SANDY (April 28,2021) – Lower housing inventory levels led to fewer home sales in the first quarter, but demand for homes remain at record highs.
Across the five-county Wasatch Front Area, there were 7,703 overall home sales (all housing types) on the first quarter, down 3% form 7,978 in the
first quarter of 2020.
“More new housing is needed to meet overwhelming buyer demand,” said Matt Ulrich, president of the Salt Lake Board of Realtors. “Multiple offers
are the new normal on nearly every home listed for sale. This week, the Census Bureau reported that Utah was the fastest-growing state since 2010.
More than 500,000 people were added to our population over the past decade. Going forward, we expect those numbers to accelerate.”
In Salt Lake County, single-family sales were down 1% year over year. Tooele County sales were down 4%. Utah County saw sales fall 7%. Davis
single-family sales ped 16%. Weber County witnessed the biggest decline at 18%. While single-family sales fell, sales of condominiums,
townhomes, and twin homes increased in two of the five Wasatch Front counties. In Salt Lake County, multifamily sales climbed to 1,033 units sold,
up 12%. In Weber County, sales of condos and townhomes soared tp 199 units, up 52%.
Home prices continued to rise rapidly. In Salt Lake County, the meridian single-family home price climbed to $468,000, up 17% ($68,000) from
a year earlier when the meridian price was $400,000. Utah County’s meridian single-family home price was the second highest on the Wasatch
Front at $450,000, up 20% from the first quarter of 2020. Davis County posted a median price of $430,000 up 21% year over year. Tooele
County’s meridian price increased to $360,000, up 18%. Weber-County’s median price rose to $340,000, up 23% from a year ago. The overall
median home price (all housing types) of the five-county Wasatch Front area was $395,000, up 17% from $339,000 a year ago.
Wasatch Front homes were on the market a median of five days in the first quarter, down from 28 days in the first quarter of 2020. Cash sales
of homes on the Wasatch Front increased to 15% in the first quarter, up from 10% in the same period in 2020.