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We’re almost through with February, but looking back to January, the average list price of a Utah County single-family home hit $692,633.99. That’s a 4.9 percent increase from December’s $660,243.25 according to the Wasatch Front Multiple Listing System. In January 2023 the average list price was $696,504, showing a decrease of half a point year to year.
While those are asking prices, the more important numbers in the Utah County real estate market are the sales prices. The average home in December sold for $627,632.05, while January sales came in with an average price of $659,495.14, up 4.95 percent. Year to year, prices rose 2.2 percent.
Market Time Impacted
So far in February the average list price is $714,651.15, with an average sales price of $674,723.62. Last month home sellers received 95 percent of their asking price while in February, thus far, they have received 94 percent.
On the other hand, time on the market has lengthened from 56 days to 71 days for the average home to sell.
Condos and Townhouses
Meanwhile, the condominium and townhouse market combined show an average asking price in January of $391,865.32 and a sales price of $380,342.23. That’s 97 percent of the asking price. In December the average asking price was $401,452.89. The average sales price came in at $393,010.67.
So far in February the average asking price is $409,448.37 with an average sales price of $401,650.83 or 98 percent of the asking price.
Where We’re Headed
Home buyers should consider buying soon as prices continue to rise. Even though many buyers are holding off because of high interest rates, homes can be refinanced when rates come down. Some lenders recommend a refinance after a one percent drop. That could be self-serving. A two percent drop may be better, depending on personal circumstances.
Like buyers, some sellers are putting off selling resulting in today’s low inventory. They they don’t want to be a buyer in today’s economic climate. The majority of sales I’ve done have been with people who have to move to take advantage of life’s demands or opportunities. However, many lenders are offering to help with buying down to the rate for a period of time, called a 2-1 buy down. Typically it’s for two years with the note rising to the normal rate the third year.
Home buyers should work with an experienced, savvy Realtor who understands the competitive market, financing options and has a working understanding of property values. For sellers that means pricing your home strategically, staging it professionally, using smart marketing tactics and effective negotiation.
Overall, these statistics illustrate dynamic fluctuations in Utah County’s real estate market, with shifting prices, negotiation dynamics, and time on the market impacting the experiences of both buyers and sellers.
