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Low Housing Inventory continues in Salt Lake County

Previously Issued as SLC Homes News on Tuesday November 3, 2020:

It’s Election Day 2020, last day to cast our votes
To perform our civic duty, either we will or we won’t
It’s not a mandatory task, it’s a privilege and a right
Which women and people of color, were once denied
Now you just need to register, and be a citizen who’s 18
You can vote by mail or by voting machine
If you want to have some say, on the next four years
Get to the polls today, and make your intentions clear!

How our current housing inventory situation compares to March & July 2020:

Housing inventory in Salt Lake County continues to be scarce. The table below compares the number of single family homes in Salt Lake County currently for sale by price range.

Overall, there are fewer homes for sale right now in most price ranges than there were in March or July of this year, with a total of only 720 single family homes for sale right now, compared to 1,020 in July and 775 in March.

Inventory of Single Family Homes For Sale in Salt Lake County

Price Range         11-Mar-20    13-Jul-20    2-Nov-20
$0 to $200k                 0                 1                 2
$200k to $250k           9                 6                 3
$250k to $300k          26               34               24
$300k to $350k          48               75               67
$350k to $400k          70               82               63
$400k to $500k        139             183             113
$500k to $600k        113             161               82
$600k to $700K       102               99               52
$700k to $800k         75               94               58
$800k to $1,000k      99             103               98
$1,000k-$1,500k       24               87               78
$1,500k-$2,000k      29               45                38
$2,000k & Up            41               50               42
Total                        775          1,020              720

The second table below compares the number of days of housing inventory available, the formula for determining this being: (#of Homes For Sale / # of Homes Under Contract) X 30 days = # of Days of Inventory available. The fewer the days, the tighter the inventory.

This table shows that the number of days of inventory is at a similar level now to what it was earlier this year in the $200,000 to $500,000 price range, and has declined and become even tighter in the $500,000 to $800,000 price range and some of the higher ranges too.

Days of Inventory Available for Single Family Homes in Salt Lake County

Price Range            11-Mar-20       13-Jul-20       2-Nov-20
$0 to $200k                   0                     8                   20
$200k to $250k             7                     3                     6
$250k to $300k             4                     5                     5
$300k to $350k             8                     8                     7
$350k to $400k            11                    8                     8
$400k to $500k            13                   10                   10
$500k to $600k            23                   17                   12
$600k to $700K           36                   17                    10
$700k to $800k            46                   31                    25
$800k to $1,000k         90                   37                    40
$1,000k – $1,500k        25                   57                    48
$1,500k – $2,000k        87                 135                    67
$2,000k & Up             246                 167                   158
Total                             18                   15                     14

The Salt Lake County condo/townhouse market also remains tight, with only 16 days of total current inventory available right now, compared to 18 days on March 11, 2020 and 16 days on July 13, 2020.

Keep in mind, when it’s a buyer’s market, we’re measuring housing inventory by the number of months available with at least three months of inventory. Then we measure inventory in weeks as the market starts to shift toward a seller’s market. Measuring housing inventory in days with less than 14 days of inventory, I would call a “multiple offer on anything priced to sell seller’s market”.

If you’re looking to buy a home or condo in Salt Lake County, I’d be looking right now. Yes, it’s super competitive with multiple offers happening on everything that’s priced right, but it’s probably just going to get more competitive and expensive moving forward from here and into Spring 2021.

If you have any questions about buying or selling real estate in and around Salt Lake County, wonder what your home is worth, or have a friend, neighbor, coworker or family member that needs help buying or selling, please contact me. Over 94% of the people I help are repeat customers and referrals from the people I know. I love what I do, and I can’t do it without you!

Thank you!

Kev

Kevin Coyle
REALTOR  BROKER  MBA  CRS
SLC Homes
E: Kevin@SLCHomes.com
M: (801) 243-0699

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