Utah Real Estate Market April 2021

“The market is CRAZY!” This is a phrase we have been hearing a lot recently. Yes, it is a challenging market, and a wonderful market for sellers, but there is opportunity in every market. We have helped investors purchase this year, first time home buyers, and have found several pockets in the market that have allowed our clients to find homes that they love! Our last few listings have sold nearly 10% over the list price and so far this year we have 47 Buyers and Sellers that have closed or are under contract! 

Year over year so far we are seeing a nearly 100K increase in median home values in Salt Lake, Utah & Davis counties. This is unprecedented, but we are not in a bubble. Inventory is still low, and demand is still very high. What does this mean? Unfortunately, our great state of Utah is becoming like many of our geographically challenged counterparts like the Bay area and Seattle. 

I have a lot of people asking, does it still make sense to buy. My answer is still yes! I know, coming from a real estate agent, that may feel suspect, but with interest rates are still at all time lows of 3% or lower, affordability, especially on higher end homes, is still fantastic. 

We are working right now to be real estate advisors to our clients which means we want to understand what your goals are and how you plan to use real estate investments as part of your long term plan for retirement and hedging against inflation. 

Please reach out to me and let me know when we can set up a time to chat about your long term real estate goals, and also help you determine what the true value of your current real estate assets are so you can really know your net worth.

Now here are your stats for April 2021!

1)   Salt Lake County - April

• Sales Volume: $732,538,866.00 in 2021 vs. $490,449,535.00 in 2020

• Median home sale price $440,000.00 in 2021 vs. $365,000.00 in 2020

• Cumulative Days on Market:  5 in 2021 vs. 8 in 2020

• Home sale count:1,413 in 2021 vs. 1,191 in 2020 

• Price per sq. ft $216.78 in 2021 vs. $172.62 in 2020 –a difference of $44.16 per sq. ft.

• Median list to sold price 104% in 2021 vs. 100% in 2020

2)   Utah County – April

• Sales Volume: $461,992,602.00 in 2021 vs. $298,202,788.00 in 2020

• Median home sale price: $438,943.00 in 2021 vs.$349,900.00 in 2020

• Cumulative Days on Market: 5 in 2021 vs. 11 in 2020

• Home sale count: 904 in 2021 vs. 783 in 2020

• Price per sq. ft $184.31 in 2021 vs. $141.18 in 2020 – a difference of $43.13 per sq. ft.

• Median list to sold price 106% in 2021 vs. 100% in 2020 

3)   Davis County – April

• Sales Volume: $184,574,363.00 in 2021 vs. $155,485,496.00 in 2020

• Median home sale price $435,000.00 in 2021 vs. $347,000.00 in 2020

• Cumulative Days on Market: 5 in 2021 vs. 8 in 2020

• Home sale count: 384 in 2021 vs. 411 in 2020

• Price per sq. ft $186.42 in 2021 vs. $151.63 in 2020 –a difference of $34.79 per sq. ft.

• Median list to sold price 102% in 2021 vs. 99% in 2020

These numbers only account for homes that were sold on the Multiple Listing Service so much of the new construction is not factored in.

Let us know if you have any questions about these numbers or have any other real estate questions that I can answer, I am always here to help!