We look back on the numbers from 2021 and look forward to 2022.
Today, we want to see how our market has changed by comparing the year-end numbers from 2021 to 2020. Then, we’ll let you know what the trends from last year mean for our future. In each category, the numbers from 2020 will come first and be followed by the numbers from 2021. Here are the key figures for each property type:
“The experts agree: We aren’t in a housing bubble.“
All Housing Types in MLS
Average Sales Price: Increased from $435,905 to $551,163 (Increased by 26.4%)
Units Sold: Decreased from 53,550 to 49,635 (Decreased by 7.3%)
Days on Market: Decreased from 43 to 24 (Decreased by 44.2%)
Single-Family Homes
Average Sales Price: Increased from $475,418 to $600,332 (Increased by 26.2%)
Units Sold: Decreased from 39,950 to 36,449 (Decreased by 8.8%)
Days on Market: Decreased from 44 to 24 (Decreased by 45.5%)
Condos and Townhouses
Average Sales Price: Increased from $326,258 to $427,495 (Increased by 31%)
Units Sold: Decreased from 12,416 to 12,000 (Decreased by 3.4%)
Days on Market: Decreased from 37 to 21 (Decreased by 43.2%)
Now let’s take a look at the numbers for only Salt Lake, Davis, Utah, Tooele, and Weber County:
All Housing Types in MLS
Average Sales Price: Increased from $406,990 to $513,499 (Increased by 26.1%)
Units Sold: Decreased from 43,174 to 39,510 (Decreased by 8.5%)
Days on Market: Decreased from 35 to 19 (Decreased by 45.7%)
Single-Family Homes
Average Sales Price: Increased from $446,334 to $566,230 (Increased by 24.6%)
Units Sold: Decreased from 32,116 to 29,011 (Decreased by 9.7%)
Days on Market: Decreased from 29 to 16 (Decreased by 44.8%)
Condos and Townhouses
Average Sales Price: Increased from $290,292 to $365,431 (Increased by 24.6%)
Units Sold: Decreased from 10,467 to 9,997 (Decreased by 4.5%)
Days on Market: Decreased from 29 to 16 (Decreased by 44.8%)
As for 2022’s market, we expect home prices to increase by 10% to 12%. It will be another hot year, but maybe not as hot as 2021. Interest rates will be the biggest factor in our future market. The higher they rise, the less demand we’ll see.
So are we in a housing bubble? The experts unanimously agree that we aren’t. Factors of supply and demand are still strong, and even if rates increase, they’ll still be historically low.
If you have any questions about today’s market, text us, email us, or give us a call. We’d love to help you out.
