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
