One Month In and Not Much Has Changed

Although January can sometimes signal a sleepy start to the new year, the momentum off the back of last year’s hyper-active selling market isn’t showing many signs of slowing down. Catch up on what happened in Salt Lake City and Park City this January by reading our real estate market report below.
 

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

• At 681 units sold this past month, we saw a decrease of 3% from January 2020
• Median sales prices increased compared to last year, up 14% to $445,500 in 2021
• Homes sold for 101% of their list price
• The median price per square foot increased 18%
• Homes spent a median of 9 days on market — down 76% from January 2020
• Currently there is a 0.32 months supply of inventory

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

• At 49 units sold this month, we saw an increase of 53.1% from January 2020
• Median sales prices decreased compared to last January, down 10.6% to $1,675,000 in 2021
• Overall, sellers saw their homes sell for 98.1% of their asking price
• The median price per square foot increased by 32.9% to $569 this year
• The median number of days properties spent on the market dropped 77.8% from last year to 18 in 2021
• Currently there is a 2.7 months supply of inventory

Across both the Salt Lake City and Park City real estate markets, we saw either an increase or consistency in the number of units sold in January between this year and last year. Considering mutual decreases in number of days on market and number of active inventory, we can see that whatever is available in both markets is selling at an increasingly quick rate.

In both Park City and Salt Lake City, the price per square foot both increased compared to last year, and sellers received close-to if not more than the listing price for their homes. However, median sales prices fluctuated up and down, as Salt Lake City saw an increase in sales prices in January 2021 while Park City saw a decrease.

The Takeaways

The data within our market reports for January 2021 reflects some continued trends from the end of 2020 spilling into the new year. A continually high demand for homes in both the Park City and Salt Lake City markets is resulting in a lower supply.

While inventory may be tight, there are many people who waited to list their homes last year that are now coming to market. Our advice to buyers is to do your homework, be prepared, trust us to guide you in the process, and have patience. Your home is out there and it will come together.

Our advice to sellers is, 1) while the traditionally hot spring market is right around the corner, there’s not necessarily any reason to wait, and 2) when you do sell, beware of underpricing. Don’t leave real money on the table.

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!