Home Prices Are Dropping - Here's Proof | Utah Housing Market Crash - Utah Housing Market Update

Añadido: 2026-05-06

[00:00:00]Wow, are prices dropping and dropping big time. I'm going to show you the proof and a lot of proof, not just one off. Take a look at this. Listed at $740,000 $182 days ago in South Jordan in the Daybreak area. Now it is $630,000.

[00:00:19]This seller has dropped their price in almost 200 days on the market of over $100,000.

[00:00:27]Now, the catch to this is that's not even the worst thing. I'm going to show you what the seller actually bought this for a year ago. Check this out. Bought it $689,000 April of 2024 for cash. $689,000 and now it is on the market for $630,000.

[00:00:51]Still hasn't sold. Almost 200 days on the market. And if you take a look at this, we scroll down to the Oh, what happened? I actually had this pulled up and then I forgot that it kicked me out.

[00:01:02]So, let me pull this up. Here we go.

[00:01:05]Check this out. I'm going to remove myself here. If we take a look at the history, they listed it at 740,000. Then they dropped it to 715,000. Pretty quick in 3 weeks. Then within a month, a little bit less than a month, they dropped it to 699. Then by January, they dropped it to 675. Then they dropped it to 6739 and then in April to $645 and then just what 2 and 1/2 weeks later, 3 weeks later to $630,000.

[00:01:35]So you're seeing continuous price cuts.

[00:01:38]And this one here seems as if the sellers have moved out because it's vacant. So virtually staged. And I said that this wasn't going to be a one-off.

[00:01:47]I'm going to show you a lot more of what's going on here. So stay tuned right here. And you're going to want to stay to the end. I'm going to show you some charts. We're going to dig deep into this and you're going to be a very, very informed buyer or seller of what's going on in the Utah housing market.

[00:02:02]Take a look at this house listed at $820,000.

[00:02:07]10 days on the market, $775,000.

[00:02:10]Essentially dropping this house almost $50,000.

[00:02:14]And look at this. Listed it April 24th.

[00:02:17]5 days later, dropped it to $775,000.

[00:02:20]The seller realized that they were delusional that the home was not worth that much and made that major adjustment. That means they were not getting any activity, any showings, and then probably said, "hm, let's be serious here. You're seeing this everywhere. This is not just a one-off.

[00:02:36]Seeing this now happening on the east part of Salt Lake County as well, closer toward downtown, toward the east bench.

[00:02:43]So, you're seeing it everywhere. Now, like I said, it wasn't going to be a one-off. I'm going to keep showing you guys stuff here. Check this out right here. This one is on the east side in Mil Creek. And before I even show you what's going on with the price, I'm going to pull it up. It's remodeled.

[00:02:59]Great looking home. This is close to the interstate. Um the I80 and just outside of Sugar House, right? So Sugar House is going to stretch out to about this area and you're right there, not on a main road or anything. Remodeled, 26 days on the market, drop from 785 to 755. So you're essentially dropping in $30,000 just in a couple of weeks happening on the east part of the interstate on the east side of town as well. So you're seeing it everywhere west and east of the interstate in Salt Lake County. Of course, it's happening in other counties as well if it's happening in Salt Lake County. Take a look at this house. And again, what I'm going to share with you first is not going to be the crazy part.

[00:03:40]I'm telling you, this video is packed with information you're not going to be able to find anywhere else. Check this out. listed at $295,000.

[00:03:49]This is in Tilla. $279,900 now is this town home. And in February, I was able to lock a town home into $250,000.

[00:04:00]We negotiated a great deal on this town home. Even my title rep when we were at the closing table, she went, "Wow, this is crazy. I haven't seen a town home sell for this price in quite some time."

[00:04:11]seeing that softening of the market and of course when you have a great negotiator on your side, you're going to be able to get a great deal out there.

[00:04:19]Now, again, from 295,000 down to 279 900,000. And I said that's not the crazy part. So stay tuned right here. What we're going to look at next, pay attention. This right here might blow your socks off. If we pull up what it sold for in December of 2021, right there, it sold for $275,000 at the end of 2021. And right now, it is on the market for 60 days at essentially the price that the seller bought it for 5 years ago in 2021. So again, you're seeing a house in Tilla.

[00:05:01]You're seeing one in South Jordan, the west part of Salt Lake County, right? So you're seeing this one selling for $630,000 when somebody just a year ago bought it for $689,000.

