Buyers in 84020 Are Getting Something They Haven't Had in a While: Leverage

In the four weeks ending August 30, price cuts, active inventory and days on market all rose in 84020, while the number of homes that actually sold stayed flat.

84020 is a buyer's market right now, and the numbers say it's leaning further that direction, not less.

The clearest single sign is months of supply. It sits at 39.9 months. That means if not one more home came on the market, everything currently for sale in 84020 would take more than three years to sell through at the pace homes are actually closing. That is not a figure that shows up in a market where buyers are competing for what's available.

New listings kept arriving anyway. 39 came on this period, up 30% from the four-week average of 30. Active inventory grew too, to 427, up 7% from the four-week average of 399. But demand did not follow the same line. Only 10 homes sold, flat against the four-week average of 10, a 0% move in either direction.

Sellers noticed first. Price cuts hit 36 this period, up 33% from the four-week average of 27. That's more price cuts than there were new listings, in the same stretch new listings themselves jumped.

The repricing wasn't limited to the entry level. At 1927 E Bear Creek Dr S, the list price came down $225,000, to $925,000, after 60 days on the market. At 1549 E Patterson Ln, near the top of the range, the price dropped $100,000, to $4,550,000, after 140 days. Sellers across the price spectrum are meeting a market that isn't clearing as fast as they priced for.

The median list price in 84020 is now $849,900, down 3.3% from the four-week average of $879,000, a decline of $29,100. Homes are also sitting longer before they sell. Median days on market reached 56, up 6.2 days, or about 12%, from the four-week average of 49.8 days.

That patience runs about the same up and down the price ladder. Homes asking below the current median list price sell in a median 56 days. Homes asking at or above it sell in 57. Neither tier is moving noticeably faster than the other, which means the slowdown isn't a story about one price band pricing itself out. It's showing up everywhere at once.

If you're buying, this is a market that rewards patience. You can take your time, negotiate on price, and expect sellers to talk, especially on anything that's already carried a cut.

If you're selling, the number to sit with is 33%, the jump in price cuts from the four-week average. Pricing to where the market already is beats pricing to where the four-week average used to be. Waiting for buyers to catch up to a higher number is costing sellers weeks on market, and in some cases six figures, once the cut finally comes.

What would change this read: a sold count that finally moves off flat, or months of supply that starts falling instead of sitting at 39.9 months. Until one of those happens, 84020 stays a buyer's market, and the cuts stacking up point toward it opening wider before it narrows.

Figures are Redfin ZIP-level aggregates via Listing Leads.

Scott