A current overview of Salt Lake's market. 

May active listings (inventory) are down 23.68% from may 2014. In general, low inventory is one of the biggest constraints on the market we are currently witnessing. Buyers should be prepared to move quickly in a competitive marketplace.

Median price current sits at $253,000, which is a new all time high for Salt Lake county.

A total 1,564 property units closed, which amounts to an 8% increase in units from 2014. While we have witnessed a slight increase in sales, the rate of increase has slowed in the past year, which actually suggests that our market is stabilizing and generally recovered from the recession.

March and April saw an increase of 35% in sales volume and 17% over the prior year. The market is definitely moving but remains segmented and hard to predict. Now more than ever, it's key to have an advisor when navigating real estate decisions. 

Summary:

While we are seeing increase in price and sales volume across the board, the rates of growth in these two sectors suggest a potential leveling-off of the market. It could be that buyers are starting to fight back on pricing even though inventory is low.  Thus, we could be seeing the initial signs of a slight slow down, which would actually be a good, stabilizing trend in our marketplace.

Reach-out to your BHHS Utah agent with any questions regarding Salt Lake's always evolving market.