More Demand, Fewer Homes:
Everybody Wants To Live In Utah
A familiar trend has dictated our local Utah real estate markets for the past 12 months — we just don’t seem to have enough inventory to keep up.
Whether they’re move-up buyers or entirely new residents to the state, homebuyers in today’s market know they want to be here in Utah and are willing to pay for it. Learn more about what happened across both Salt Lake City and Park City in May 2021 in our market report below.
Salt Lake City – Year/Year Market Stats for Single Family Homes, May 2021
- At 969 units sold this past month, we saw a decrease of 8% from May 2020
- Median sales prices increased compared to last year, up 31% to $535,000 in 2021
- The median sold price per square foot increased 32% from last year to $220 in 2021
- Homes spent a median of 5 days on market (same as the last three months) — down from 16 days in May 2020
Park City – Year/Year Market Stats for Single Family Homes, May 2021
- At 31 units sold this month, we saw an increase of 40% from May 2020
- Median sales prices increased compared to last year, up 23% to $1,895,000 in 2021
- The median price per square foot increased by 38% to $475 this year
- Homes spent a median of 9 days on market — down from 20 in May 2020
While there are fewer homes being sold across both Salt Lake City and Park City compared to last month (and in SLC’s case, last year too), that doesn’t mean the market has weakened. In fact, looking at the steadily increasing median sales prices and price per square foot, we can see the market is still very competitive.
What’s fueling the lower number of monthly sales? Utah is simply running low on homes to sell.
When looking at the total number of residential listings across both Salt Lake City and Park City, we’ve not only seen a consistent month-to-month decline, but May of 2021 marked the lowest total inventory for several years.
Although the number of units sold in Park City may have increased this May compared to the same time last year, the number substantially decreased compared to just last month. This is for the same reason — inventory is significantly down.
The Bottom Line
The demand for homes in Utah remains as strong as ever, with only the steep inventory restraints holding the market back. Across both Salt Lake City and Park City, inventory is about half of what it was last year, yet prices continue to rise.
Buying is competitive, but we’ve never been ones to shy away from healthy competition. Hopefully, the market will begin to stabilize, but until then, it’s time to strategize. We know how to navigate complicated markets and can help you land the home you need, no matter how competitive the market may be.
If you’re interested in selling, buying, or investing in the Salt Lake City region of Utah, reach out to your local real estate experts today. Contact us here to start a discussion, then check out our exclusive listing portfolio while we get back to you. Hear from you soon!
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