2 022 QUA RT ER ON E
market report
table of contents 2022 QUARTER ONE MARKET REPORT
4 OVERVIEW
5 MAP
7 ALL AVAIL ABLE INVENTORY
9 PROPERTIES SOLD
11 TOTA L SO L D VO LUME
13 AV E R AG E DAYS O N M A R K E T
15 MO N T H S S U P P LY O F I N V E N TO RY
17 AVER AGE AND MEDIAN SOLD PRICES
market report
quarter one 2022
WELCOME TO SUMMIT SOTHEBY ’S INTERNATIONAL RE ALT Y ’S QUARTER ONE MARKE T REPORT.
This report reviews and compares Utah’s current and historical real estate market conditions for the Wasatch Front, Wasatch Back and Southern Utah areas.
US ECONOMY The US economy fell by 1.4% in the first three months of 2022, after more than a year of rapid growth. The slowdown is the first since the Covid-19 recession in April 2020. In contrast, 2021 was marked by a 5.7% growth rate, the fastest since 1984. Now some economists are seeing clouds on the horizon, fueled by inflation concerns, the record widening of the US trade deficit marked by a decrease in inventory investment, and some worrisome signs among the world’s largest economies. Also contributing to the uncertainty is Russia’s war in Ukraine, and exponentially rising gas prices domestically. Inflation is now being clocked at 8.5% in the last 12 months, the highest in 40 years. Mortgage rates, which have hovered around 3%, have exceeded 5% in March for the first time in a decade. While one quarter does not make a trend, two quarters of declining GDP is commonly used to define the beginning of a recession. With multiple rate hikes still being signaled from the Fed, economists are now admitting that the risks of a recession are high.
US RE AL ESTATE MARKE T The residential housing market is a sizable chunk of the US GDP, roughly 5%. Several indicators now point to a slowing market. Existing home sales were down 2.7% in March from the prior month, and down 4.5% from a year ago. The number of homes under contract – a leading indicator for the housing market’s health – fell for the fifth straight month in March. Analysts agree there are certainly some ‘abnormal behaviors’ in the current housing market, however this is fundamentally not a bubble scenario. The lack of supply and sustained demand are keeping prices high. The national median home sale price was up 15% year over year to $375,300. Home prices are reaching record highs, and while the drastic home price growth has increased the underlying wealth for American Homeowners, it has raised questions of affordability for first-time buyers. With the 30-year fixed mortgage rates rising to 5.10%, and additional rate hikes by the Fed expected this year, many homebuyers are starting to be priced out of the market.
THE UTAH MARKE T Utah remains a magnet for in-migration, especially among those in other Western states. Many who are looking to improve their quality of life and enjoy the lower overall cost of living. Utah also boasts robust job growth, and a rock-bottom unemployment level of only 2%. Housing inventory in Utah continues to trend lower than previous years. Standing inventory statewide is at 6,570 for March 2022, that’s 11% lower than March of 2021 (7,400), and only half of what was available in March of 2020 (12,380). The average and median prices continue to rise across the state. Along the Wasatch Front the average sold price has increased by 22.7% over last year at this time to $599,635. In Southern Utah average home prices are up 30.3% to $668,794, and prices along the Wasatch Back are up 7.6% to $1,863,349.
the areas
areas included in our quarter one report FARMINGTON PARK CIT Y SALT L AKE CIT Y HEBER CIT Y PROVO
WA S A T C H B A C K
counties: summit and wasatch
WA S A T C H F R O N T
counties: davis, salt lake and utah
E ASTER N UTA H
counties: emery, grand, wayne, san juan SOUTHER N UTA H
counties: washington and iron
MOAB
CEDAR CIT Y
ZION & SPRINGDALE ST. GEORGE
all available inventory
All Available Inventory
utah: january 2020 - march 2022
2020 14K
13,646 13,087
13K
1,528
12,596
1,663
1,395
12K
13,254 12,507 11,885
1,482
1,668
11,174
1,596
11K
10,763
1,431 1,386
10K
10,022 1,220
9K
8,080
8K
1,030
7K
8,719
9,290
9,720
6,919
9,322 8,759
6K
1,080 8,407
7,357
6,575 6,513 960
873
4,476
4,477
7,684 7,204
5K
5,730
4K
4,647
3K
2K 2,189
2,179
2,181
2,164
2,021
1K
0K
1,848
1,661
1,468
1,379
1,120
1,019
979
1,020
197
216
221
234
248
232
221
225
219
200
173
160
143
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
"All Available Inventory" is the cumulative total number of units that were on the market for sale during the calendar month, as opposed to units remaining available for sale at month end. "Properties three different MLS databases (PCBAOR, WFMLS, WCMLS) and was compiled on April 6, 2022. Information not verifiable by Park City Board of Realtors®. 'Wasatch Back' includes all listings from S Grand, San Juan, and Wayne Counties. Prepared By Summit Sotheby's International Realty. ©MMXXI Sotheby's International Realty Affiliates, Inc. All Rights Reserved. Sotheby's International Realt Sotheby's International Realty 2021.
