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Axios Salt Lake City Thought Bubble

Axios Salt Lake City

Escape the summer heat with these swimming spots, all listed on pool-sharing company Swimply.

How it works: It's like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

The pandemic came with a silver lining for Swimply, which is now betting the market for opening up private homes to leisure activities extends beyond shutdowns.

Kick back at this luxe pool overlooking the city, with plenty of room for dining.

Cost: $80 per hour for up to five guests ($5 per hour, per guest after five guests).

With cushioned patio furniture and lush greenery, this spot feels like a resort getaway.

Cost: $75 per hour for up to five guests ($10 per hour, per guest after five guests).

Host your next gathering at this suburban oasis, featuring a diving board and fire pit.

Cost: $45 per hour for up to 15 guests ($3 per hour, per guest after 15 guests).

Three budget-friendly private pools to rent near Salt Lake City

It's like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

Private Cedar Hills salt water pool. Photo courtesy of Swimply.com

Escape the summer heat with these swimming spots, all listed on pool-sharing company <a class="gtmContentClick" data-vars-link-text="Swimply" data-vars-click-url="https://swimply.com/" data-vars-content-id="7cf70e45-c1f8-4b99-a253-15bb49efd3df" data-vars-headline="Three budget-friendly private pools to rent near Salt Lake City" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://swimply.com/" target="_blank">Swimply</a>.How it works: It&#x27;s like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

Things to Do

Local experts predict 2023 will bring balance to the Salt Lake City real estate market. Here’s what they’re saying.

1. Houses will flood the market this spring.

Buyers will get most active in the busy springtime market, predicts Scott Robbins, associate broker at Summit Sotheby's International Realty.

"We are still in an inventory crunch and typically in the spring we have more inventory come on," Robbins tells Axios.

With interest rates possibly declining, "our market will continue to stabilize from a seller’s market to a balanced market," says Steve Perry, 2022 president of the Salt Lake Board of Realtors.

Perry expects to see more homes listed for sale, giving buyers many different options. Sellers will also offer more buyer incentives to get their homes sold, he says.

3. Interest rates will play an essential role.

If the Federal Reserve keeps raising rates, then there will continue to be a reduction in the number of homes being bought and sold, predicts Rob Ockey, 2023 president of Salt Lake Board of Realtors.

"If rates are not so volatile, consumers will gain more confidence in the real estate market and be more willing to buy or sell," Ockey says.

Salt Lake home market will stabilize in 2023, experts say

Sellers will get most active in the busy springtime market, predicts one local realtor.

Illustration of the year 2022, with a keyhole for a zero, which zooms in so you can see through the keyhole to the year 2023.

Housing

Local experts predict 2023 will bring balance to the Salt Lake City real estate market. Here’s what they’re saying.

Real Estate

There are plenty of places to get burgers — especially pastrami burgers — in Salt Lake City, but who stands out above the rest? 

Here are four terrific spots to get your fix. (Obviously, as a reader reminded us, fries and fry sauce are required.)

Reader Casey C's. thought bubble: Whereas Colorado boasts burgers pricey and thick, "Utah's version is more often eaten in a car after being picked up in a drive-thru, or soggily at home 20 minutes later." 

Why it stands out: Open since 1978, this local favorite is credited with popularizing the pastrami burger. The iconic Crown Burger is loaded with pastrami and garnished with thousand island dressing and lettuce and tomato.

Why it stands out: Dig into this casual eatery's Johnny Utah with turkey pastrami or get it "Proper Style" with caramelized onions, cheese and the house sauce. (Plus: They offer vegetarian and vegan options.)

Hours: Sunday-Thursday 11am–10pm and Friday-Saturday 11am–11pm.

hamburger with onions, cheese, veggies and house sauce 

Why it stands out: Intentional toppings elevate this fast food nosh — it's basically our trademark Smart Brevity in a burger.

Why it stands out: Making fry sauce famous is part of this classic chain's acclaim. Not to mention their iconic quarter-pound ground chuck burger.

4 great places to get burgers in Salt Lake City

Here are four terrific spots to get your fix but of course, fries and fry sauce are required.

Food

There are plenty of places to get burgers — especially pastrami burgers — in Salt Lake City, but who stands out above the rest? <ul><li>Here are four terrific spots to get your fix. (Obviously, as a reader reminded us, fries and fry sauce are required.)</li></ul>Reader Casey C&#x27;s. thought bubble: Whereas Colorado boasts burgers pricey and thick, &quot;Utah&#x27;s version is more often eaten in a car after being picked up in a drive-thru, or soggily at home 20 minutes later.&quot;

Food and Drink

With pending home sales dropping year over year, Salt Lake City's real estate market is showing early signs of slowing down. But, home prices are still up about 23% from May 2021.

