Associate Broker, Mark Watterson, is reporting that Inventory levels for the Salt Lake City area of Utah are up -- by a staggering 24.1 percent over last year. Days on market have seen a large increase as well -- at 33 percent, bringing the average market time to 36 days -- still a quick turnaround compared to most areas of the nation at this time
So what has contributed to these factors?
Mark reports that:
- Investors came and heated the market, driving prices beyond many buyers -- Salt Lake City was heralded as one the most underpriced markets in the not too recent past after all.
- The ills of the national real estate and mortgage markets have started to affect the local real estate condition.
- Investors are beginning to list their single family homes for sale, causing a increase in inventory
What conditions can buyers and sellers expect at this time?
It's currently a buyers market with the average sales price of a home in Salt Lake City at $423,000.
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