We’re excited to share with you the latest numbers and our personal insight on how the market is shaping up in 2022. Traditionally, the pace of the spring market begins to set in towards the latter half of the month, and from the numbers we’ve seen so far, we think the springtime will be as busy as ever this year. Check out our insight for Salt Lake City and Park City below.

Salt Lake City, February 2022
Single Family Homes, Year/Year
– $580,000 median sold price, which is a 23.6% increase from last year
– $247 median price per square foot, a 24% increase from last year
– 655 units sold, a 12% decline from last year when there were 746 units
– 5 median days on market, which is exactly where we were last year

The median sales price dropped slightly from $587,500 in January to $580,000 in February. This 1.28% decline does not appear significant, just yet. Especially when we roll back to 2021 when we were hovering around $500,000 for several months before it suddenly jumped up.

One of the indicators of future demand we like to watch is the ratio of median sold price to the median original list price. This number helps us gauge the intensity of buyer bidding wars. It hovered around 100% for much of the second half of 2021, but noticeably jumped from 100% to 105% last month.

Looking further at the data, we found the number of residential homes being listed for sale right now is largely consistent with what it was this same time last year. But if you’re an active buyer and it feels particularly lean right now, that’s because while the total listings are the same, the number of homes that are actually available for sale (i.e. homes without an accepted offer) are trending lower. The data also shows that under contract listings (homes with an accepted offer) are trending higher than this same time last year.

Which all matches up with the 105% sold to original list price jump. Same amount of listings, but more demand in 2022. With that in mind, we will likely see the amount of total sales start to increase in the coming months and prices will continue to march onwards and upwards.

Of note, these numbers do not take into account the current crisis in Ukraine. Although there is a lot of speculation right now as to what the future impact of this crisis will be on the global community and our local economy, today we know that our housing market continues to move quickly.

We also know that it looks like bidding wars will most certainly be here this spring, so if you want a new home, it is time to get to work on it now.

There is no reason you can’t get into the home you want this year. Call us now if you are ready to make a change.

Park City Area – February 2022
Single Family Homes, Year/Year
– $2,982,500 median sold price, up 8.9% from last year
– $713 median sold price per square foot, up 9.4% from last year
– 39 units sold, which is down 13% from last year
– 4 median days on market, which is down from 8 last year

The greater Park City area continues to see incredible price growth, and has quickly become one of the top luxury home markets in the country. The newly released Coldwell Banker Global Luxury Report determined move-in ready homes would be the top demand for luxury buyers this year, which seems to be what is driving Park City right now.

For example, pricing and sales of Deer Valley’s newest ski-in ski-out development at Founders Place in the gated community of Deer Crest has just been released. These beautifully appointed homes range in price from $2,600,000 to $10,000,000. Reservations are only being taken for a few short weeks for this first phase, indicating high demand for this ultra luxurious move-in ready product.

Deer Valley Resort also recently announced their plans to invest $20 million into its infrastructure before next winter. The capital investment will fund a new Burns Express chairlift to provide expanded access to beginner terrain, a completely reimagined Snow Park base area, new mountain bike trails and additional resort upgrades.

If you’ve been considering a home near Deer Valley, now is definitely the time to make your move! Don’t wait any longer, reach out to us today and find out what your options are!

 

*All data was obtained from utahrealestate.com and pcmls.com on March 7, 2021.