S U M M I T S OT H E BYS R E A LT Y.C O M
DEFINING ALL AVAIL ABLE INVENTORY This metric gives us a glance of the total amount of properties marketed for sale in Utah by month and geographic region, starting with February of 2020 and running through the end of Q1 2022.
2021
2022 # For Sale - Wasatch Back
# For Sale - Wasatch Front
# For Sale - Southern Utah # For Sale - Eastern Utah
9,602 8,675
7,542
7,798 782
7,943
9,059
826
9,096 8,982 724
867
661
867
7,855 574
820
868
6,661 548
5,798 504 7,149 6,464 5,533
5,856
6,709
6,738
5,581 5,695 480
482
6,743 5,810
5,892
4,941 4,126
999
1,030
1,063
1,187
1,311
1,472
142
130
168
157
172
155
Mar
Apr
May
Jun
Jul
Aug
1,488
4,041
4,073
1,074
976
1,061
1,081
1,437
1,342
146
141
129
94
84
79
91
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Sold" includes any property listed as sold for the respective calendar month in the respective MLS, and is not restricted to properties sold by Summit Sotheby's. Data is aggregated from Summit and Wasatch Counties. 'Southern Utah' includes Washington and Iron Counties. 'Wasatch Front' includes Davis, Salt Lake, and Utah Counties. "Eastern Utah" includes Emery, ty® is a licensed trademark to Sotheby's International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit
q1 market report | P A G E 7
properties sold
Properties Sold
utah: january 2020 - march 2022
2020
5500
5,149 291
5000
4,735 4,738 4,569 4500
333
183
390
4,643 405
3,941
4000
313
3,885 382
3,484
3500
79
3,272 137
2,930
3000
100
2,764
4,122
132
3,742
3,790
2500
3,682
2,550
166
191
3,579
3,066
2000
2,663
2,939
3,018
2,638 2,419
1500
2,250 1,960
2,060
1000
500 698
629
639
391
453
23
10
20
13
16
38
31
27
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
359
0
580
487
632
530
455
27
32
Oct
Nov
377
417
30
22
20
Dec
Jan
Feb
"All Available Inventory" is the cumulative total number of units that were on the market for sale during the calendar month, as opposed to units remaining available for sale at month end. "Properties S three different MLS databases (PCBAOR, WFMLS, WCMLS) and was compiled on April 6, 2022. Information not verifiable by Park City Board of Realtors®. 'Wasatch Back' includes all listings from S Grand, San Juan, and Wayne Counties. Prepared By Summit Sotheby's International Realty. ©MMXXI Sotheby's International Realty Affiliates, Inc. All Rights Reserved. Sotheby's International Realty Sotheby's International Realty 2021.
S U M M I T S OT H E BYS R E A LT Y.C O M
DEFINING PROPERTIES SOLD This metric calculates the number of properties sold, by month, broken down by Utah’s four key geographic regions: Wasatch Front, Wasatch Back, Southern Utah and Eastern Utah.
