Extrapolating from our recent month-over-month data and comparing it to last year’s findings, we’re finally ready to make the big call; we’ve reached market stability and we don’t think things are going to drastically change as we finish out 2021.

See what we mean for yourself by reading through our September 2021 market reports for both Salt Lake City and Park City below.

Salt Lake City – Year/Year Market Stats for Single Family Homes, September 2021 

• At 1068 units sold this past month, we saw a decrease of 20% from September 2020
• Median sales prices increased compared to last year, up 25% to $550,000 in 2021
• The median sold price per square foot increased 27% from last year to $223 in 2021
• Homes spent a median of 9 days on market — up from 8 days in September 2020

Park City – Year/Year Market Stats for Single Family Homes, September 2021 

• At 67 units sold this month, we saw a decrease of 53% from September 2020
• Median sales prices increased compared to last year, up 24% to $2,480,000 in 2021
• The median price per square foot increased by 39% to $660 this year
• Homes spent a median of 20 days on market — down from 34 in September 2020

The Takeaways

Now’s the time; if you’re a buyer, get ready to make your move. 

Looking at recent data, we’re more than confident the statistics above are a great forecast for the foreseeable future of both the Park City and Salt Lake City markets. In other words, this is the new normal — even though we’re very tired of hearing that phrase.

Over the last few months across both markets, the total number of sales, the median sold price, and the levels of available inventory have all largely stayed the same. We think this means we’ve finally arrived at our stabilization point — this is what our market is going to look like for a while.

Barring some massive influx of inventory (nowhere to be seen), a drastic change in average annual income (this always lags), or another uncontrollable worldwide event (like COVID), nothing’s going to move the needle this year.

With the number of units sold and the median sold prices holding steady over the last few months, we can’t see house prices shooting up or down drastically, which is some really good news. Finally, the market is more stable, prices aren’t so volatile, and the pace isn’t nearly as frantic.

This is a stark contrast from this time last year, when competition for homes was so fierce that practically every listing had multiple offers and very intense bidding wars, causing median house sold prices to skyrocket and regularly exceed their original asking prices. In today’s market, while that can still occur in certain highly desirable neighborhoods, it’s no longer the norm.

What’s the big cause? In short — supply. Housing inventory levels have remained constrained as supply levels in Utah seem to have reached their floor. Total sales are down 20% year-over-year, which isn’t due to lack of demand but a lack of supply. And, until supply levels change, we wouldn’t expect sales volume to substantially increase either.

Looking forward, the month-over-month numbers aren’t going to be dramatically different. What does this mean for you? Fall is a great time to buy and sell, and although we’ve had some winter weather this week, our temperate climate will return and it’s a great time to be out and about in our beautiful state.

If you’re thinking of selling, or buying a new home this fall, we’d love to help you!