Olympus Cove – Market Update

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Olympus Cove is one of the most sought after places to live in Salt Lake City. Offering stunning aerial views of the valley and set right below one of the beautiful peaks in Salt Lake, Mount Olympus, it is no big secret why everyone wants to live here. Let’s take a look at what the market looks like in this little slice of heaven commonly referred to as “The Cove”.

The average price-per-house sold has been slowly dipping down for the past 6 months as we enter the 4th quarter of 2014. As a result, the number of homes listed and sold in the neighborhood has followed the same downward trend. In a market that has a reliable cycle of up’s and down’s, the graphs and information indicate that we are posed to see an upswing in the market within the next 120 days.

Now, down to the good stuff… what does that actually mean for you?

Looking to buy in The Cove? You are in luck. Buying in the downswing of a market allows for nearly instant equity in your home as the market shifts back up. The downside of buying in a down market is that there is less of a selection of homes for you to buy. If you are looking for a house in this area be sure to check out this phenomenal listing – it will not last long!

Selling in the Cove? Prepare yourself for slightly longer days on market than in a high paced quick moving market. This is not to say that you should be too quick to accept any offer that comes your way, but take into account what an extra month or two will cost you should you pass it up. The good news is that last year 4th quarter home sales nearly doubled compared to recent years. We are on a similar trend, which means that it is still a strong market to sell your home. The market is less saturated with listings than earlier in the year – about 30% less in fact, so the chance to stand out and really make your house shine is ready for the taking. Marketing campaigns here we come!

The Cove has a strong market that historically has held home values for anyone that has been lucky enough to live in this incredible neighborhood. Check out all our Olympus Cove homes that we’ve done here or search all homes for sale in Olympus Cove here