Video transcript: What is going on with this crazy Utah market? Well, today I am going to go over some statistics with you and give you a market update for December of 2019, versus December of 2020. So, stay tuned.
Hi, this is Melissa Ballman, and I am a Realtor here in the greater Salt Lake city, Utah area. So what that means, if you’re looking at making a real estate move, I would love to connect with you and see how I can help you. But first, let’s jump into some of the statistics to understand a better idea of what’s happening in the housing market. And make sure you stay tuned till the end, because I am going to share with you a crazy statistic of what was projected for the national market, versus what actually happened here in Utah.
So first, I was actually out with some buyers from California over the weekend, and they just kept saying to me there’s nothing available here, there’s nothing available there. The inventory is just low right now. That is normal for the wintertime. People don’t typically list their home unless they really have to move because after all, who really wants to move in the wintertime and competing with snow and ice and things like that, right?
So our inventory is down. Looking at December of 2019 to December of 2020, our inventory is down about 3.83% in Salt Lake, Utah and Davis counties. Okay, so when we’re talking today, I’m just covering those three counties with my numbers. But here is a crazy stat I didn’t even realize myself, you may have heard it is a sellers market here in Utah, and this number shows just how much a sellers market is. So in December of 2019, our days on market on average were about 31 days, while in December of 2020, it dropped down to a staggering eight days. That is a 74% decrease in the days on market from year 2019 of December to the following year, December of 2020. That is crazy, and that is how competitive this market is for home buyers.
I hope you’re enjoying my video. Make sure you subscribe to my YouTube channel and click the bell. That way you’re alerted each week when I drop a new video. Also, if you’re on Facebook, hop on over to a group called Salt Lake Life, and that is all things happening in the greater Salt Lake City area. So let’s talk about that staggering statistic I’m going to share. And I’m going to try to make this brief, because I know numbers bore people sometimes. But excuse me while I look at my notes, I don’t have a photographic memory. But the National Association of Realtors at the end of 2019, published their predictions for the housing market in 2020. And they predicted home prices median price would increase 3.6% nationwide in 2020.
Well, I want to give you recent numbers. So in December I pulled the numbers from December 2019, versus December 2020, which is historically because of winter. Again, slower months, people don’t typically get as much for their homes in December, as you would get, maybe in May, June. But here in the three counties, Salt Lake, Utah, and Davis counties, prices actually increased over 15% the median price. So numbers, December 2019, the median sales price was 340,268, December 2020 was $391,900. So to give you an idea, in December of 2019, when a person listed their home for sale, they were getting 97% of what they asked for in the final sales price. December of 2020, 101% of what they asked for they got.
So more and more people are offering more than what the house is listed for, just to get housing. That’s how crazy it is out there. Now, if you’re been on the fence about buying a home, I’m going to explain to you why you shouldn’t wait in 2021. And both of these articles will be dropped below in the comments so you can reference them. But National Association of Realtors has now predicted for 2021, housing creased prices on median sales price is going to go up 8% nationally. So, put that in perspective, if they anticipated 3.6% for 2020, and just in December of 2021 alone, or 2020 alone, we went up 15%.
Imagine what is actually going to happen here in 2021 with those prices. So don’t wait, take advantage of the low interest rates and get on board. So I hope you enjoy today’s video. If you have questions, I’d love to hear from you, and if you’re considering buying or selling, I’d also love to connect with you. As always, make it a great day.