The Utah real estate market continues to see new peaks and valleys. Here’s your monthly update on what’s happening.
Data from Utah MLS from January 1, 2021 to January 31, 2021.
In January, Utah real estate prices leveled out from their previous upward trend. Median home prices settled at $380K, down $4K or 1% from December. The annual trend, however, shows a stark contrast. Median home prices rose $55K, or 16.9% from the previous January. The 2020-21 trendline has been mirroring the 2019-20 trendline for several months, albeit at a higher level.
Days on Market (DOM)
When it comes to days on the market, the Utah market has stayed steady. For the fourth month in a row, the average home spent nine days on the Utah market. That’s a full 30 day difference from January 2020, a 76.9% year-over-year decrease. Homebuyers may feel the heat of competition for fast-moving homes in this seller’s market.
Inventory has fallen to new lows. Only 2,383 active listings were on the Utah market in January, compared to 2,920 available units in December. The month-over-month decrease was an on-trend 18.4%. Annually, the market saw a rather steep drop from 6,811 active listings in January 2020. That’s a year-over-year inventory decrease of 65%. With that level of scarcity, it’s no wonder that Utah homes are selling so quickly.
January saw a sharp decline in monthly sales from December, down by 1,528 units or 35.3%, following the seasonal trend. 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. Observing the annual trend, home sales came up just slightly from the previous January. Only 90 more homes sold in January 2021 than January 2020, an increase of 3.3%. It is likely that market seasonality is largely responsible for the dip. However, the low level of inventory may be affecting the number of homes sold as well.
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