The real estate market fluctuates often. The local Utah market is no exception! Here’s your monthly update on what’s happening.
Data from Utah MLS from December 1, 2020 to December 31, 2020.
Sale Price
Real estate prices in Utah continue to rise consistently month over month. In December 2020, the median Utah home price was 1.3% higher than the previous month, an increase of $5,000. The annual growth in home prices is even more impressive, with a $54K gain from December 2019. That’s an increase of 16.4% in one year. 2020’s sales price trendline has a similar slope to 2019, suggesting that prices may continue to rise in 2021.
Days on Market (DOM)
Utah homes continue to spend a dramatically low number of days on the market. The average number of days on the market for Utah has stayed steady at nine for three consecutive months. On average, homes sold 27 days faster in December 2020 than they did in the previous December. That’s a full 75% year-over-year decrease. Competition for homebuyers has become steep. With homes flying off the market in little over a week, buyers may feel the pressure to move quickly to make an offer as soon as they find one they like.
Monthly Sales
2020’s trendline looks a lot like 2019 but with higher sales in the second half of the year. December 2020 saw 759 more homes sold than the previous December. That’s a 21.3% difference. Monthly sales have followed the seasonal pattern, down one tenth of a percent from November 2020. A mere six fewer homes were sold in December than in the previous month. Even with higher prices, more and more homes were sold in the Utah market in 2020.
Turn to a Homie
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