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Here’s your Q3 2023 Market Update!

Let's start with multifamily (2-4 unit) properties…

Properties in the 2-4 unit range experienced an 11% decrease in value compared to Q2. However, when juxtaposed with Q3 2022, the drop is only 1.9%. New listings have been on a consistent upward trajectory for the fourth consecutive quarter, showcasing a growth of nearly 7% in comparison to Q2. Interestingly, while there was a surge in closed sales in Q2, Q3 saw a dip by 14%. This signifies a 33% reduction when compared to Q3 2022.

Shifting our focus to single-family residential properties…

The median sales price for single-family homes was pegged at $495k, a marginal $1,000 increase from Q2 and only $6,000 less than Q3 2022. It's notable that after witnessing a significant 13% decline from its peak of $535,000 in Q2 2022 to $474,000 in Q1 2023, there has been a recovery of approximately 4% over the last two quarters. Both new listings and closed sales have seen a decline, with reductions of 18% and 16% respectively when compared to Q3 of the previous year.

Given the Federal Reserve's inclination to maintain elevated interest rates for an extended period, we anticipate some property owners may face financial distress. This could potentially pave the way for investors to capitalize and secure lucrative deals.

If you have any questions about buying or selling investment property in Utah, you can schedule a brief strategy call with me here.

Happy Investing,

David Robinson

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