This week we did our YouTube video on a market update for the entire state of Utah. Usually, we do our market update on Weber and Davis county which surround Hill AFB but we wanted to switch it up to give more perspective.
To start off, last month in the entire state of Utah 4,510 homes were sold. The median sold price for a single family home was $510,000 which is up 30 percent from last year in August. The average price for townhomes and homes similar has also gone up about 30 percent to $363,000. The best time to buy real estate is now! The values are still rising rapidly. In our last market update we explained what days on market is. It is the amount of days the house is active and an offer has not been accepted. Days on market is not entirely accurate because it is measured by when the agent changes the status from active to under contract in the MLS so there could be some lag time. We still use it to get an idea of how fast the market is moving. This month the average days on market was 6 days. In the same month last year the days on market was 21 so there is quite a difference. The residential inventory for 2020 and 2021 is pretty similar with 5,817 in 2020 and 5,835 in 2021. It’s interesting that the number of houses for sale is similar but the numbers are so different. Again, the best time to buy is now with the values still going up.
If you have any questions at all or want to know how much your home is worth give us a call or text at 801-821-9400 or email us at email@example.com. We’ll leave a contact form below as well!