Why it matters: We keep hearing about a market crash, but so far local data don't support that claim.

Yes, but: Monthly data show early signs of a cooler market, even if it's slight.

What's happening: From May 2021 to May 2022, pending sales were down 7.8%. 

More buyers are holding off as home ownership becomes too expensive. This comes after average mortgage rates surpassed 5% for the first time in 10 years.

More sellers are dropping their asking price. There was a 22 percentage point increase in price reductions year-over-year in June, according to Redfin.

Meanwhile, there was a 9.7 percentage point decrease in homes sold for over asking price, per Redfin.

Zoom out: Mortgage applications nationally were down 24%, and 6.5% of sellers on average dropped their asking price each week in June, per Redfin's latest market update.

In June, national pending home sales were down 13% from this time last year,  the largest decline since May 2020, according to Redfin's report. 

Be smart: Inventory overall is still critically low, which continues to push home prices up. 

What we're watching: New listings and pending sales. If more listings flood the market this summer and buyers don't bite, that's when we would start to see more power shift into buyers' hands.

Bottom line: We're not seeing major changes in Salt Lake City just yet, but we're starting to see early signs of a slowing market.

Salt Lake City's real estate market is slowing down, slightly

Inventory is still critically low overall which continues to push home prices up.

Illustration of a downward trend line over a house

With pending home sales dropping year over year, Salt Lake City&#x27;s real estate market is showing early signs of slowing down. But, home prices are <a class="gtmContentClick" data-vars-link-text="still up about 23%" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="c2cfa727-d458-4718-9bfb-5aef1094baf2" data-vars-headline="Salt Lake City&#x27;s real estate market is slowing down, slightly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">still up about 23%</a> from May 2021.

Signs of a cooling market persist in Salt Lake County, according to the latest data from the Utah Association of Realtors.

Why it matters: After two-plus years of plummeting inventory and soaring home prices, buyers have waited a long time for a little relief.

Yes, but: Rising borrowing costs coupled with already high home prices are causing sales to slow, Dave Anderton, communications director of the Salt Lake Board of Realtors, tells Axios. 

What's happening: Current buyers have more homes to choose from. But the leap in mortgage rates has squeezed people’s purchasing power, Scott Robbins, executive board member of the Utah Association of Realtors, said. 

By the numbers: Inventory grew 69.1% compared to this time last year, per the Utah Association of Realtors’ local market update for September.

Meanwhile, pending sales are down 48.8% year over year.

The median sales price rose 6.3% year over year, but it’s fallen in recent months.

In May, the median sales price was $555,000, and in September it was $521,000.

Sellers aren’t getting 100% of their asking price anymore. On average, homes sold for 95.7% of the list price in September 2022.

This time last year, homes were selling for 100.8% of the listing price.

More than half (56.4%) of Salt Lake City sellers dropped their asking prices this summer.

Homes are sitting on the market longer, too. In September 2022, homes sold in 32 days on average, compared to 19 days in September 2021.

What’s next: Come winter, Robbins expects prices will continue to soften.

“To make their house more competitive and more attractive, sellers will probably have to reduce their asking price,” Robbins told Axios.

Salt Lake’s real estate market is finally calmer but not cheaper

An illustration of a house being measured by a large hand.

Real estate

Signs of a cooling market persist in Salt Lake County, according to the <a class="gtmContentClick" data-vars-link-text="latest data" data-vars-click-url="https://drive.google.com/file/d/1JOXQ1BRrlL9nbaqYD1aQz-KMs62tqbXs/view?usp=sharing" data-vars-content-id="c71d7237-839c-4043-895f-7148a2d9f95e" data-vars-headline="Salt Lake’s real estate market is finally calmer but not cheaper" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://drive.google.com/file/d/1JOXQ1BRrlL9nbaqYD1aQz-KMs62tqbXs/view?usp=sharing" target="_blank">latest data</a> from the Utah Association of Realtors.Why it matters: After two-plus years of plummeting inventory and soaring home prices, buyers have waited a long time for a little relief.

Sami Sparber

Featured stories

Salt Lake home market will stabilize in 2023, experts say

Salt Lake’s real estate market is finally calmer but not cheaper

Salt Lake City's real estate market is slowing down, slightly

4 great places to get burgers in Salt Lake City

Three budget-friendly private pools to rent near Salt Lake City