It looks like the Utah real estate market is slowing down slightly, according to the latest Salt Lake County home sales figures.
But that doesn’t mean the market isn’t hot yet – only 2020, the year the pandemic shook the national housing market and spurred record home sales, especially in the West, surpasses a 2021 still simmering.
Even though home sales in Utah’s most populous county, Salt Lake County, appear to be slowing, 2021 is still expected to be the second best year for home sales, according to the Salt Lake Board of Realtors.
The slowdown this summer is likely due to lower listings and higher prices.
âThe competition to buy a home remains fierce for buyers,â Matt Ulrich, chairman of the Salt Lake Real Estate Board, said in a statement Thursday.
âWhile sales have recently slowed, multiple offers are common on most properties. Home prices continue to rise.
Home sales in Salt Lake County fell 17% in August from August 2020 sales, according to UtahRealEstate.com. This is the third consecutive month of declining year-over-year sales. Sales in July fell 25%, while in June they fell 8%.
Yet despite this summer’s slowdown, sales from January to August this year are only 3% lower than in the same eight-month period in 2020, according to the Salt Lake Board of Realtors.
More homes sold in 2020 in Salt Lake County than any previous year on record, the Salt Lake Board of Realtors said, putting 2021 on track to be the second-highest sales year on record.
In the meantime, the prices remain bluffing.
In August, the median selling price of all homes in Salt Lake County in August was $ 474,950, up 23% from $ 385,000 in August 2020, according to the Salt Lake Board of Realtors. The median price of a single-family home was $ 546,000, up 26% year over year. For multi-family homes, that price jumped to $ 390,000, up 31% year-over-year.
Recent research in Florida places three Utah cities – Ogden, Provo and Salt Lake City – just behind Boise, Idaho, among the top 10 cities in the country with “overvalued” house prices.
The market is always a fast paced environment for buyers to navigate.
A typical Salt Lake County home sold in just six days in August this year, up from nine days in August 2020. And sellers continue to make millions. Total sales volume in August reached $ 870 million, up 4% from $ 833 million in August 2020, according to the Salt Lake Board of Realtors.
The inventory remains tight. New listings for August fell to 1,836, down 10% from 2,045 listings in August 2020. Contract listings (listings for which a seller has accepted an offer, but the sale is not final ) fell to 2,336 in August, down 24% from 3,080 contract listings in the same month last year.