[00:05:16]Now you are seeing a house for 275 $79,000 essentially sitt on the market for 60 days where somebody bought it at the end of 2021 for $275,000.

[00:05:30]And I said this video was going to be packed with information that you're not going to find anywhere else and it's going to be just a boom after boom after boom. So again, we're moving to the next one here. Look at this. I've shared this in a previous video. This was a house listed for 25 days only on the market at $650,000.

[00:05:48]I negotiated this and we bought it for $580,000 and $7,500 in concessions in closing costs for the buyer that I represented.

[00:05:57]And people have been saying that they've had realtors that haven't negotiated, people that have worked with me have fired or no longer working with the realtors, saying that it's a complete day and night with what I'm willing to do for the people that I represent. And I'm also going to show what I do on the seller side here. We're going to look at a town home that I sold and there is now six active. There was four when we closed. Now, there are six activives.

[00:06:20]Not even one is under contract, showing you even further softening of the housing market. But when you do need a realtor, I mean, this right here is proof that you want to work with someone who has your best interest in mind and who's going to go out there and get you the best deal. And that of course is D code the realtor. So, when you're ready, give me a call. My confirmation is down below in the description in the comments. Reach out whenever you're ready. Even if you want to strategize, I have people that have been strategizing with me for quite some time. So, whenever you're ready, that's going to be up to you. But I'm always here for you. And this deserves a smash of a of a like and subscribe. That way, you're notified when new videos drop and help this video get in front of more people.

[00:06:58]But right here, this is a town home that I sold. Now, look at all these activives. So, this one right here sold.

[00:07:03]I'm going to pull this one up first. So, this one sold before we even listed ours. It sold January 19th. It was on the market for 261 days. They listed at 375,000, sold it at 350,000. But look at this.

[00:07:17]They had to do a seller finance. I'm going to remove myself here. So, right there, they had to do a seller finance in order to get this going. Look at this. Seller financing available. 1,800 monthly payment. I mean, they had to essentially take on massive risk in order to get this town home sold. That's the only other one that has sold. And it was on the market for what was it? 261 days. Now, I'm going to pull this back over here and show you the one that I helped sell. So, right here is the one that I helped sell. And you see that we sold that in 44 days. And right here, we sold it for 369,900.

[00:07:59]Now, check this out. I'm going to exit out of that. And let me just exit out of this. And here we are. This one just hit the market at $350,000.

[00:08:11]It's been on the market for 4 days now.

[00:08:14]Showing you a continuous softening of the market. We did price adjustments. I had great sellers, very smart sellers who listened. So, we were always ahead of the market, making our adjustment, making our adjustment, and finally selling it for over $20,000 less than what we initially listed it for, what initially the data at the beginning of the year was showing us that we would potentially be able to get for the home, for the town home. And now you are seeing a race to the bottom. And I showed this in a previous video and said that this would exactly happen, a race to the bottom. Now, this one over here was listed at the same time as us. And look at this. They're now actually this one was listed a couple of weeks before us. They're in the market 112 days now.

[00:08:57]They're at $360,000.

[00:09:00]So they're below what we sold right here. We are at $369,000 900. And now you have one that just came to the market and they've listed theirs at 350. Now this one over here that's 371 is remodeled. Looks nice, but it's been on the market and it's not going to get that. So now what the data is telling us that this community that the town homes are worth between 320 and 350 at the max. That is a huge huge shift and we're seeing it across the board everywhere. This was in Roy. So we're seeing it in Salt Lake County, in Towilla County, in Davis and Weber County. We're seeing it in Utah County.

[00:09:38]We're seeing it everywhere. The entire Wasatch front is seeing these price adjustments now. Even the Logan area is seeing that. And I have people out there that I'm helping as well. Look, the deals are everywhere. And I said I was going to show you some charts. That wasn't going to be the end of it. And remember, smash the like button, hit the subscribe button. When you need a realtor, you know who to call. You're seeing this right here just dropping.

[00:10:00]Now, if you comment down below if you want to continue seeing and following what's happening in this town home community for us to be able to gauge what's going on with the housing market.

