Welcome back to our monthly recap of the Utah Real Estate market along the Wasatch Front where we compare year over year numbers to see how this month’s numbers compares to last year at this same time.  

Wasatch Front Market Performance By The Numbers

November Year Over Year20202021% Change
Total Sales3,4593,041-12%
List Price$375,000$489,90030%
Sold Price$376,000$488,50031%
Days On Market7 Days8 Days14%
Supply shortages combined with low interest rates see higher and higher prices continuing the trend since the pandemic began in early 2020

The Federal Reserve Pumps The Brakes On Inflation

While announcing plans to increase the federal funds rate next year and in 2023 they have also decrease bond purchases from 20,000,000 to 15,000,000 increasing the signs that they are no longer aggressively stimulating demand in the economy. Further, Randal Quareles, who is nearing the end of his term as the Federal Reserve Governor, has stated that demand has now reached pre pandemic levels. 

“This is not a question of demand at pre-Covid levels and supply taking awhile to reach back up to that pre-Covid capacity.  But rather we have sustained higher demand…This is…not really a bottleneck story anymore.”

Wall Street Journal

While demand is strong going into the end of 2021…the Federal Reserve plans to raise interest rates and allow business’s to play catch up to meet this demand heading into 2022. 

If you have questions about your real estate goals and situation contact me today and I’ll provide you a free consultation and estimate of your homes worth and the best strategy to achieve your real estate dreams.