Salt Lake Inventory at 17 Year Lows, Very High Demand for New Listings

The Salt Lake County real estate market is in a very unique place right now. Due to a shortage of inventory, demand for the properties that are available on the market is huge. Let me give you some stats to illustrate this point:

• 1321 of the 4456 total properties on the market right now in Salt Lake County are short sales, that’s roughly 30%. In single family homes, that total increases to 32%.
• Even more remarkable, homes under $200K are even more hard to find: there are 1154 single family homes on the market, and 731 are short sales. That’s 63%!

Short sale homes take a long time to purchase and are unreliable buys. As a result, most home buyers look for non-short sale properties. But because there are so few of them on the market, the demand for these properties is huge.

On our own team, we’ve seen this situation play out over and over again in the last couple of weeks. One of our properties had 15 offers, nearly unheard of. We then did it again by putting another property on the market that had 17 offers! This high demand means you getting more money out of the sale of your home than at any other time.

The market is starving for sellable first time homes and as a result you must work with an agent who has priority access to properties that match your specific criteria and has a degree in successful multiple offer scenarios, like I do. To get started on this once in a lifetime opportunity, call us at 801-859-7509, or use the chat interface below to begin the conversation about your home.