We’re back with another update on the Wasatch Front real estate market. In the third quarter of 2019, we saw a significant jump in sales. Year to date, we’re up 2.1% with over 37,700 homes sold so far in 2019.
The average price for all home types is over $383,000. At the same time last year, our average price was just over $354,000. That’s an 8.2% year-over-year increase, which is great news if you’re a homeowner looking to capitalize on your equity by selling.
Our average days on market along the Wasatch Front is 47 days—a 20% increase from the 39-day average we saw at this time last year.
“Prices are rising, but so is our supply of homes.”
Our overall inventory for all housing types is at a 3.8-month supply. Anything less than six months is considered a seller’s market. The market is still very good, but homes are taking slightly longer to sell.
The third quarter also brought us some of the lowest interest rates we’ve seen in a few years. As we finish the third quarter, rates jumped up a bit, but are still fantastic.
Prices continue to go up, but there’s more inventory available. Couple that with solid interest rates and we have a good market for buyers and sellers right now.
If you have any questions for us in the meantime, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.