3rd Quarter 2021 Market Snapshot

The preliminary statistics for the third quarter are here! The in-depth analysis of the numbers is in progress and will be complete in a couple weeks, but in the meantime it is worth having a look at the early stats. As you will see in the following market snapshot, there are some interesting results. 

The total number of sales in some market areas are down when compared to the prior year, however, both median and average homes prices continued their upward trajectory in most market areas, across all property types (single family, condominium, land). This activity is the hallmark of an ongoing shortage of inventory in the market.

The chart below illustrates the significant low level of inventory the Wasatch Back is currently experiencing. 

The month-to-month change in inventory turned downward in July, but toward the end of August began to rise again. However, this increase was short lived, as September closed down nearly 100 listings from August, a decrease of 12.5%. This end-of-summer downward trend is normal for our market, and we will wait to see if the coming months deliver an increase in inventory.