A Surprising Jump in Median Sold Price Could Benefit Sellers in Q1- 2022
When we last spoke, we predicted that prices would continue to rise in 2022, although not at the same staggering rate we saw in 2020 and 2021. Well, we’re in the first part of January, and a quick look at December’s numbers shows a larger-than-exected increase in median sold price in Salt Lake City.
Are we prepared to revise our 2022 forecast? If things keep going at this pace, we might have to! In other news, total sales were down year-over-year, which we predicted in one of our earlier reports, as the pace of our market is returning to a more normalized rhythm that follows the seasonality of our city. What else can you expect from the real estate market this quarter? Read our Park City and Salt Lake City market report for December 2021 here.
Salt Lake City – Year/Year Market Stats for Single Family Homes, December 2021
- There were 996 total sales, which was down 14% from December 2020 when we had 1160 sales
- The median sold price was $575,000, an increase of 27% from December 2020 when it was $449,319
- $248 was the median price-per-square-foot, up 32% from December 2020 when it was $188
- We saw 9 median days on market, down from December 2020 when it was 8
Park City – Year/Year Market Stats for Single Family Homes, December 2021
- 58 units were sold, this represents a decrease of 42% from December 2020 when there was 101
- The median sold price was $2,695,000, which is up 8.9% from December 2020
- $689 was the median price-per-square-foot. This is up 31% from December 2020
- There were 19 median days on market; in December 2020 that number was also 19
The Takeaways
In our last report, we were discussing our recap of 2021 as a whole and our predictions for 2022. You can read the year-end blog we posted right here. In the report, we highlighted how 2021 was a landmark year for real estate in our city, and what we thought the next several months would hold.
As the numbers for December 2021 hit our desks, we were surprised to see that the median sold price for single-family homes in Salt Lake City jumped 4.5% month-over-month, from $550,000 to $575,000. This is a significant increase to see in such a short period, especially considering that we report on the median price, not the average! It will be interesting to see if this trend persists over the next few months.
In less surprising news, we are also still reporting lean inventory levels. Although this is somewhat typical of any given January in Utah, and reflects our seasonality, weather and lower numbers coming off the holidays.
So what does all this mean for sellers? Well, in short, it means the time is right to list now. The market is absolutely in favor of sellers right now and as a result, there’s no reason to “wait until spring,” as was the tradition years ago.
In fact, if you list your home now, we think you’ll probably sell faster and for more money than you would in the spring! There’s nothing to lose from moving up your timeline and listing now. This week in SLC we’re seeing blue skies, 40-degree weather, and we can almost guarantee that if a nice, tidy home was listed this weekend, it would absolutely receive multiple offers and an incredibly strong selling price.
And what about buyers? Well, the time is right for you too! You also are among fewer competitors right now, so if you’re willing to put on your coat and tour a few homes, you might have a better opportunity at securing a home than later this spring. There are always good homes coming on the market, so if you’re ready to make your move, now is the time!
