The Utah real estate market trends continue to see highs and lows. Here’s your monthly update on what’s happening.
Data from Utah MLS from February 1, 2021 to February 28, 2021.
Utah home prices followed the upward trend in February. Median home sale prices in Utah rose 15.8% from February 2020, a $53K increase. The median sale price went up by 2.4% from January, increasing by $9K. Dwindling inventory and intense competition from incoming new residents have helped drive prices up in the state.
Days on Market (DOM)
Utah homes are spending fewer days on the market than they have in years. In February, the average home spent six days on the real estate market. That’s a year over year decrease of 27 days, or 81.8%. Average DOM also dipped below January’s previous low of 9, a 33.3% drop. With homes in short supply, available homes tend to get snapped up more quickly.
The active listings on the Utah market went down by 4,206 year over year, a change of 67.3%. Inventory numbers declined from January as well, with 338 fewer listings on the market. That’s a decrease of 14.2%. High demand for Utah housing and reluctance to sell have contributed to these unusually low levels of inventory.
January and February 2021 have nearly matched 2020 sales levels. This February, twenty more units sold that in the same month last year, a change of only 0.7%. Home sales rose by 108 units from January, an increase of 6.6%. This relatively normal level of sales, despite low inventory, indicates that demand for Utah housing remains strong.
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