Wasatch Front Hits Record Home Sales During PandemicMar 06, 2021
Utah's Wasatch Front set records in 2020, passing 2005's peak sales in single-family homes, duplexes, condos, and townhomes. After a brief slow period early on in the pandemic, the state saw a quick surge fueled by a quickly recovering economy and low-interest rates.
Former SLBR president, Alicia Holdaway described things perfectly, calling the buyers market "Hectic". Be prepared to fight multiple offers if you're purchasing a property anywhere near the median sale value. A recent report shows that the median sold price has increased about 12% from 2019 to 2020 in Salt Lake County.
1-2 Unit Real Estate Sales
Single-Family Median Home Prices (SLC)
Salt Lake Tribune stated that, along the Wasatch Front, a new high of 43,281 homes changed hands last year, despite the fact that few listings went active when compared to previous years (pandemic caused).
"Single-family home sales were up in Salt Lake, Utah, Davis and Weber counties, with only Tooele County seeing a small decline. Regionwide, the median sale price for all home types is $357,990. "
Agents in the region have reported an increased focus on home offices and exercise rooms as the pandemic has driven more and more people to consider a move into a more flexible home situation. Utah has also seen an uptick in those migrating from places like California in search for a more affordable climate and quality of life.
“I’m seeing buyers from Arizona, California, Connecticut, even investors from China. Between incoming buyers and new demand from existing residents striking out to new locales it’s kind of like a perfect storm.” - Matt Ulrich, SLBR president
In December 2020 interest rates dropped as low as 2.67% and multiple cities in Utah have recently ranked in Milken Institute's best-performing-cities in 2021. The outlook for the next year and beyond is looking very promising.
Back in 1996 the median home price in Salt Lake County, UT was $129k. On average, this price has gone up at a yearly rate of 5.1%. Nationally this rate of increase was only 3.7% per year. - SL Realtors
How long are homes on the market?
Q4 2020 set almost a 24-year low with the average home being listed for only 12 days. Having sold a lot of properties in Utah in the last year, its more common than not to see multiple buyers within the first few days to a week. Buyers have to move fast and things don't look like they're going to ease up soon.
"Salt Lake, Utah, Weber, Davis, and Tooele counties all saw home prices rise by between 10% and 15% last year. The median price on a single-family home (excluding condos and town houses) for the entire Wasatch Front is now $393,498, new data indicates, up 11% from 2019." - Salt Lake Tribune