Utah Real Estate Market Update | January 2024

Utah Real Estate Market Update | January 2024

Come along with us as we bring you our first Utah Real Estate Market Update of 2024.  Ben and Paden go over numbers from the month of December 2023. We hope you are having a great start to the New Year!

In this episode, we compare December 2023 and December 2022 numbers. Pending sales have increased by 10%, while closed sales have seen a slight decline. The decline in closed sales could be due to homes going under contract later in the month of December and they won’t close until January 2024. The days on the market have decreased by a few days, indicating a very gradual acceleration in home sales. As things have slowed down quite a bit the last couple of years, it is potentially frustrating for buyers and sellers because we all witnessed the craziness of the housing market after the pandemic hit with fewer days on market and multiple offers. The housing affordability index has ebbed and flowed throughout the year, but in the direct comparison between December 2022 and December 2023, we have seen no change. Ben and Paden also touch on one of the most frequently asked questions: When is the right time to buy a home? The answer to that will always depend on when the right time for you depending on where you are at in life. Although, they both placed an emphasis on the fact that life is too short to try and time the market and sacrifice so much to get a good deal because overtime it will become a good deal. If you have any real estate questions or needs we would be happy to help you set up a plan to reach those goals this year!

December 2023 | Utah Update

December 2023 | All Counties

December 2023 | Housing Supply Overview

December 2023 | Monthly Indicators

December 2023 | Q4: Quarterly Activity

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