Salt Lake City Showing Encouraging Signs Of Stabilization, But What Of Park City?
While we’re cautious about jumping the gun — especially given how fast-paced our local markets still are — we’re growing in confidence towards saying the Salt Lake City real estate market is beginning to stabilize.
However, Park City’s more volatile market data doesn’t necessarily fill us with the same confidence. Find out which statistics are giving us encouragement and which are keeping our expectations in check by reading through our August 2021 market reports for both Salt Lake City and Park City.
Salt Lake City – Year/Year Market Stats for Single Family Homes, August 2021
- At 1096 units sold this past month, we saw a decrease of 18% from August 2020
- Median sales prices increased compared to last year, up 26% to $548,250 in 2021
- The median sold price per square foot increased 29% from last year to $225 in 2021
- Homes spent a median of 7 days on market — down from 8 days in August 2020
Park City – Year/Year Market Stats for Single Family Homes, August 2021
- At 54 units sold this month, we saw a decrease of 46% from August 2020
- Median sales prices increased compared to last year, up 42% to $2,750,000 in 2021
- The median price per square foot increased by 32% to $654 this year
- Homes spent a median of 19 days on market — down from 39 in August 2020
The Takeaways
If we’ve learned one thing working in our industry for so long, it’s that making broad claims about the real estate market is a risky game. That being said, we’re starting to see some consistent trends formulating in our local residential markets — Salt Lake City especially.
The great news is that after a fiercely competitive year or so, the levels of active inventory in the Salt Lake City market are continuing to improve. While they’re still down compared to last year, we’ve escaped the housing stranglehold of six months ago and it’s becoming much, much easier for buyers and sellers to do business now.
And, with the median sales price of homes somewhat stabilizing over the past few months too, it looks like the drastic changes in house prices are a thing of the past too — for now, at least. All of this means that we’re seeing a welcome return to a more normal pace within our local Salt Lake City market and that both buyers and sellers can breathe a little easier.
In Park City, things are taking a little bit more time to stabilize, but look to be headed in that direction as well. Because the market is smaller, the data tends to be a bit more volatile. More minute changes have larger impacts, however, we’re confident it will adopt the same overarching trends at SLC soon.
What does all of this mean? If you’ve been holding off for a break in the market, whether you want to buy or sell a home, now is your chance. With school back in session, vacations coming to an end, and a return to regularly scheduled work and school programming, real estate transactions will start to increase. Fall is a spectacular time in Utah. So, if you want to get moving before the end of year holidays and before the weather really starts to turn, now’s the time to do it.
