2020 – A Record Year for Home Sales

In a recent report from the Salt Lake Board of Realtors 2020 took the top spot as the best year for home sales since 2005. Despite conditions surrounding the COVID-19 pandemic, 2020 was the best year in overall home sales in Salt Lake County. More than 19,000 homes were sold, beating the previous 2005 record of 18,907 home sales.

2020 broke another record with an all-time low of 12 days on the market for a single-family home, which is down from 24 days in 2019 and even further below the long-term average of 41 days.

The increase in demand stems from Utah’s rapid growth in jobs and population over the last few years and has brought an inventory shortage to the Utah housing market. While this on-going shortage is shrinking, due to recent high levels of residential construction, the shortage continues to impact the real estate market. The two most visible impacts are on sales and prices. The median sales price of a single-family home in Salt Lake County in 2020 increased by almost 12% to $425,000. This puts Utah as one of the highest median prices in the country.

If you have been thinking about selling your home, there has never been a better time. With low inventory houses forcing buyers to snatch houses off the market quickly you could receive multiple offers which always give you an increased chance of getting an outstanding offer for your home.

Due to low inventory prices have been on the rise which has added to the growing concern of housing affordability for buyers in Utah.

Continued historically low interest rates and a strong rebound from the pandemic suggest that 2021 could be another record-breaking year for the Utah real estate market.

It can be expected that the median sales price of a single-family homes will increase by 8% to $455,000, and the price of condominiums/townhomes will increase by 10% to $335,000. However, most experts agree that mortgage rates will remain around 3% in 2021. Low rates always help offset the price increase and makes owning a home more affordable.

If you are thinking 2021 is the year for you to mark homeowner off of your bucket-list give me a call. With a low inventory creating a competitive market for buyers you don’t want to go at the process alone. Let me be your guide to your next home.

Article Source: Salt Lake Board of Realtors Housing Forecast