The first two quarters of 2022 were characterized by an assortment of market headwinds— the lingering effects of COVID, high inflation, rising interest rates, and stock market volatility. These factors created a shift towards our pre-pandemic normalcy in the local real estate market.
The upside of this shift is that the years-long supply-demand imbalance has eased, providing buyers with more choice and reducing the multiple-offer situations that have been commonplace during the past few years. With the increased breathing room, buyers can be more thoughtful in their property search and seek more favorable purchase terms. Sellers still have plenty of opportunity, and those who are devoting attention to proper pricing, staging, and general market readiness are seeing strong activity.
As you will see in the stats below, volumes are generally down across the board, but prices continued to see increases in many areas. We will explore some of the reasons for this activity in our upcoming Market Pulse newsletter, but in the meantime this Snapshot provides a quick glance at the general trends in the Wasatch Back according to property type and neighborhood.
As always, feel free to reach out with any questions.
Interest Rates as of July 14, 2022
2nd Quarter Snapshot
12 Month Rolling Year-Over Year | July 2020 – June 2021 vs July 2021 – June 2022
Single-Family Homes by Neighborhood
Condominiums by Neighborhood
Vacant Land by Neighborhood or Area
While the above snapshot of the 2nd Quarter 2022 Market Statistics gives a brief overview of activity, the more in-depth Market Pulse Report will be in your inbox in the next week or two (if you’d like to be on this newsletter, please reach out). This report will provide more detailed evaluation and analysis of the Wasatch Back real estate market.
As usual, please don’t hesitate to reach out if you have any questions about your specific real estate needs. Hope you are enjoying a great summer!