November seems to always be an exciting month in the world of real estate as potential home buyers and respective home sellers make a final push to secure the sale of homes before the winter cold officially sets in. The local Utah Real Estate Market Recap for November 2020 is a mixed bag. We have a residential market that is seeing historic amounts of property sales across the State of Utah, sky-rocketing house prices and record-low mortgage rates.
Salt Lake County and Utah County continue to lead the charge of home sales with Davis County not far behind. Utah’s construction industry set a record for the first six months of the year, yet this hasn’t been able to keep up with sales creating record low inventory. With historically low mortgage rates, Zillow states the typical home value of homes in Utah is $377,443. This is up 7.7% from last year. We can expect the inventory of available homes for sale to continue to decrease in upcoming months here in Utah and the surrounding Rocky Mountain region.
Upon the release of Colliers International’s third-quarter market reports, one of the in-demand areas in commercial real estate is at the Point of the Mountain. Vacancy is currently at 9.72% for commercial real estate. In Salt Lake County, there is over 2.9 million square feet of office space under construction, with 45 percent preleased. Style Utah will continue to track the coronavirus pandemic’s impact on the commercial real estate market.