A Gradual Mellowing of Inventory Levels Give Us a Peek at What’s to Come
The housing market continues to churn along in one of its strongest years in recent memory. Total sales and median sold prices were up 11% and 24% year-over-year in Salt Lake City, respectively. And although this was right in line with expectations, it is still a notable increase in home price appreciation.
Salt Lake City – Year/Year Market Stats for Single Family Homes, November 2021
- At 1026 units sold this past month, we saw an increase of 11% from Nov 2020
- Median sales prices increased compared to last year, up 25% to $550,000 in 2021
- The median sold price per square foot increased 25% from last year to $227 in 2021
- Homes spent a median of 11 days on market — up from 8 days in November 2020
Park City – Year/Year Market Stats for Single Family Homes, November 2021
- At 57 units sold this month, we saw a decrease of 50% from November 2020
- Median sales prices increased compared to last year, up 43% to $3,100,000 in 2021
- The median price per square foot increased by 27% to $678 this year
- Homes spent a median of 25 days on market — down from 35 in November 2020
The Takeaways
What’s behind the numbers? We’ve seen inventory levels slowly pull back recently, and part of this is the seasonality of real estate, but part is certainly a continued reflection of the constrained market.
In fact, we’re now hovering at inventory levels similar to where we were at this time last year. So what does this mean for the spring 2022 buyer? Well, we can’t say for sure just yet, but it looks like we may very well be headed into a super-charged market again in a few short months.
If last year’s bidding wars were a little too intense for you, we’d suggest you take advantage of the market today and get started on your home search now. Give us a call over the holidays (we will be here!) and let’s put together a timeline that works in your favor.
This month’s market analysis is a little short to allow us time to prepare our annual 2021 Utah Real Estate Market Report, which you’ll see on our website and in your email inbox early January!
