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Matt Evans: 801.367.7077
Dan Evans: 801.372.3512
Creighton Lowe: 801.230.0182
Kaycee Leishman: 801.361.9795
The quick answer is no. Back in 2007, there were 15,000 homes for sale along the Wasatch Front and over 6,000 developed building lots. Worse, every month thousands of homes came on the market but only 1,000 homes sold every month. That is, 2007 (and 2008, and 2009, and so on until 2012) saw high supply and very low demand.
Fast-forward to today: There are only about 1,000 homes for sale along the Wasatch Front and 100 or so developed building lots, but every month we see about 2,000 sales.
That is, 2021 saw ver high demand and very low supply.
At the beginning of 2020, the number of new listing far exceeded the number of sold listings. By the end of the year, sold listings passed new listings. Much of 2021 also followed 2020’s pattern–new listings outweighed sold listings, but by the 4th quarter, sold listings once again exceeded sitting inventory.
Putting it all together, you can clearly see that demand outstrips supply. Because demand was high and supply was low, 2021 saw a dramatic increase in sold price compared to 2020.
Once again, 2021 saw very high demand and very low supply. Thus, until we see much higher supply or much less demand (and neither appears to happen anytime soon), 2022 sill have the same unbalanced market as 2021.
One helpful note: prices aren’t predicted to rise more than about 8% in 2022.
Stay tuned for more information!
Check out the stats below to see how the 2021 housing market compared with the 2020 housing market!
Prices rose along the Wasatch Front in 2021 over 24%! We won’t see price increase like that again in 2022, but the latest industry predictions still show price growth at a healthy 8% for the year
Stay tuned for more info and have a GREAT NEW YEAR!
May new home sales gain 2.2% from April
Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire
3 ways to tame student loan debt and afford a mortgage
It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate
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