Salt Lake City and Park City

Demand Still High & Inventory Levels Stabilize

As we leave April behind and enter Q2 of 2021, our Salt Lake City and Park City market reports show a stark contrast to this time last year when our real estate markets almost hit a complete halt.

While it does make for some interesting comparisons to last year in certain areas, what we can still gather from the data is that our local markets are continuing to boom. Get more detail about what happened across both Salt Lake City and Park City in April in our market report below.

Salt Lake City Housing Market

Year/Year Market Stats for Single Family Homes, April 2021

• At 977 units sold this past month, we saw an increase of 12% from April 2020
• Median sales prices increased compared to last year, up 27% to $515,000 in 2021
• The median price per square foot increased 26% from last year to $211 in 2021
• Homes spent a median of 5 days on market – down from 8 days in April 2020

Park City Housing Market

Year/Year Market Stats for Single Family Homes, April 2021

• At 90 units sold this month, we saw a sizable increase from April 2020 when there were just 26
• Median sales prices increased compared to last year, up 32% to $2,500,000 in 2021
• The median price per square foot increased by 36% to $591 this year
• Homes spent a median of just 8 days on market — down from 82 days in April 2020

Across both markets, the total number of units sold, median sales prices, and median price per square foot all sizably increased compared to April 2020.

In addition, the number of days homes spent on the market in both Salt Lake City and Park City decreased compared to April of 2020 — most noticeably in Park City, whose market nearly stopped completely at this time last year.

The Takeaways

Our local inventory levels are showing some signs of stabilization. While it is true that in both Salt Lake City and Park City the amount of currently active residential listings (homes on the market with no offer yet) are down about 65% as compared to last year, we’ve actually been holding steady at this level for a few months now.

Additionally, when you look at all listings (residential, commercial, multi-family and land) on our state-wide MLS, utahrealestate.com is reporting that the total number of listings entered in April showed a 9% increase from last month, and signs point to an increase again in May. When compared to last April, the total number of listings was nearly identical – 5,297 in April 2020 and 5,276 in April 2021.

So while nobody expects a sudden flood of homes on the market this summer, we do see some signs of stabilization. And there is inventory – it just isn’t staying on the market very long.

We anticipate that prices will continue to rise this summer. The headwinds facing the construction industry and the cost of lumber are not forecasted to ease anytime soon, nor are interest rates expected to significant change in the near term.

As always we strongly recommend recruiting an experienced agent to help you navigate our new market.

If you’re interested in selling, buying, or investing in the Salt Lake City region of Utah, reach out to your local real estate experts today. Contact us here to start a discussion, then check out our exclusive listing portfolio while we get back to you. Hear from you soon!

Miss us last month? Catch up on our Q1 Market Update here.