July Market Stats Provide Optimism For Previously Limited Buyers And Sellers
In our Market Report last month, we told you that we felt our local Utah real estate market may be starting to show signs of reaching an inflection point. This month, we’re even more sure about it.
Based on stats like median sales price, units sold, and available inventory, we’re seeing signs of a change of pace that could result in opportunities for previously restricted buyers and sellers. As always, you can learn more about which shifts in the market have raised our eyebrows in July 2021 by reading our market reports for both Salt Lake City and Park City below.
Salt Lake City – Year/Year Market Stats for Single Family Homes, July 2021
- At 1087 units sold this past month, we saw a decrease of 29% from July 2020
- Median sales prices increased compared to last year, up 28% to $551,000 in 2021
- The median sold price per square foot increased 31% from last year to $223 in 2021
- Homes spent a median of 6 days on market — down from 12 days in July 2020
Park City – Year/Year Market Stats for Single Family Homes, July 2021
- At 72 units sold this month, we saw a decrease of 28% from July 2020
- Median sales prices increased compared to last year, up 15% to $2,015,000 in 2021
- The median price per square foot increased by 33% to $595 this year
- Homes spent a median of 14 days on market — down from 32 in July 2020
The Takeaways
Across both the Salt Lake City and Park City markets, we’re seeing a few similar trends that could be an indicator that our market is stabilizing. In previous months, we’ve seen skyrocketing upward trajectories in terms of sales prices and price per square foot, while the number of days on the market and the number of available units plummeted.
In July, however, we noticed that the median sale prices actually stayed the same compared to June, which was the first time that metric didn’t increase month/month since August of 2020. And with inventory levels decreasing at a slower rate compared to this time last year, there are more homes to choose from on the market.
What does this mean for buyers and sellers? If you’re a buyer who was frustrated with insanely competitive bidding wars, house prices, and a general lack of inventory on the market in the springtime, you’ll be happy to know the pace of the market has slowed and, as a result, now is a great time to start searching again.
If you’re a seller, house prices are still very high despite the market not seeing median sales prices increase at the same rate. Plus, with inventory levels still being low, there’s still sure to be lots of interest in your listing.
For frustrated buyers and sellers who felt constrained by Utah’s hyper-competitive market over the past few months, now is a great time to capitalize on the shift of pace and plan to make your next move.
See previous market updates 2021:
Would you like to be the first to know about market trends?
Sign up to get our unique data analysis emailed to you each month.
