Welcome to our Utah Real Estate market update where we go over real estate numbers for June of 2024 and Quarter two of 2024!
In this update, we are taking a closer look at numbers from June of 2023 in comparison to June of 2024 and we are also looking at the numbers for Q2 of 2023 and Q2 of 2024.
One word to describe the Real Estate market at the moment is “Bipolar”. However, amidst these trends, there are still unique options available for buyers, especially considering current rates and prices. New listings have increased by approximately 0.4%, yet there has been a noticeable drop in pending sales from 3,641 in June of 2023 to 3,228 in June of 2024 which is about a 11% decrease. We saw a 7.7% decrease in closed sales for June of 2024 compared to last year. Days on market have seen a minimal increase of just 4.5% which is two days longer from last year in Utah, suggesting a relatively stable trend. Median sales prices have risen by nearly 2% since last June, while the percentage of list price received has not changed at all from last June to this June, it stayed at a steady 97.6%. Additionally, there has been an uptick in the inventory of homes for sale, rising from 10,831 last June to 12,335 this June. These indicators suggest that the buyer pool may be leveling off or even shrinking, which is good news for those buyers that are actively looking, you can be more picky because of low competition and higher number of homes for sale.
Here are the numbers for Q2 in Morgan county. The average home price went from $737,877 in 2023 to $690,688 in 2024. And the Median home price for Morgan county went from $692,950 in 2023 to $647,500 in 2024. Average days on market saw a decrease and went from 57 days on market in 2023 to 38 days on market in 2024. Number of homes sold in Q2 2023 was 22, and 32 homes sold in Q2 of 2024 which is a 45% increase. New listings went up from 59 in 2023 to 65 in 2024.
Although Morgan county and the Ogden Valley are neighbors geographically we saw quite a bit of a difference in the data.
Here are the numbers for Q2 in the Ogden Valley. The average home price went from $942,405 in 2023 to $994,059 in 2024. And the Median home price for Ogden Valley went from $799,000 in 2023 to $800,000 in 2024. Average days on market saw an increase and went from 67 days on market in 2023 to 80 days on market in 2024. Number of homes sold in Q2 2023 was 46, and 51 homes sold in Q2 of 2024. New listings went up from 73 in 2023 to 91 in 2024, which is an increase of 24%.
If you have any real estate needs, please don’t hesitate to reach out to us!
June2024 | Housing Supply Overview
June 2024 | Monthly Indicators
June 2024 | Q2: Quarterly Activity
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