2021
2022 # Sold - Wasatch Back
# Sold - Wasatch Front
# Sold - Southern Utah # Sold - Eastern Utah
4,255 262
3,851 286
3,468
3,977 263
4,035 245
3,858 260
3,543
3,710 241
191
242
3,654 206
3,717 238
3,220 205
2,381 3,198
3,263
3,068
2,865
2,638
195
190
3,421 2,982
2,523
3,004
2,934
2,932 2,517
1,810
552
544
36
39
Mar
Apr
536
476
495
495
432
478
507
38
36
40
32
35
33
36
May
Jun
Jul
Aug
Sep
Oct
Nov
449
1,924
481
363
376
40
18
28
17
Dec
Jan
Feb
Mar
Sold" includes any property listed as sold for the respective calendar month in the respective MLS, and is not restricted to properties sold by Summit Sotheby's. Data is aggregated from Summit and Wasatch Counties. 'Southern Utah' includes Washington and Iron Counties. 'Wasatch Front' includes Davis, Salt Lake, and Utah Counties. "Eastern Utah" includes Emery, y® is a licensed trademark to Sotheby's International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit
q1 market report | P A G E 9
total sold volume
Total Sold Volume
utah: january 2020 - march 2022
2020
Wasatch Back
Wasatch Front
2.49B 2.48B
2.45B
Southern Utah
2.34B
Eastern Utah
413M 620M
645M
474M
2.11B
2.14B
1.98B 200M
1.16B
553M
1.47B
1.43B
1.38B 143M
509M
1.36B
95M
290M
1.24B 122M
278M
1,734M
138M
1,612M
1,594M
1,554M
1,564M 1,345M
1,377M
1,155M
1,053M
969M 885M
958M 881M
130M 6.9M
Feb
217M
180M
150M
3.9M
6.4M
3.6M
7.1M
Mar
Apr
May
Jun
172M
286M
244M
262M
264M
245M
13.2M
8.9M
9.9M
10.3M
Jul
Aug
Sep
Oct
199M
188M
200M
13.0M
11.8M
8.6M
7.4M
Nov
Dec
Jan
Feb
"All Available Inventory" is the cumulative total number of units that were on the market for sale during the calendar month, as opposed to units remaining available for sale at month end. "Proper three different MLS databases (PCBAOR, WFMLS, WCMLS) and was compiled on April 6, 2022. Information not verifiable by Park City Board of Realtors®. 'Wasatch Back' includes all listings fro Grand, San Juan, and Wayne Counties. Prepared By Summit Sotheby's International Realty. ©MMXXI Sotheby's International Realty Affiliates, Inc. All Rights Reserved. Sotheby's International R Sotheby's International Realty 2021.
S U M M I T S OT H E BYS R E A LT Y.C O M
DEFINING TOTAL SOLD VOLUME This metric calculates the total dollar amount of properties sold across Utah, month by month. Statewide and regional information is included, showing how the sales volume is dispersed between Utah’s diverse areas.
2021
2022
2.58B
2.35B
442M
2.30B 434M
2.01B
538M
2.46B
2.43B 2.41B 2.39B
395M
2.26B
440M 417M
1.99B
2.22B
479M 365M
382M
271M
419M
1.72B 1.61B 366M 341M
1,840M 1,711M
1,750M
1,670M
1,524M
1,634M
1,605M
1,670M 1,509M
1,470M
1,289M
1,104M 1,042M
283M
274M
15.2M
16.0M
Mar
Apr
274M
292M
16.4M
16.0M
Oct
Nov
280M
263M
249M
263M
229M
17.6M
15.0M
18.7M
11.7M
14.2M
May
Jun
Jul
Aug
Sep
226M
322M
215M
233M
17.3M
8.9M
16.7M
8.6M
Dec
Jan
Feb
Mar
rties Sold" includes any property listed as sold for the respective calendar month in the respective MLS, and is not restricted to properties sold by Summit Sotheby's. Data is aggregated from om Summit and Wasatch Counties. 'Southern Utah' includes Washington and Iron Counties. 'Wasatch Front' includes Davis, Salt Lake, and Utah Counties. "Eastern Utah" includes Emery, Realty® is a licensed trademark to Sotheby's International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit
q1 market report | P A G E 11
average sold days on market
Average Days on the M
utah: january 2020 - march 2022 220
213 202
200
180
164 160
156
152
157
140
116
120 111
115 101
102
100
98
100 92
80
82
82
97
101 87
85
77
60
53 46
53 39
40
44 30
20
50 31
45 40
30
28
38
26 26
25
32
28
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
202 Mar
Feb
38
27
2020 Jan
0
55
47 31
74
73
62
Jan
120
Data is aggregated from three different MLS databases (PCBAOR, WFMLS, WCMLS) and was pulled on April 6, 2022. Properties Sold includes any prop from Summit and Wasatch Counties. 'Southern Utah' includes Washington and Iron Counties. 'Wasatch Front' includes Davis, Salt Lake, and Utah Coun
S U M M I T S OT H E BYS R E A LT Y.C O M
DEFINING AVER AGE SOLD DAYS ON MARKE T This metric follows the amount of days a property is available for sale. In all areas, we see this average number in steady decline. Cash offers, efficient financing and robust buyer demand are driving forces in this trend.
