November 2024 Housing Market Update for Davis & Weber County Utah

As we continue to track the ever-changing real estate market, we are seeing some notable adjustments in buyer behavior, pricing, and overall activity. This update will provide a professional analysis of the latest statistics and compare them to previous months, highlighting emerging trends and market shifts both seasonal and out of the "norm".

Days on Market (DOM):

The average time homes are spending on the market has increased, from 35 days in September to 40 days currently. This change suggests a slight slowing in the speed of transactions, indicating that buyers are potentially taking more time in their purchasing decisions and that there are more home listings than buyers actively searching. While the increase is only 5 days, it reflects a shift from the faster turnover we saw earlier in the year.

Median Sales Price:

Interestingly, while homes are sitting longer, home prices have also increased. The median sales price rose from $479,900 to $489,995, a jump of just over $10,000. This increase suggests that while homes are taking longer to sell, demand is strong enough to push prices upward. For sellers, this is a positive signal of value resilience, even as the market pace adjusts.

Sales Price vs. List Price:

Homes are now selling for 98% of their list price, up from 96% the previous month. This improvement in the list-to-sales price ratio points to increased buyer confidence, with offers coming in closer to asking prices. It suggests that buyers are willing to meet sellers’ pricing expectations, perhaps in response to the ongoing demand and limited inventory in certain areas.

Total Homes Sold:

The number of homes sold last month rose from 562 to 576, showing a modest but notable increase in activity. This increase in sales volume, coupled with higher sale prices, indicates that demand remains steady despite the extended time on market. It suggests a healthy, if somewhat more selective, buyer pool.

Spotting Trends:

Looking at the market as a whole, several trends stand out. The longer days on market paired with an increase in sales price and a higher sales-to-list price ratio suggest that while buyers are more deliberate in their choices, they are also willing to meet higher price points when they find the right property. For sellers, this combination could mean slightly longer listing times but greater confidence in achieving favorable prices.

Conclusion:

The current real estate market continues to show resilience and adaptability. While the pace has slightly slowed, prices are holding strong, and buyers are willing to negotiate closer to list price. This trend suggests a balanced market where both buyers and sellers can find advantages. As we continue to monitor these changes, understanding these shifts will be essential for making informed decisions in today’s real estate landscape. Thank you for staying connected, and as always, we’re here to provide insights to guide you through these developments.