Q: What’s Going on in Salt Lake City?
Here are a few simple numbers that explain what’s happening in our market.
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What a market we live in currently! Here’s a phrase that lets you know a little about what’s going on: one listing, 24 hours, and 25 offers.
Everybody keeps asking me about the market, how it has been affected by COVID-19, and what conditions are like now. The aforementioned statement is all I need to tell them about what’s going on right this moment. This home I’m referring to ended up selling for $55,000 over its list price.
Immediately everybody asks about the price point, and it was in the affordable mid-$300,000 range. The interesting thing we should acknowledge is that the property actually sold for over $400,000. We are seeing the same trend in the $600,000 to $900,000 price range depending on the location and type of home.
The market is moving at an incredibly fast rate.
What is certain is that there is a ton of pent-up demand from homebuyers. It’s insanity. It’s a great thing because we know that the demand for homes is real and healthy for the future of our economy coming out of this pandemic. I’m getting three to five phone calls per week from people coming from California or back east. We’re going to continue to see this demand rise, specifically in areas like downtown, Sugar House, and the southwest end of the valley.
If you’re curious about what’s going on in your area, it’s important that we look at the micro-market data for your neighborhood. This data will give you a better picture. For most of you, you’re going to find that the market is moving at an incredibly fast rate.
If you have any questions about what your home’s worth or you have any questions about buying or selling a home, don’t hesitate to reach out via phone or email. I look forward to hearing from you.