Washington County Market Report
(Updated January 3, 2024)
MoM = -10.4% YoY = -5.5%
December 2023 Year Over Year Stats:
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Number of Listings: -6.5% (1498)
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Listings Sold: -4.4% (283)
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Listings Added: -2.4% (331)
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Avg. List Price: +7.8% ($775K)
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Median List Price: +2.6% ($590K)
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Avg. Sales Price: -5.6% ($552K)
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Median Sales Price: -5.5% ($462K)
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Absorption: +2.3% (3.9 Mo)
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Avg. CDOM: +10% (66 days)
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Median CDOM: -26% (34 days)
Summary: Despite a continued decrease in inventory (-7% MoM, -10% in November), the median sales price dropped by 5% in December. The positive aspect is that the number of listings added also fell by 27%, aligning low demand with low supply. Although the number of homes sold slightly decreased month over month, this is typical for December. Traditionally, this situation would favor sellers, but lower interest rates have spurred increased activity in the latter part of the month, and we are entering our prime buying season. Concerning the days homes spend on the market, a distinct pattern emerges: higher-priced homes and vacation rental properties linger longer, while homes under $600K remain in high demand. With recent drops in interest rates, it's my assumption that demand and prices will increase in the coming months.
Sellers: If your property is in top condition, homes priced below $750K not under contract within 30 days should consider a price reduction. No showings? You might be overpriced. With 5-10 showings and no offers? A price adjustment is worth considering. If selling is a priority, think about enhancements like new paint, staging, updated photos, and even concessions toward a rate buydown to make your property stand out. If you're not in a hurry, consider waiting until February to list.
Buyers: For those needing or wanting a home in the future, now is an excellent time to buy. Don't wait for rates to drop further, as it could result in increased competition. With each point the rate drops, approximately 5 million more buyers are predicted to enter the U.S. market. Utah follows this trend, so consider buying now and potentially refinancing later.
* Please note that the above real estate market summary represents my informed opinion based on available data provided by the Washington County Board of Realtors. While I strive to provide accurate information, it is important to understand that market conditions can change, and my assessment is not a guarantee of future outcomes. Each Market Report will be posted within the first week of the current month for the month prior.
My wife and I are new owners in the Brio planned community. I wanted to take a minute to let you know how much we appreciated working with Brian Nix. We purchased this home remotely and Brian kept us very informed the whole way through. Once we arrived, he went above and beyond accommodating us by showing us our home details at off hours. Brian is a shining example of a customer-oriented business. Thank you!
— W. Andrea