Urgent message to future home sellers…

There has been an inventory shift.

Author

Dustyn Haug
April 30, 2024

As you know, home prices have skyrocketed over the past few years as a result of the lack of homes for sale. 

Those that have recently sold their home have benefited from the extreme sellers market. A large portion of those sellers received multiple offers on their home and ended up selling for more than they listed for. 

Well, for the first time in years, we’re starting to see the market shift…

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In Utah, we see “New Listings” up 12.5% and “Active Listings” are up 11.4%.

March 2024 year-over-year figures as reported by Wasatch Front Regional MLS.

Nationwide, we see “New Listings” are up 14.9% and “Active Listings” are up a whopping 25.5%!

* New listings = “The count of new listings added to the market within the specified geography. The new listing count represents a typical week’s worth of new listings in a given month. The new listing count can be multiplied by the number of weeks in a month to produce a monthly new listing count” according to Realtor.com.

** Active listings (i.e. what I often call “inventory”) = “The count of active listings within the specified geography during the specified month. The active listing count tracks the number of for sale properties on the market, excluding pending listings where a pending status is available. This is a snapshot measure of how many active listings can be expected on any given day of the specified month” according to Realtor.com.

So what does this mean for you?

It’s still a sellers market: Prices are still at all time highs and buyer demand is still strong. However, with more new listings, there are more home sellers competing for buyers. If we continue to see the number of listings grow while mortgage rates remain high, the market could turn into more of a neutral market. This means that homes could take longer to sell and not sell for the prices we’re seeing right now.

So if you’re thinking about moving, simply reply to this email or feel free to give me a call to discuss the value of your home and how to navigate this market.

Best,