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From personal experience, I can tell you the Utah real estate market has been as hot as our summer days. Deseret News correspondent Jasen Lee confirms what my team already knew. He writes, “In the wake of some record-setting heatwaves this past summer, the Salt Lake Valley’s housing market was also mirroring that blazing-hot streak.”[1] Although he notes the demand for new homes is high, we all know that along the Wasatch Front land for building is getting scarce. Lee reports, “There is just a 3.3-month supply of new homes available, the current pace of robust sales may not be sustainable in the long term.” What that means for home buyers and home sellers is that existing homes will continue to be hot commodities as well. Lee observes, “The high demand is straining the existing home market as well. The Salt Lake Board of Realtors reported that sales in Salt Lake County for July were the highest on record in the history of the Multiple Listing Service — more than 2,100 sales. It was the first time sales eclipsed the 2,000 mark.”
Utah is a great place to live and people from around the country are beginning to discover Utah’s charms. As result, Lee notes, “The influx of new residents is a major driver in the demand for housing.” When someone moves to the state, the existing home market is often where newcomers look first because the home is readily available and its condition is known. Waiting to have a new home built is often not an option. One of Utah’s attractions is its economy. JP London notes, “Utah has remained relatively unscathed economically from the pandemic.”[2] He goes to note that not all economic sectors have fared well; nevertheless, on the whole Utah has done well. He adds, “Utah has had solid performance on the rebound with Utah’s unemployment currently sits at 4.1%. Real estate in Utah performed exceptionally well in Q2 and Q3 with home prices continuing to increase throughout late Summer and into the Autumn season.” He concludes, “One thing we can have confidence in and that is Utah’s infrastructure. It is very solid and as long as we as a community of people stay focused on the trajectories ahead, I am confident our economy will move right along.”
If you are in the market to buy a home, now is a good time because mortgage rates low. If you want to put your home on the market, now is also a great time. Why? Primarily because the inventory of available homes is low – making your home more valuable. Dejan Eskic, a senior research associate at the University of Utah’s Kem Gardner Institute, told Lee, “High demand has been exacerbated by the lack of existing home inventory for sale.” According to Eskic, “The pandemic prompted many potential sellers out of the market due to fears raised during the initial outbreak in the spring. … We’ve seen a lot of existing for-sale inventory pull back, so we’re about 52% or so behind where we are usually with existing sales inventory this time of year and throughout the summer. That’s created a kind of bottleneck. You have this pent-up demand who want to buy, but they have nowhere to go.”
If you are in the market to buy or sell, my real estate team stands ready to assist with the best customer service in the state.
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By digitally signing this form you are providing with your express written consent to send you business and marketing communications via text messages (SMS), email, and by calls or prerecorded messages dialed by a natural person or by an automatic or automated telephone dialing system. This express written consent applies to each such email address or telephone number that you provide to us now or in the future and permits such communications regardless of their purpose, unless you opt out of SMS marketing communication when submitting this form. Consent not required to register. Message frequency varies, message and data rates may apply. Text STOP to cancel, call for help.
