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Continued Market Consistency To Come As We Head Towards Q4 of 2021

11-17-2021 | Real Estate

For the first time in a long time, we’re happy to say most of our market stats for both Salt Lake City and Park City are mirroring what they were six months ago. Clearly, it’s been a long time since we’ve enjoyed this kind of consistency and stability.

However, this is largely due to levels of active inventory dictating the pace (and price) of our market. But do we predict those inventory levels to change anytime soon? Find out in our October 2021 market reports for both Salt Lake City and Park City below.

Salt Lake City – Year/Year Market Stats for Single Family Homes, October 2021 

  • At 993 units sold this past month, we saw a decrease of 23% from October 2020
  • Median sales prices increased compared to last year, up 24% to $545,000 in 2021
  • The median sold price per square foot increased 26% from last year to $227 in 2021
  • Homes spent a median of 9 days on market — up from 8 days in October 2020

Park City – Year/Year Market Stats for Single Family Homes, September 2021 

  • At 86 units sold this month, we saw a decrease of 54% from October 2020
  • Median sales prices increased compared to last year, up 25% to $2,599,051 in 2021
  • The median price per square foot increased by 22% to $647 this year
  • Homes spent a median of 8 days on market — down from 21 in October 2020

The Takeaways

In our previous report, we expressed our relief at the enjoyably smooth transition from September into October, and as we head into November, things have largely stayed the same. This is despite the rather dramatic year-over-year comparisons.

Total sales volume and prices were right where we expected them to be, and we’ve been hovering around similar median sold prices and levels of inventory for both our Salt Lake City and Park City markets for almost six months now.

However, inventory levels remain the big story here — but not for any concerning reasons. In fact, we’re pleased to say they’ve largely stabilized and even more pleased to say levels are now where they were a year ago, and that’s certainly not something we’re accustomed to saying for just about any housing metric these days.

What can we glean from this? Definitely some positivity, and perhaps some perspective too — especially in response to any possible worries about inventory level increases. There’s been no flood of homes appearing on the market causing median sales prices to decline suddenly as the inventory levels seemed to have leveled out, so to speak.

And this is all great news. For example, the amount of inventory for single family homes in Salt Lake City on any given day over the past two months has largely mirrored what they were on the same day in 2020. That means inventory levels haven’t increased and median sales prices hasn’t decreasedThis is really good news — it’s important to keep this sense of stability in mind when large national news outlets might want to speculate otherwise.

Although the overall demand for homes throughout Q3 was robust, it’s nowhere near the frenetic pace of last year. Home sales in Q3 for both Salt Lake County and Summit County are down roughly 20% as compared to Q3 2020. That being said, prices are up in both areas somewhere between 25-45%.

Clearly, it’s inventory that’s still constraining sales and setting the pace of the market for the rest of the year. The combination of high demand and low active inventory have given us some explosive price gains over the last year, but as long as inventory levels largely stay the same, there won’t be any drastic price drops anytime soon here in the Beehive state.

If you’d like to kickstart your return to the Utah housing market, send us a text or call us at 801.949.9878

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