Market
Sold Avg DOM - Wasatch Back
Sold Avg DOM - Wasatch Front
Sold Avg DOM - Southern Utah
184
Sold Avg DOM - Eastern Utah
139
121
128
108
96
99
92
91 83
88 66
64
54 53
20 19
17
52
36
18
16
16
18
16
15
15
16
20
22 20
21
63
34 27
30
22
46 33
36 23
27
29 22 16
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
2022 Mar
21 Feb
58
52
47
45
40
30 29 25
53
61
72
perty listed as sold that month in the respective MLS, and is not restricted to only properties sold by Summit Sotheby's. 'Wasatch Back' includes all listings nties. Prepared By Summit Sotheby's International Realty. Information not verifiable by the Park City Board of Realtors.
q1 market report | P A G E 1 3
mont hs supply of inventory utah: january 2020 - march 2022
Months Supply of Inve 2020
Wasatch Front
2.0
1.9
1.7 1.4 1.2
1.1
1.1
1.0
1.0
1.0
1.0
0.9
Wasatch Back
15.8 13.3 9.5 7.0 4.2
Southern Utah
3.9
3.1
2.1
2.3
2.4
1.3
1.2
1.1
2.7
1.9
2.0
3.7
3.1 2.4 1.8
12.6
Eastern Utah
MSI 1.0
1.5
1.5
1.3 0.9
13.0
10.8
10.6
6.8 5.0
6.1
6.6 5.1
5.3
5.5 3.0
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Months Supply of Inventory refers to the number of months it would take for the current inventory of homes on the market to sell give
includes any property listed as sold that month in the respective MLS, and is not restricted to only properties sold by Summit Sotheby's. 'Wasatch Ba Utah Counties. Prepared By Summit Sotheby's International Realty. Information S Unot Mverifiable M I T SbyOthe T HPark E BCity Y SBoard R E Aof LRealtors. T Y.C O M
DEFINING MONTHS SUPPLY OF INVENTORY (MSI)
entory
This metric is defined by how long (in months) it would take to sell all available properties currently on the market. Generally speaking, anywhere from four to six months of inventory is considered balanced. With each of Utah’s key selling regions well below this range, sellers have a key advantage due to the lack of properties for sale given the current sales pace.
2021
1.0
0.9 0.6
0.7
0.7
0.8
2022
0.9
1.0 0.8
0.8
0.8
0.7
0.6
0.5
13.0
1.9
0.8
1.6
0.7
1.9
0.8
2.0
1.0
1.8
1.2
1.5
1.6
1.5
1.6
4.8 3.1 Feb
3.2
2.1
1.8
Mar
Apr
May
Jun
2.1
2.4
Jul
Aug
1.9
1.8
3.5
Sep
1.4
1.1
1.6
1.5
2.5
2.2
Oct
Nov
1.3
1.8
1.2
1.2
3.1
3.1
3.4
Dec
Jan
Feb
1.7
1.4
1.4
1.0
2.1 Mar
en the current sales pace. Data is aggregated from three different MLS databases (PCBAOR, WFMLS, WCMLS) and was pulled on April 6, 2022. Properties Sold
ack' includes all listings from Summit and Wasatch Counties. 'Southern Utah' includes Washington and Iron Counties. 'Wasatch Front' includes Davis, Salt Lake, and
q1 market report | P A G E 1 5
average & median sold price wasatch front
22.7%
O N E -Y E A R C H A N G E I N T H E AV E R AG E S O L D P R I C E
Average & Median Sold Prices Wasatch Front
1 Year Chg in Avg Sold Price:
22.7% $599,635
600K
$575,622
Sold Median $ - Wasatch Front Avg Sold $ - Wasatch Front 550K
$535,000
500K
$499,900 $488,598 450K
$451,621
$399,058
400K
$420,000 $393,500
$385,401 350K
$357,000
$344,000
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Feb
2022 Mar
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
2021 Mar
Feb
Jan
2020
Data is aggregated from the WFMLS, and was pulled on April 6, 2022. Properties Sold includes any property listed as sold that month in the respective MLS, and is not restricted to only properties sold by Summit Sotheby's. "Wasatch Front" includes Davis, Salt Lake, and Utah Counties. Prepared By Summit Sotheby's International S U M M I T S OT H E BYS R E A LT Y.C O M Realty.
