active listings by homes under contract, we get about a 2.5-month supply.
- When we divide active listings by homes sold in the last 30 days, the supply stretches to just over 3 months.
What That Means for the Market
Historically, economists used these absorption rates to define market conditions:
- 6+ months of supply = Buyer’s Market
- Less than 3 months of supply = Seller’s Market
- 3 to 6 months of supply = Balanced Market
But in the past decade, those lines have shifted. These days, when inventory dips below six weeks of supply, it’s often considered an extreme seller’s market, with soaring prices, limited options, and bidding wars.
Today, Salt Lake County is sitting at just over a 3-month supply, which officially puts us in a buyer’s market. Not a drastic one, but enough to shift leverage.
What’s Changing for Sellers
This shift is already showing up in the numbers:
- Over 50% of active listings have had price reductions in the last month.
- Even so, homes are still selling for an average of 97% of asking price, showing that well-priced homes are moving.
Another noticeable change? Seller concessions are back.
In this current buyer-leaning market, sellers are more willing to negotiate, whether that’s helping with closing costs, buying down interest rates, or offering credits for repairs uncovered during inspections.
For much of the last 10 years, these types of concessions were rare. Today, they’re increasingly common and negotiable.
Final Thoughts
If you’re a buyer, this is welcome news. You may finally have some breathing room and negotiating power. If you’re a seller, it’s a reminder to price strategically, prepare your home well, and be open to conversations that weren’t even on the table a year or two ago.
The market is always shifting, and success, whether you’re buying or selling, comes down to understanding where we are and how to navigate it.
Have questions or want to talk strategy? Our team at Utah Cribs is here to help.