[00:10:10]That's something that would be of interest. I don't want to keep repeating it if it's something that people don't want to see. So, I would love to hear your feedback in the comments if you want to track this community here so we can follow the market based on this community. It's going to give us some great examples. Now, right here, Starwood REIT suspends redemptions to protect its portfolio. Black Rockck stopped allowing investors to withdraw funds. And you're continuing about every week or every other week, a major portfolio is not allowing investors to take their money out. And here is another one. This one is value. This is a commercial real estate or a real estate portfolio valued at $22 billion, not allowing redemptions, showing us that the market nationwide is not doing great. Now, there's something else, a telltale sign that the market is not just going to flip on a dime and be great. And that is right here. If you take a look, the builder sentiment, not sure what that pop was, but that builder sentiment confidence in the market for newly built single family homes fell four points to 34 in April. Now, the sentiment, if it's 50, it's balanced. If it's under 50, it means not a good future. If it's above 50, meaning that the builders are satisfied with what they're seeing and they're optimistic about the future. So, we're at 34 away from 50. And now the biggest thing here, and I might have not pulled it up, but this is as low as September of 2025. And so if the market gets slower after the spring, if the market gets slower once the fall and the holidays come around, especially, well, we're already, this is the builder sentiment is already the outlook, right, is as bad as it was in September of 2025. And I was able to get some people really great deals at the end of the year there. And that has continued here into 2026. In 25, I told people at the beginning of the year, I said the builder sentiment is dropping.

[00:12:07]And it is just as low right now almost as at the end of the year. So you really want to wait until the end of 2025 to get the better deals. And people did and they were like, "Wow, we got much better deals." And that has continued here into 2026. Now, if we take a look at the charts, the number of listings entered.

[00:12:27]So you're seeing right here that right here, this blue purple line, we are having more homes, existing sellers and new construction coming to the market.

[00:12:35]So every single month, we are seeing more and more homes coming to the market, adding to the inventory, adding to the competition of the sellers. And don't worry, we're going to do a recap here. And again, smash the like button, hit that subscribe button, and I have a message here for you guys. Um, I'm going to have that ice cream event. It's going to be June 12th. So put that on your calendar. I'm finalizing everything here. I'll have the the time frame of and everything that's going to be going on there. We're gonna have two ice creams. Had people come from the YouTube channel last year. There's a bunch of people that come through. It's a ton of fun. So again, that's going to be Friday, June 12th. And I'll have more information on next videos here. But the number of listings entered, you see that just a lot more inventory coming year after year. And here, month over month.

[00:13:18]Anyway, let's move on to the next chart.

[00:13:21]Active listings. So right here, May just started. So, this blue purple line is actually going to inch upwards as May continues getting new listings and inventory is continuing to grow. But you're seeing that inventory gap closed January and February. Then March and April, that gap has stayed the same, which essentially if we do that right here where the cursor is at is where we're going to be sometime in May. So essentially, we still have a couple more months of inventory growth left and essentially potentially reaching 15,000 active homes for sale. I mean, that's just wild, right? And I'm going to also look, if you want to strategize, if you want to find out when is the right time for you to get into the market, we can analyze these charts. I can help you brainstorm and if it's this year, next year, I have people reaching out all the time and absolutely love it. Love negotiating, love getting you the best deal so we can take advantage of what's going on here in the market. So, don't hesitate to reach out at any time. So, right there, you're seeing these activives. Now, the underc contracts, I keep showing this turquoise or uh green line. To me, it's green. I'm a guy, I guess. Uh but right there at the top, that is green. And you're seeing the under contracts in 2022 severely higher than in 26 and in 25. Now, pre- pandemic, you'd be somewhere in between these bottom lines and this green line at the top, showing us that the market has not recovered, showing us that inventory, the under contracts, nothing is indicating that prices are going to flip and $100,000 bidding wars are around a corner. Absolutely not happening. And so, right there, you're seeing the under contracts were going up from the beginning of the year, and they've essentially just flattened out compared to last year in April and entering May. Now the other thing here this chart showing us look at this decline in solds. So the sold data even though under contracts were higher at the beginning of the year. It took until March to actually see 300 home almost 300 homes sell more in March of 2026 compared to 2025. But look at this nose dive. So where are the solds going to end up now that under contracts are no longer increasing? And we're seeing that it takes more homes to go under contract because of the fallout rate of how many homes are falling out of contract, right? The pending home sales that are being cancelled. So you're seeing you need more under contracts just to close the same amount or close a little bit more. So this is all the stuff that we're going to be following. And then of course oil prices jump, the ceasefire is over. Iran attacked a UAE. Anyway, that means interest rates are continuing to stay elevated. They're going to potentially do a small U-turn and start heading back up towards 7% again. Not giving relief to sellers, giving more negotiating power to the buyer, less competition for buyers. So, we're going to do a recap here. And if you haven't yet, smash the like button, hit the subscribe button, help this video get in front of more people, and you know who to call when you need a realtor. Then go to realtor. We'll help you get the best deal. So, here's the recap again. I mean, this deserves a smash and a like and subscribe. I mean, nobody's giving this data. This one, $740,000 list price. 182 days ago, $630,000 right now still hasn't sold. And it was bought a year ago at $689,000 and is now sitting on the market for $630,000.

