June 2024 Housing Market Update- Davis & Weber County, Utah

June! The first month of summer, and some of our best weather here in Utah, before the thick of summer brings the real heat! Today, let's talk about the latest trends in the housing market. By comparing recent statistics with those from the previous month, I aim to provide a clear picture of the market's current state and emerging trends.

Days on Market (DOM):

The pace of home sales continues to accelerate. Last month, the average days on market decreased to just 21 days, down from 25 days the previous month. This 4-day reduction underscores a high demand for properties and a competitive market environment.

Median Sales Price:

The median sales price has experienced a notable increase, rising from $470,000 to $481,000. This $11,000 uptick reflects ongoing appreciation in property values and a robust market for sellers.

Sales Price vs. List Price:

Homes continue to sell for 99% of their list price, maintaining stability in buyer-seller negotiations. This consistency indicates that buyers remain willing to meet sellers' expectations, reinforcing confidence in current market valuations.

Total Homes Sold:

The number of homes sold last month saw a significant rise, with 639 transactions compared to 581 in the previous month. This increase of 58 homes sold highlights a dynamic and active market, with strong buyer interest and ample transaction volume.

Reviewing these recent statistics, we observe several key trends. The market is clearly favoring sellers, evidenced by faster sales, rising median prices, and stable sales-to-list price ratios. The increase in total homes sold further indicates a vibrant and healthy market. In conclusion, the current real estate market exhibits strong demand, rising prices, and high transaction volumes. For both buyers and sellers, understanding these trends is crucial for making informed decisions. As the market evolves, staying informed of these changes will ensure you are well-prepared to navigate the opportunities and challenges that lie ahead.

Thank you for stopping in for this quick market update. I look forward to providing you with continuous updates and insights into the dynamic world of real estate. If you have any questions about the facts shared today and how it might impact you and your real estate goals, please don't hesitate to reach out!