All Forum Posts by: Alan Walker

The market is beach-body-ready based on this week’s skinny numbers. Sadly we are below 200 active homes again. Days on market are at record lows. Where are all the homes for sale is the big question everyone is asking. I’ve heard theories ranging from hedge funds restricting supply to drive up prices and talk of shadow inventory waiting in the wings for foreclosures to start again. For my realtor friends, what do you think is causing the continued low inventory?

Our market is still as tight as your Aunt Carol’s leggings after Thanksgiving Dinner! We are finally over 200 available homes again, so hopefully, this is a trend we’ll continue seeing. The large increase in inventory is in the 400-500k range. I just closed on helping two buyers get into homes. I’m optimistic!

Wow, stunning is the only word I can use to see the change in Median Price from April 2020 to April 2021. My first thought was it was because not as many homes were being sold. When I look at April 2020 in Salt Lake County, 875 homes sold. April 2021 for Salt Lake County, 933 homes sold. So we sold more houses at a higher median price. Solid gains in all four counties along the Wasatch Front.

You know in movies when someone is shipwrecked and crossing a desert and they see an oasis on the horizon but they aren’t really sure if its real? Yea, our market is kinda like that. Many of us are hoping that as the weather turns and vaccinations take place the inventory will start to open up. We just don’t know if that’s real or not. We’ve at least seen a jump in actives week over week with 20 more homes active under 600,000 than the previous week.

Who’s got a crystal ball?

We have remained flat since last week, inventory is still as tight as a John Travolta Disco Shirt. I think its fair to say the market is “Stayin Alive”. Har har har.

Market of the Moment - 4/15/2021: Well we're above 150 active homes in Salt Lake County under 600,000 and that's exciting! 

Said no one ever.

Tale of the market, an object lesson. House is listed on Wednesday, highest and best offers are due by Thursday at 8pm, yes, the next day. I call the agent at 6pm on Thursday and they already have 20 offers.

Will the vaccine rollout and lessening of restrictions give people the confidence to list their homes?

Market of the Moment: Folks, our inventory level is so low.....HOW LOW IS IT?.....its so low its hit rock bottom and has started going to AA meetings. But seriously though, under 150 active homes in Salt Lake County under 600,000. I think this is when you start buying food storage and plan for the zombie apocalypse.

Q1 2020 vs. Q1 2021: This is an interesting contrast, check out the increase in median home price in Q1 this year versus last and look at the reduction in homes sold this year.
A lot of people talk about a bubble in real estate but what I see is a simple case of supply and demand. We are selling less homes (less homes on the market) with pent up buyer demand from 2020 and the new buyers hitting the market in 2021. Fewer houses + more people looking to buy = higher home prices.
For those of us "waiting for the market to cool down", pay close attention to what waiting is costing you every month, every quarter and every year. 🧐 🧐 🧐

Market of the Moment 3/19/21: We did get a small bump in inventory this week. Average days on market shown are the for the homes that closed last week (so a trailing indicator). WE NEED MORE HOUSES. I'm looking to buy 2 in the next 30 days. Who's got one for me?

@Will Fraser, contract dates are still tight.  Not uncommon to see a 2 week close.  The majority are definitely happening at the standard 28-day point and under based on what I'm seeing.  What's happening in OK?