Market Update

Salt Lake City Market Update: Q2, 2020

Let’s look at the housing market numbers for Salt Lake City during the second quarter of this year! Plenty of people were curious about what the second quarter would show with the COVID-19 pandemic being in full force from April to June. The stats tell quite a story.

The truth is that demand is still very high, despite the pandemic. The market may have been a little quieter for two or three weeks, but people are definitely still out buying homes, and sellers are still seeing multiple offers on their homes. Truth be told, not a whole lot has changed when it comes to the Salt Lake real estate market.

Median Price Sales Price

The median sold price for Salt Lake City homes was $368,700 during the second quarter (a steady rise from $362,000 during the first quarter of this year). That price just keeps going up and up and up, which is great news for homeowners who are just seeing their equity continue to increase.

In 2019, the median sales price was $345,000 for the second quarter and in 2018, $320,000 during the second quarter. That’s nearly $49,000 in equity gained in just two years. Wow!

But even though home prices are still rising, they are not skyrocketing as quickly as was initially expected for 2020 (this is due to the pandemic). Initially, the median sales price in the Salt Lake area was projected to hit the $400,000 mark for the first time ever this year. While this will likely still happen, it’s not happening as quickly as the experts thought it would.

Number of Homes Sold

Homes sales were decidedly down during the second quarter. This is because the pandemic affected inventory and showings, so there have been fewer sales. 4,416 homes sold this quarter, compared to 5,263 during the second quarter of last year and 5,172 the year before that.

The dearth of homes available for sale will continue to put pressure on sales prices. In part, this is because home construction has declined 10% to 12% due to issues with supplies and construction since the pandemic started. Less new construction just exacerbates the existing inventory problem.

Median Days on the Market

Salt Lake City homes took a median 14 days to sell during this past quarter, down from 15 days last year and up only 4 days from 2018. Homes are still selling lightning fast in Salt Lake City, and like I mentioned earlier, many of them are still attracting multiple offers! If you find the home you want, you’ll need to be ready to jump on it.

Interest Rates

It wouldn’t be a market update without a word about interest rates. Rates are still sitting at historic lows—the lowest rates ever recorded in recent weeks. Rates are expected to stay low for the foreseeable future—according to a recent forecast, throughout the rest of the year and possibly even into 2021.

This means that if you’re thinking of buying a home in the near future, you have more purchasing power because the cost of borrowing money is lower. Also, if you haven’t talked to your lender about refinancing, it’s time to ask if it’s worth doing!

If you’re needing any help buying or selling in this crazy market, give me a call! I’m here to to make it happen for you.

Brandon B.

My wife and I have had the absolute pleasure of working with Ryan for the purchases of two homes and the sale of another. Throughout these processes he consistently made us feel like we were his top priority. Ryan helped us find our first home when we were a young couple and needed all of the experience and expertise we could get. He made the process enjoyable and smooth. When it was time to search for our second home, there was no doubt we wanted Ryan to help us again. When we found the house we had been dreaming of, he handled all of the challenges the purchase presented. Ryan really listened to our wants and concerns. He was thorough and reliable. He made the process easy, understandable, and enjoyable, and he was an exceptional advocate for us throughout the entire process. There is no question that when it comes time again for us to buy or sell that Ryan will be our agent.

Jake R.

Ryan did an excellent job listing our home as our listing agent. He met with us ahead of time, suggested a list of things to work on around the house to get it ready for the market, and listed it in a timely manner. We had multiple showings right away and received several offers on the first day of showing. We were in a time crunch due to work and school schedules and Ryan was always attuned to our needs to sell the home quickly before school started. While under contract, Ryan worked with the buyers over several issues and ultimately was able to negotiate a closing that both parties were comfortable with even though there were discussions of walking away from the sale on both sides. Ryan is calm, professional, and knowledgeable, and really demonstrated the value of such an agent during our sale. We have recommended and trusted him to help us purchase multiple homes as well as represent several families members to do the same. I would definitely recommend Ryan Eborn for your real estate needs.

Renee

Ryan is thorough during every step of the buying process. He paid close attention to detail as we walked through several homes while keeping our best interests in mind and pointing out when certain features either met—or did not meet—expectations we shared with him. He helped us find a home we love without settling and without leaving our comfort zone. Importantly, we never felt any pressure (huge bonus points for us!) to make or accept any offer. What stands out the most to us is his responsiveness. Even with current market competition being so high, we could always count on Ryan to get us into a showing in a timely manner. In addition to working hard to help us find a home to purchase he took exceptional care while helping us sell our home, even arranging for a professional photographer to take pictures. And, his professionalism was evident in the negotiation process with both sellers and buyers. He was calm, collected, and a great listener when negotiations were at their peak. Buying and selling a home is a stressful process, but with Ryan at our side we were confident we would find what we were looking for. We refer Ryan to anyone interested in buying or selling their home (we already have)!We will without a doubt use him again in the future.

Aubrey D.

When we decided to buy our first house, we had no idea what we were doing or what we were looking for. Choosing Ryan to help us with the purchase was the best decision we made. He knew everything! When he would show us houses, he could easily point out problem areas or issues that would fixing in the near future. He had the foresight to use a plumber to inspect the pipes, which saved us thousands of dollars that would otherwise been paid after we closed on the home. When we were having problems with our own mortgage broker, Ryan sought out advice from his own trusted mortgage brokers to ensure that we got the loan we needed. Finally, Ryan has a fantastic sense of how to best utilize home spaces, so he was always giving us ideas on how we could update potential houses to make them more functional. He absolutely went above and beyond what we ever could have imagined. If any of you are looking for a new home and need a realtor, we HIGHLY recommend Ryan!!! You won’t regret it.