[00:16:36]This one right here listed at $820,000.

[00:16:40]Within 5 days, the seller realized they were delusional, dropped it $50,000 to $775,000.

[00:16:47]Then we go to the next one. Great house in a great location where there's no new construction essentially happening. 26 days dropped to $30,000. Really nice house. The online metrics on this one are actually really good. So pretty shocking actually that it's still available. Then we're seeing this one dropped its price in Twilic, this town home from 295,000 down to 279,000.

[00:17:09]Essentially what they bought it for at the end of 2021, 5 years ago. So, you're seeing that continuous softening in the housing market. And I was able to negotiate someone in February, a town home. As I mentioned, the title lady, she was shocked. Hasn't seen a town home for that price for quite some time. 250s somewhere in that 250,000 price range.

[00:17:31]We were able to get a great deal. And you look at this one. I negotiated it down from 650,000 down to $580,000.

[00:17:39]It was on the market for only 25 days.

[00:17:43]And right here, the town homes. So, you're seeing I sold one for 369,000. We did some price adjustments and we sold it in 44 days. This one over here that listed essentially just two weeks before us has been on the market 112 days, made their price below where we sold and they can't get it sold. And I said it would be a race to the bottom. And now you're seeing one listed just 4 days ago at $350,000.

[00:18:10]showing us that continuous softening of the housing market, showing us what the data is telling us. The buyers are gaining more and more leverage. If you have the right realtor in your corner, you're going to be able to negotiate an even better and better deal. And I'm always going to provide you the data.

[00:18:25]That way, you're not feeling rushed and you make the decision when you feel it's right. And then we see that it's a nationwide issue and the economy and not just the housing market. So right here, Starwood, a big portfolio for real estate, not allowing redemptions to be taken out, suspending it. And Black Rockck did this, I believe, a couple of months ago now. And you're seeing every essentially week or two, a big portfolio not allowing investors to take their money out, showing us that not only is the housing market weakening, but the economy itself is weakening. Then the builder sentiment. I mean, builders right now are as bad as their their outlook is as bad as it is during the slower part of the year. So, essentially showing us that the buyer demand is essentially not there. Buyers have the leverage. Sellers, look, if you're a seller, you need to get your house on the market ASAP. And I didn't pull something up over here. I forgot to pull it up, but look, buyer uh uh builders, and I'll show this on some other videos, but builders, literally, it was in a builder contract that I helped somebody buy a new construction home. stating that you're not getting any kind of price adjustments if you have a real estate agent representing you or not.

[00:19:36]So, having a real estate agent represent you, someone who's actually going to negotiate, who's going to try to get you that best deal, you need to do that for yourself. This person over here, actually, if you take a look, they actually did not use a real estate agent. And so, they might have even overpaid for it back in 2024 when they bought it. And now, they're essentially, luckily, not upside down since they bought it for cash. But if they had a real estate agent like myself, I would have told them what I was seeing in the market, telling them where their leverage is at. And then I let my buyers make their decision. If they want to do it now, if they want to wait, if they want to do make their offer based off of this, based off that, I'm here to support you in getting the goal that you're trying to accomplish. So, we're seeing all of this happening. We're seeing the great deals that I've been able to negotiate, the struggles that some of the listings are having, the builder sentiment going down. We're seeing number of listings increasing.

[00:20:25]Activives are continuing to elevate.

[00:20:27]This is just at the beginning of May.

[00:20:29]So, we're going to see this blue line continuing its way upward at least for a couple more months based on the charts in the past here under contracts severely below prepandemic and pandemic levels. And now those under contracts that were going up month over month, year-over-year from 2026 to 25, essentially flattening out. We're seeing that the solds were only up March. The rest was equal and now they're just nose diving downward. So, that's going to put even more pressure on sellers if homes are not going under contract and selling. And oil prices are jumping, causing the interest rate to also stay elevated. Smash the like button, hit the subscribe button. Don't forget about the ice cream event June 12th. I'll give you guys more information as the um day approaches in the next videos. And when you do need a realtor, Dinko, the realtor has your