Market of the Moment - 8/26/2022

[Alan Walker]

Well, we did it. We hit 1101 active single family homes under 700k in Salt Lake County. Congratulations?

Days on market continue to climb. So for anyone that is actively trying to sell their house, stop blaming your realtor. It all comes down to how motivated you are to sell your house. You can stay at the same price you're at and wait longer or you can lower your price to sell faster. This is standard supply and demand. No bubble bursting here.

Houses are still selling. They are taking more time. Up to today, median home price in Salt Lake County for August is 602,000, so basically the same as July.

But let's have some perspective people, median home price in August 2020 was 433,550. Median home price in August 2021 was 545,000 and today we are at 602,000. 10 years ago, August 2012, median home price was 225,000.

From August 2020 to now, we've had 30% appreciation. From August 2012 to now, we've had 268% appreciation in median home price. That is unprecedented and most likely not happen again in our lifetimes.

Expecting that to continue indefinitely is insanity.

Remember when housing was a solid, conservative, long-term investment at 3-5%?

I guess all I can say is, CALM DOWN MARY FRANCIS, it's all going to be okay. #realtor #housing #investment #realestate #utah