Welcome to our Utah Real Estate market update where we go over Real Estate numbers for August 2024!
In this update, we are taking a closer look at numbers from August of 2023 in comparison to August of 2024. We also take a look at what’s happening in Morgan County along with the Ogden Valley!
There is a lot going on with the world right now! Summer has officially come to an end, the Presidential election is coming up, interest rates keep trending down, and the way that Real Estate agents operate now is quite different. We won’t bore you with all the details now, so go listen to the podcast to get the full scoop!
Now let’s dig into the numbers, Days on Market from August of 2023 to August of 2024 we saw an increase from 47 to 52 DOM which is approximately 10.6%, new listings have pretty much stayed the same from last August to this August, yet there has been a noticeable drop in pending sales by 4.3% from a year ago, the closed sales from August of 2023 to August of 2024 saw a similar drop of 4.2%. Median sales price is up from $490,000 last year to $502,000 this year, which is a 2.4% increase! And the Average sales price is up from $635,740 last August to $650,475 this August which is a 2.3% increase. While the percentage of list price received has decreased slightly by 0.3% from 96.9% in August of last year to 96.6% in August of this year. Additionally, there has been an uptick in the inventory of homes for sale, rising from 11,583 in August of 2023 to 13,324 in August of 2024 that’s a whopping increase of 15%!
Here are the numbers for Morgan County. Days on Market from a year ago went from 37 to 44. Average home sales price went from $825,075 last year to $830,500 this year. Median sales price went from $632,500 to $680,000. New listings are up from 18 to 22. And the number of homes for sale is up from 39 last August to 51 this August.
Let’s look at the numbers for the Ogden Valley, these include Liberty, Eden, and Huntsville. Average Days on Market went from 83 last August to 92 this August. Last year there were a total of 16 Sales and this year we had a total of 22 sales. Another notable statistic is the Average Sold price to List price, in August of 2023 it was 94% and in August of 2024 it was 91%. That’s a pretty big difference especially when you’re talking about homes in the higher price range.
It’s definitely an unusual time given everything happening in the real estate market. With interest rates dropping and home prices staying stagnant in the last couple of months it’s still a great market to be a buyer!
We hope you’ve had an amazing Summer and we hope you get out and enjoy the Fall Colors that Utah has to offer! If you have any real estate needs, please don’t hesitate to reach out to us!
Here is some of the data we reference in the podcast.
August 2024 | Utah Update
August 2024 | All Counties
August 2024 | Housing Supply Overview
August 2024 | Monthly Indicators
August 2024 | Q2: Quarterly Activity
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