The local real estate market is in the “same story, different day” type of status. The home inventory still doesn’t quite meet the buyer demand and home prices have continued to rise. Home inventory is 77% lower than it was last year at this time (hovering between 35-55 homes on the market), and home prices are up 25% since 1st quarter 2020 with an average price per foot of $156 and an average sale price of $353,000. The number of homes sold in the first quarter is down 30% over last year, but 2020 first quarter sales were unusually high. The number of home sales first quarter 2021 is very similar to first quarter 2019 & 2018. The number of homes listed in the first quarter is down, but historically the 2nd quarter of the year (April, May, June) sees the largest number of listings.
It certainly is a good time to sell a home – if you have an exit strategy. It’s important to flesh out details on your exit strategy. A general thought of “we will build a new home” may not work in this market. Builders are swamped and building supply shortages have skyrocketed prices in many cases. To put things in perspective; although home prices continue to rise, our cost of living/cost of housing is still well below many places in the country. Utah has the highest ranked economy, and the same desirability factors (safe, clean, beautiful, great recreation, good healthcare) are still in place. I predict our valley will continue to grow….like it or not. It’s a fabulous place.
Please let me know if you would like a market analysis on your home.
Terri Sizemore 435-770-9407 firstname.lastname@example.org