It has been hot!
Our beautiful city was hot all month, and so was our housing market! Lots of movement last month, so let’s get to it. Here is what happened in July 2020 for homes in Salt Lake:
We saw the median cumulative days on market shorten to 12.
For perspective, in July 2019 the median days on market was 19, and it was 16 for both May and June this year. This means homes listed for sale received offers even faster in July.
There were more homes sold in this July than the previous year.
The WFRMLS is reporting 2,000 units (single family, townhomes, twin homes and condos) as sold in Salt Lake County during the month of July. This is an 11% increase from July 2019 and a notable milestone because it is the first month since the pandemic where sales have shown a year-over-year increase.
Our total amount of active listings continues to hover at the levels we saw in June, off about 40% from the previous year. And our market absorption rate still remains very low. This all translates to a fast moving market where demand is outpacing supply.
Our prices continue to increase.
The median sales price of a home in Salt Lake County was $384,000 in July 2020, up 10% from July 2019. Median price per square foot also increased 8% year-over-year to $176. Our increased demand this summer has continued to push prices upward.
Multiple offers – something you’ll need to be ready for.
As a buyer, competing for a home can be really frustrating, and discouraging at times. In certain segments of our local market (certain homes and neighborhoods), multiple offers are very prevalent. So if this is something you may be facing, reach out to us. We’ll counsel you on how to make your offer stand out and how to be an informed and prepared buyer, so you can actually buy the home you want.
Multiple offers can be tricky for a seller too. Do you have to take the first offer, or the highest offer? Can you make it an open bid scenario? Can you pick and choose which offer you respond to? What is the timeline to respond? There are a lot of considerations (legal ones too) you should be informed about if you’re anticipating multiple offers. We’ll guide you through the process so you can truly maximize your home’s value and secure the best sale possible.
We are fortunate here in Utah.
Finally, it has become more and more apparent that the housing market seems to be recovering at wildly different rates across the country. Many places are not reporting the strong numbers that we are. Broadly speaking this discrepancy is most likely due to the effects of the pandemic in those particular states, and how their individual economies are recovering. We feel very fortunate to be here in our great state.
Wondering what the market looks like in your particular neighborhood? Reach out! We are more than happy to prepare a complimentary analysis specific to your home that is loaded with insightful and useful information.