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In the dynamic landscape of Utah County’s real estate market, the past month has unfolded a narrative of shifting dynamics and strategic negotiations. Between Nov. 22 and December 22, 2023, the average Utah County single-family home sold for $643,000, down 3 percent, according to the Wasatch Front Multiple Listing System.
However, the average list price rose 13 percent to $887,000, while the sales price to list price ratio was 98.67 percent. So, sellers are taking offers lower than their asking price. It isn’t what you want anymore, it’s what you negotiate.
Single-family home sales totaled 306 in the last 30 days, a drop of 32 percent. That translates to a 5.58 month’s supply of homes on the market, (up 9 percent). Sellers are finding that it takes a bit longer to sell their homes. With interest rates coming down, that will likely change in the next few months.
Condo/townhome market
Meanwhile, the townhome/condominium market saw a price increase in the last 30 days of just 1 percent, with an average sales price of $411,000. The average list price rose 2 percent, to $450,000. The sales to list price ratio also rose 2 percent to 98.93 percent, Wasatch Front MLS research shows.
Only 182 condos and townhouses sold in the 30-day period, down 13 percent. But the supply of inventory in that category dropped 37 percent to 3.36 months.
To get your home or condo sold these days takes great marketing and a willingness to include a fair commission for both buyer and listing agents. The commission becomes a major part of the marketing strategy and shouldn’t be shortchanged to get the best and quickest price. Decide what’s important to you — what you pay in commission or what you net.
