Real Estate Statistics for May of 2020, 2021 & 2022 what does it tell us?
Glancing back at real estate market statistics for the month of May 2020 – 2022, what does it tell us about Real Estate in Utah. We are hearing a lot of information in today’s news about the Utah real estate market. Let’s look back over the last three years in the month of May for a clearer picture based on some actual facts for our local Davis & Salt Lake County markets.
Listings remain quite low although they have increased and we are working with a much larger inventory for Buyers in the market. This should not concern Sellers who are considering moving, as we are still well below May of 2020 in listing inventory. The average days on the market remain the same as 2021 in 2022. Listings may be increasing but 2022 home sales remained consistent if not less than 2021 for the month of May.
What impact has the increasing interest rates had on the Market?
This last quarter was full of loan interest rate increases and it does impact the Buyers ability to purchase. The financial experts are saying that we should see a few more increases throughout the end of 2022. My approach to this interest rate increase is to be bold, strategic and partner with great lenders who can assist in building and executing on a plan to reach Buyers home goals. Buying a home remains a good financial decision and I strive to help my clients reach their home ownership or investment goals and dreams. I certainly do not have a crystal ball to know what is going to happen with interest rates, but I do have experience and market statistics that show investing in a home remains a strong decision. I welcome the opportunity to develop a strategy to help you reach your goals. Give me a call.
Should I Buy or Should I Wait?
If you looked at the charts below, you have to notice the Median Price Increase – year over year! WOWZA! So, if property values go up and increase as expected – even if your interest is higher, you are still making more money on a home purchase now. It would be difficult to be saving a monthly amount of money to keep up with the growth shown and the expected growth for 2022. You can refer to my prior Market Statistics and Recap blog for 2022 forecast information.
I hope the comparison of the last 3 years during May for the primary markets I cover of Salt Lake & Davis Counties allow you to see that Selling and Buying a home in Utah’s Real Estate Market remains a strong bet for your future. There are many paths and strategize to get you to where you want to be. Stop wondering or wishing and take action today by giving me a call. We an explore the options and develop a plan for you to execute on your Real Estate goals and dreams. To learn how you can use your monthly housing cost to build your family’s net worth, let’s connect so you have a trusted professional to guide you through the homebuying process. My team of lenders, inspectors and real-estate experts are available to assist you and look forward to connecting soon.
Additional Resources: Buying A Home Today