Low Housing Inventory Driving Demand, Prices For Homes In Utah

Apr 13, 2021, 7:16 PM | Updated: 8:30 pm

SANDY, Utah – The number of homes on the market—known as inventory—has plummeted by 72% so far this month for a large portion of Utah when compared to April of last year, according to the Utah Association of Realtors.

“I’ve worked here since 2004 and never have I seen a market like this,” said Deanna Devey, the association’s director of communications and operations.

The average number of active residential listings per day is at 2,172 so far this April, according to preliminary data compiled by Devey for KSL-TV from the Wasatch Front Regional Multiple Listing Service and UtahRealEstate.com.

Compare that to April of 2019, when the listing service averaged 8,477 homes for sale and April of 2020 the service average 7,839 homes on the market.

The most recent finalized statewide housing inventory report is for February, which showed 64% fewer homes on the market than in February 2020.

“It’s a record low,” Devey said about February’s finalized number, adding that their records go back to 2003.

Those selling a home are benefiting from the ultra-low inventory and are receiving multiple offers for above the asking price. But the lack of options is turning into desperation for buyers trying to get an offer accepted, Devey said, with some doing away with contingencies for inspections, appraisals and financing.

“Buyers are using all kinds of different strategies to make their offers stand out,” Devey said. “Some buyers are choosing to waive those contingencies, but if you’re a buyer you’ve got to be really, really careful about doing that because there’s a lot of risk involved.”

Spring is typically a time when people try to sell their homes, Devey said, and agents are watching to see if more homes are listed for sale during the latter half of April.

“We have lack of people willing to put their home on the market,” said real estate agent Caro Norton who owns New Star Real Estate with offices in Vernal and Roosevelt.

Norton, who is also the 2021 president of the Utah Association of Realtors, said potential sellers are worried about finding other affordable housing or a home that they want to purchase.

“Lack of inventory means that it’s exhausting for the buyers to try and find a home,” she said.

Norton said the inventory situation is stressful for everyone but that buyers without cash are especially hurt by the intense competition.

“Some of them that have to take out a loan for that home and have low-down-payment-type loan programs it makes it almost impossible to get into a home,” she said. “It’s making it very difficult and tricky.”

KSL 5 TV Live

Local News

Casey Scott gives away gas cards on Feb. 23, 2024. (KSL TV)...

Casey Scott

Casey Scott surprises drivers with free gas cards on Friday

Casey Scott is back from vacation and ready to finish the week strong with some gas card giveaways!

54 minutes ago

Fewer than two in five people in the US have gotten the flu vaccine this season, according to CDC e...

Kiersten Nunez

Utah faces unusual flu season with third pediatric death

The latest update from Utah Department of Health shows a third child has succumbed to influenza during the current season. Health experts are raising concerns over the unusual patterns the state is seeing this year.

2 hours ago

Utah lawmakers have advanced a bill that would prohibit the Utah attorney general from engaging in ...

Bridger Beal-Cvetko, KSL.com

Legislature seeks to bar attorney general from private law practice while in office

Lawmakers have advanced a bill that would prohibit the state attorney general from engaging in private practice while in office.

2 hours ago

Police say a man was injured after he illegally crossed a Salt Lake City road Thursday night. (KSL ...

Josh Ellis

Man seriously injured after crossing SLC street, police say

A man was hospitalized with serious but not life-threatening injuries after he was hit by a truck Thursday night.

7 hours ago

Homeowner Mark Shea tells KSL’s Matt Gephardt he paid someone to build a deck who abandoned the j...

Matt Gephardt

Get Gephardt: Homeowners ask why authorities can’t shut down an unlicensed contractor

Two Salt Lake County homeowners hired and paid someone to build decks for their homes but say he left the jobs unfinished. Turns out, he’s been cited by the state for not having a contractor’s license before.

15 hours ago

Tony Arriaga, owner of Beehive Gloves, creating and relacing baseball gloves at his work desk....

Brianna Chavez

West Valley City business asking for used gloves to repurpose and donate

A West Valley City business is hoping to give back to the community by giving new life to old baseball and softball gloves.

16 hours ago

Sponsored Articles

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Low Housing Inventory Driving Demand, Prices For Homes In Utah