The Utah real estate market continued seeing highs and lows. Here’s your monthly update on what’s happening.
Data from Utah MLS from March 1, 2021 to March 31, 2021.
The median Utah home price has continued to rise, and in March, it rose above $400K for the first time. The median Utah home price came up by $65K, or 19.1%, from March 2020. Home prices continued to rise month-over-month as well, with an increase of $16K, or 4.1% from February 2021. The gradual upward trend of the last two years continued in March, with a somewhat sharper slant due to the spring selling season.
Days on Market (DOM)
The average number of days on market in Utah continued its downward trend, reaching a new low of five days. The average DOM was down 15 days, or 75%, year-over-year. In March, the average Utah home spent one day fewer on the market than in February, a change of 16.7%. Increasing demand and scarcer inventory has caused home sales to continuously accelerate.
The Utah market saw its first increase in overall active listings in a year. March had a marginal uptick in available inventory, with 11 more units than February. That’s an increase of 0.5%. The available inventory decreased by 68.2% from the same month last year, with 4,401 fewer units on the market. With demand steadily increasing and causing intense competition, it’s significant that there were more available listings on the market. It may indicate that more homeowners will sell in the spring and summer months, adding even more inventory to the market.
Monthly home sales in Utah saw a slight increase of 251 units, or 7.1% from March 2020. Home sales rose significantly from February, however. An additional 819 homes sold in March, an increase of 27.4%. Higher sales numbers, coupled with higher inventory levels, offers some comfort for prospective buyers. If these trends continue, buyers could see themselves entering a less competitive market.
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