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Based on a three-month average, single-family home sales in Utah County have dropped by 86 percent as of October 2022 with just 82 sales, resulting from dramatic interest rate increases.
The average sales price now sits at $671,000, down 2 percent from the previous three-month period. The median list price sits at $625,000, according to the Wasatch Front Multiple Listing Service. That said, the median list price remains virtually unchanged from the previous three months. The sales price to list ratio during that period compared to now is also unchanged.
The Typical Single-Family Home
So, what does a single-family home look like here? According to the MLS this past September, it had four bedrooms, three baths, measured an average of 2,786 square feet, and sold for $349 a square foot.
While the supply of homes for sale has been dismally low in recent years, the October report saw a dramatic jump of 547 percent. Utah County now sports a 16.6-month supply of homes for sale, where earlier it was just a few weeks.
The Rear-View Mirror
Looking back a year ago, to September 2021, the average Utah County home sold for $611,283. This September that figure was $669,890, an increase of 9.5 percent. Homeowners here are sitting on a lot of equity.
The number of days to sell a home has gone from 24 days in September 2022 to 43 days now, an increase of 79 percent.
The average sales to listing price ratio peaked in April at 102 percent, meaning that buyers were paying 2 percent more, on average, than sellers were asking. That feeding frenzy appears to be over as buyers are now taking the reins of the market.
This past September that ratio had dropped to 94 percent. An indicator that buyers now have increased negotiating power for the home they want to buy. Sellers, however, have not given up complete control over the market. We are still seeing multiple offers, though not as much.
