October Housing Update 2024- Davis & Weber County, Utah

As we continue to observe the changes and trends in the real estate market, our most recent data suggests a market that is experiencing subtle shifts while still maintaining certain aspects of stability.  Below I will break down the key aspects of our data and how our most recent reports are trending compared to months prior.

Days on Market (DOM):

The average days-on-market remain unchanged at 35 days. This consistency suggests that the pace of transactions has stabilized, with no acceleration or slowdown compared to the previous month. For both buyers and sellers, this indicates a balanced market where properties are not lingering too long, yet are not selling at a frantic pace.

Median Sales Price:

The median sales price has decreased slightly, from $484,500 to $479,900. While this represents a small decline of $4,600, it marks a cooling in price growth compared to the steady increases observed in previous months. For sellers, this could signal a need to remain competitive with pricing, while for buyers, it presents an opportunity to secure homes at slightly lower prices.

Sales Price vs. List Price:

Perhaps the most telling statistic is the drop in the ratio of sales price to list price, from 98% to 96%. This 2% decline suggests that buyers are gaining more leverage in negotiations, and sellers may need to adjust expectations accordingly. The reduced gap between asking and final sales prices points to a market where buyers are more cautious and selective in their offers.

Total Homes Sold:

Despite the pricing shifts, the number of homes sold increased from 535 to 562, showing a rise in overall activity. This 27-home increase reflects a continued interest in the market, despite the pricing adjustments and longer negotiation periods. The demand remains healthy, and the uptick in sales volume suggests that buyers are still actively participating.

Spotting Trends:

Comparing these recent statistics with prior months, the market is showing signs of stabilization with a few key adjustments. While homes are still selling within a consistent timeframe, sellers are seeing slightly lower returns relative to list price, and buyers are becoming more discerning in their offers. The slight decline in median prices aligns with this shift, reflecting a market that is cooling but still robust.

Conclusion:

The current real estate market is demonstrating a blend of stability and subtle change, normal for this time of year. Homes are taking the same amount of time to sell, but sellers are seeing slightly lower final sales prices and are experiencing more negotiation. However, buyer interest remains strong, as evidenced by the increase in total homes sold. For both buyers and sellers, staying aware of these shifts will be critical for making informed decisions.