September Housing Update: Davis & Weber County, Utah

As the real estate market continues to evolve, it's essential to stay updated on the latest, local trends and how they may impact both buyers and sellers. In this post, we’ll take a closer look at the most recent data in Davis and Weber Counties and compare it to the previous month’s statistics to understand the direction the market is heading.

Days on Market (DOM):

The speed at which homes are selling has slowed down considerably from our hot spring market. The average days on market has increased from 21 days in May to 35 days in August, reflecting a more measured pace in transactions. This 14-day increase may indicate a shift towards a more balanced market, with buyers taking more time to make decisions and sellers potentially needing to adjust expectations.

Median Sales Price:

Despite the longer time on market, home values remain strong. The median sales price has come up slightly, we started the summer at $481,000 and ended at $484,500. This increase of $3,500 demonstrates continued appreciation in home values, though at a slower pace than we’ve seen in previous months. For sellers, this indicates a resilient market, even amid slightly lengthening selling times.

Sales Price vs. List Price:

One of the more noticeable changes is the slight drop in how much homes are selling for compared to their listing prices. Homes were previously selling at 99% of their list price, but that figure has dipped to 98%. While this is a small change, it could signal that buyers are gaining a bit more negotiation power, and sellers might need to be more flexible with pricing strategies.

Total Homes Sold:

The number of homes sold last month decreased significantly, from 669 in May to 537 in August—a drop of 132 homes. This decline in transactions could be a reflection of shifting buyer demand, seasonal market changes, or broader economic factors affecting purchasing decisions. It's a trend worth watching, as it may impact both pricing strategies and market expectations in the months ahead. Overall, year to date we are down about 250 homes sold compared to this time last year.

Comparing these statistics to previous months, the market appears to be undergoing a mild shift. While home prices continue to appreciate, albeit slowly, other factors like longer selling times and a reduction in sales volume suggest the market has cooled slightly after a period of high activity. Buyers are taking longer to commit, and sellers may need to adjust both pricing and timing expectations.

The latest data points to a transitioning market. Homes are taking longer to sell, and the gap between list prices and final sales prices has widened slightly. However, prices continue to trend upward, signaling that demand remains steady, even if slightly tempered. Whether you are a buyer or seller, understanding these shifts will help you make informed decisions in this evolving landscape. Staying on top of these trends is crucial as the market adjusts to new conditions, and we’ll be here to provide you with the latest updates and insights.