Following a fast-paced start to the new year, our local Salt Lake City and Park City real estate markets have shown no signs of slowing down this past month.

While we did anticipate the action-packed real estate market of last year to continue into 2021, the speed of home sales and skyrocketing prices have kept the entire real estate market on its toes. Catch up on what happened in both SLC and PC this February by reading our market report below.
 

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

• At 771 units sold this past month, we saw a decrease of 14% from February 2020
• Median sales prices increased compared to last year, up 16% to $465,500 in 2021
• Homes sold for 104% of their list price overall
• The median price per square foot increased 25% from last year to $198.80 in 2021
• Homes spent a median of 5 days on market (wow!) — down from 29 days in February 2020
• Currently, there is only 0.38 months supply of available inventory on the market.

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

• At 45 units sold this month, we saw an increase of 9% from February 2020
• Median sales prices increased compared to last year, up 110% to $2,737,500 in 2021
• Overall, sellers saw their homes sell for 99% of their asking price
• The median price per square foot increased by 59% to $651 this year
• Homes spent a median of just 7 days on market — down from 44 days in February 2020
• Currently, there is a 2.8 months supply of available inventory on the market.

Between both the Salt Lake City and Park City single family homes real estate market, we’ve picked up on some interesting commonalities that continue to reflect some telling characteristics of this active selling market.

Median sales prices and price per square foot continues to rise. Median days on market has dropped well down into the single digits, and the number of months supply of available inventory has similarly plummeted.

The Takeaways

Sellers are still firmly in the driver’s seat in both Salt Lake City and Park City. With a dwindling active inventory of available homes, property prices have continued to rise not just year over year, but month over month.

More astoundingly, however, is the pace at which homes are being sold. Buyers are eager, but with such drastically different inventory levels as compared to last year, they have adapted to moving very quickly when they see the home they want.

To be a real player in this fast-paced market, buyers must readjust their perspectives on list prices. In fact, the pricing of real estate has become an art of its own this spring. Determining how to price your home as a seller — and conversely, what to bid as a buyer — is one of the biggest challenges our current market faces.

Our guidance to you is to read the statistic of “Homes sold for 104% of their list price overall” with the knowledge that this is a median data point for all of Salt Lake County. Pricing is an extremely nuanced, location and market-specific skill at the moment, varying drastically from neighborhood to neighborhood and market to market.

As an example, a home in a renowned location that is tricked out and all cleaned up might get 30 offers. A home that is in original condition or needs a new kitchen might only get four. Both homes, however, will ultimately sell right now for at least 10% above the original list price and for more than appraised value.

Whether you’re a buyer or a seller in today’s market, our best advice (as always) is to get local real estate guidance from qualified, market-immersed real estate professionals. Our Salt Lake City and Park City real estate market expertise is always available to you.

If you’re interested in selling, buying, or investing, reach out to your local real estate experts today. Contact us here to start a discussion. We look forward to hearing from you!