average & median sold price wasatch back
7.6%
O N E -Y E A R C H A N G E I N T H E AV E R AG E S O L D P R I C E
Average & Median Sold Prices Wasatch Back 2.0M
Avg Sold $ - Wasatch Back Median Sold $ - Wasatch Back
1.9M
1 Year Chg in Avg Sold Price:
7.6%
$1,863,349
$1,731,605
1.8M
$1,796,376
1.7M 1.6M 1.5M
$1,454,624
1.4M
$1,325,000 $1,287,500
1.3M 1.2M
$1,156,303
1.1M 1.0M
$1,043,470
$990,000
0.9M
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
2022 Mar
Feb
Jan
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Mar
Dec
$805,000 2021
2020 Jan
0.7M
$750,000 $720,000
Feb
0.8M
Data is aggregated from the PCBAOR, and was pulled on April 6, 2022. Properties Sold includes any property listed as sold that month in the respective MLS, and is not restricted to only properties sold by Summit Sotheby's. "Wasatch Back" includes all listings from Summit and Wasatch Counties. Prepared By Summit Sotheby's International Realty. Information not verifiable by the Park City Board of Realtors.
q1 market report | P A G E 1 7
average & median sold price southern utah
30.3%
O N E -Y E A R C H A N G E I N T H E AV E R AG E S O L D P R I C E
Average & Median Sold Prices Southern Utah
1 Year Chg in Avg Sold Price:
30.3% $668,794
650K
$592,363
Median Sold $ - Southern Utah Avg Sold $ - Southern Utah
600K
550K
$513,414 $499,133
500K
$548,658
$520,000 450K
400K
$369,162
$430,000
$355,624
$389,555
350K
$328,000 $301,868
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
Feb
2022 Mar
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
2021 Mar
Feb
Jan
2020
Jan
300K
Data is aggregated from the WCMLS and was pulled on April 6, 2022. Properties Sold includes any property listed as sold that month in the respective MLS, and is not S U M By MSummit I T S OSotheby's T H E BInternational Y S R E A LRealty. T Y.C O M restricted to only properties sold by Summit Sotheby's. "Southern Utah" includes Washington and Iron Counties. Prepared
average & median sold price eastern utah
19.8%
O N E -Y E A R C H A N G E I N T H E AV E R AG E S O L D P R I C E
Average & Median Sold Prices Eastern Utah
1 Year Chg in Avg Sold Price:
19.8%
600K
Avg Sold $ - Eastern Utah Sold Median $ - Eastern Utah
550K
$506,500 $493,317
500K
$487,000 450K
$451,500
$422,550 $397,000
$390,400
400K
$389,682 350K
$352,250 $298,387
300K
$327,500 $267,000
Apr
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
2022 Mar
Feb
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
2021 Mar
Feb
Jan
2020
Jan
250K
Data is aggregated from the WCMLS and was pulled on April 6, 2022. Properties Sold includes any property listed as sold that month in the respective MLS, and is not | PA G E 19 restricted to only properties sold by Summit Sotheby's.
q1 market report
our
OFFICES 17 5 0 PA R K A V E N U E PA R K C I T Y
362 N MAIN STREET HEBER CITY
625 MAIN STREET PA R K C I T Y
8020 VICTORY RANC H ROAD VICTORY RANC H, KAMAS
545 MAIN STREET PA R K C I T Y
12 6 0 E S T R I N G H A M A V E N U E , # 1 0 0 SUGAR HOUSE, SALT L AKE CIT Y
M O N T C E RV I N P L A Z A , # 10 5 D E E R V A L L E Y ®, P A R K C I T Y
870 EAST 900 SOUTH 9 TH & 9 TH, S A L T L A K E C I T Y
18 3 5 T H R E E K I N G S D R I V E , # 7 0 S I LV E R STA R , PA R K C I T Y
13 6 9 3 S O U T H 2 0 0 W E S T , # 10 0 DRAPER
7085 GLENWILD DRIVE G L E N W I L D , PA R K C I T Y
151 N M A I N S T R E E T ANCESTOR SQUARE, ST. GEORGE 59 E CENTER STREET MOAB
S U MM I TS OT H E BYS R E A LT Y.C O M
“All Available Inventory” is the cumulative total number of units that were on the market for sale during the calendar month, as opposed to units remaining available for sale at month end. “Properties Sold” includes any property listed as sold for the respective calendar month in the respective MLS, and is not restricted to properties sold by Summit Sotheby’s. Data is aggregated from three different MLS databases (PCBAOR, WFMLS, WCMLS) and was compiled on April 14th, 2022. Information not verifiable by Park City Board of Realtors®. “Wasatch Back’ includes all listings from Summit and Wasatch Counties. ‘Southern Utah’ includes Washington and Iron Counties. ‘Wasatch Front’ includes Davis, Salt Lake, Utah Grand, Emery, San Juan and Wayne Counties. Prepared By Summit Sotheby’s International Realty. ©MMXXII Sotheby’s International Realty Affiliates, Inc. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company. Each Office Is Independently Owned And Operated. Copyright© Summit Sotheby’s International Realty 2022