The number of active residential listings in Salt Lake is decreasing. There are now less than 8,000 single family homes for sale in Salt Lake County. This is good news for the overall real estate economy as there is a surplus of homes for sale.
The bad news is that the decline in active listings isn’t directly related to the fact that lots of homes are selling. It is probably more related to the fact that many sellers don’t want to have their homes on the market over the Holidays, or don’t want to move during the cold winter months. In fact, November was the slowest month for home sales in Salt Lake County since the WFR started keeping stats in November of 1995 . At Novembers sales place, Salt Lake currently has 14 months of active inventory.
List prices of homes in Salt Lake County also continue to drop. During November the median price of homes listed was $275,000. Down 11% from the Median list price of $309,000 in June. The median sold price of homes in November was $225,000.
The Salt Lake market is still soft and there aren’t any signs of it bottoming out yet, but incredibly low interest rates just might make this winter the best time to buy Real Estate in Salt Lake.