Buzzing Utah Housing Market Update – May 2022
Homes Continue to Sell at an Astonishing Pace
The spring housing market in Salt Lake and Park City is as busy as ever! Prices for homes showed significant gains year-over-year, and inched higher from the shocking records set last month. There are more homes being listed for sale this spring than before, as more folks than ever seem ready to make a move this year. Take a look at how April shaped up in Salt Lake and Park City below.
Salt Lake County – April 2022
Single Family Homes, Year/Year
- $630,000 median sold price, which is a 22% increase from April 2021 when it was $515,000.
- $258 median price per square foot, which is also a 22% increase.
- 889 units sold, which is a 14% decline from last year when there were 1035 units sold.
- 5 median days on market, which is right in line with last year.
Park City Area – April 2022
Single Family Homes, Year/Year
- $3,092,000 median sold price, increase of 26% from April 2021
- $642 median sold price per square foot, up 8% from last year
- 44 units sold, which is a decrease of 52% from last April when there were 92
- 17 median days on market, which is an increase of 106% from last year
Looking month-over-month, both markets showed stability. For Salt Lake, the median sold price increased from $628,000 in March to $630,000 in April. Park City saw a median sold price of $3,070,000 in March and $3,092,000 in April. The total units sold for both markets are nearly identical for the same time period too.
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What does the market feel like for buyers?
There are more homes available for sale today than there have been in quite some time, so it feels exciting! The uptick in new listings we noted last month has gained momentum. As of April 30, 2022 there were 981 single family homes available for sale in Salt Lake County. This is a 46% increase from last year.
If you wanted to buy last year but felt sidelined due to the frantic pace of the market, we are here to tell you that right now is your time! There are lots of great homes to choose from – let us show you what is out there!
Is it still a good time to sell?
Absolutely. Despite the increase in listings, there is still stiff competition for great homes, and many homes still receive multiple offers. Our market has been so drastically under-housed for so long, that it will take some time before things really change.
Navigating the sale of your home with multiple buyers is complex, with contractual obligations to consider. Make sure you reach out to us for industry insight on how to maximize the sale of your home when faced with multiple offers. We know exactly how to make sure your investment is protected and your sale seamless.
Our market report would be incomplete if we did not address the last few months of increasing interest rates, inflation and stock market volatility. Six months ago, these broader market dynamics were not quite the reality that they are today, and how it will all play out six months from now is just as unknown. Gauging future buyer demand is always tricky, although a lot of experts try.
From our experience, buyers who are actively shopping for a home are usually quick to respond to startling news – positive or negative – which can feel dramatic when looking at small segments of housing data. For example, active buyers can instantly hold off their home search for a few weeks when things seem uncertain, but then just as quickly get back in the market and move forward with their purchase, with everything sort of shaking out evenly in the end.
So where will the overall market be six months from now? It is unclear, as usual. But what we would advise for any uncertain folks out there, is to move when it works for you. Sell when you need to sell. Buy when you need to buy. Don’t try to time the market, time your move when it works best for you.
We would like to help you buy your next home, so please reach out to us now! Call or text 801.949.9878.