According to The Salt Lake Tribune, Utah has added 47,900 jobs to its workforce since June of 2017. The Wasatch front has shown an average net migration of 50,000 people per year, which is the result of a good job market here. The summer season brings in new jobs to Utah’s economy every year, meaning more people are moving to Utah every spring and summer. This seasonal shift affects the supply and demand for homes on the market each year. That being said, we’re seeing a shift in the housing market right now.
Last quarter, we saw homes selling quickly whereas this quarter we’re seeing the opposite. Potential home buyers and sellers start to panic when they see the market shift the way it is right now. However, there are no signs of an actual weakening of the housing market. The current slow down in pending sales has more to do with supply and demand rather than external economic indicators.
To find out more, contact us and we will give you a sneak peak of what we expect in our market over the next 3 months.