Utah Prices Hold Steady
Our October Real Estate Market Update for Salt Lake City and Park City
After two years of astronomical growth, the housing market has slowed down substantially. So how do you capitalize in today’s market? By zooming out and taking a look at the big picture.
In our recent market reports we’ve talked about the similarities between 2019 and today, and wondered if we are all just so used to the crazed market of late, that our perspective is still skewed. Historically speaking, for example, it has long been considered excellent if you receive an offer on a home within a few weeks.
Last week real estate expert Mike Delprete examined this idea even further. He compared 2022 housing data to historical averages, concluding that the year 2021 is an Outlier, Not a Benchmark. Here are a few key takeaways from his work:
“The pandemic years, especially 2021, were a strange aberration where everyone moved, house prices skyrocketed, and nearly every real estate business posted record revenues.
Why it matters: 2022 is constantly being compared to 2021, which was anything but normal, and year-over-year comparisons are painting a deeply negative picture…
But in reality, 2022 has tracked favorably to the historical average and is still in somewhat “normal” territory, even considering the recent market slowdown…
The bottom line: The pandemic years of 2020 and especially 2021 were radical outliers on a number of levels, real estate being just one.”
We couldn’t agree more. And with that perspective in mind, here’s the September 2022 market update for Salt Lake City and Park City.
Salt Lake County September 2022
Detached Homes, Year/Year
-$606,000 median sold price, up 10% from last year
-$235 median sold price per square foot, up 5% from last year
-762 units sold, down 31% from last year
-29 median days on market, up from 9 last year
Park City Area, September 2022
Detached Homes, Year/Year
-$2,999,770 median sold price, up 22% from last year
-$720 median sold price per square foot, up 9% from last year
-41 units sold, down 31% from last year
-61 median days on market, up from 17 last year
So far in Utah, prices have held steady. We are not showing year-over-year price declines. In Salt Lake County, the median sold price of a detached home came in at $606,000 for September 2022, which is right where it has been since July. And that’s still a big 10% increase from the $550,000 median sold price of September 2021. This means most homeowners in Utah are still sitting on quite a bit of equity.
For the Park City area, the median sold price of detached homes comes in very high at $2,999,770 with 41 units sold. Last month the median sold price was $1,850,000 with 29 units sold. It’s a much smaller market in terms of number of sales, so big swings like this aren’t all that uncommon.
Both markets show a notable year-over-year decline of 31% in sales, but again, that’s compared to an abnormal year. In Utah our unemployment remains low, homeowners still have quite a bit of equity in their homes, and total days on market is still very low – all signs suggesting that buyer demand is still there.
In order to capitalize in today’s market, it is imperative that the trends of 2020 and 2021 are not undermining your efforts. Sellers do not have the luxury of overpricing their homes, and buyers should take advantage of the leverage they currently have.
If you’re ready to sell and get moved before the holidays, now is the time. Give us a call, we would love to work with you. 801.949.9878
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