5 minute read
Housing Watch
NOVEMBER HOUSING WATCH
Salt Lake County Home Sales Soar in November
When final numbers are reported for the year, 2020 will be the best year in terms of sales in the history of the MLS (UtahRealEstate.com).
Salt Lake County home sales in November climbed 17 percent compared to November 2019. The increase marks the sixth consecutive rise in monthly home sales year over year. Home sales from January through November soared to more than 17,423 units sold, up 4 percent compared to the sales in the same 11-month period in 2019. When final numbers are reported for the year, 2020 will be the best year in terms of sales in the history of the MLS (UtahRealEstate.com).
In Davis County, home sales increased 7 percent in November year over year. In the first 11 months of 2020, home sales were up 5 percent year over year.
Nationally, total existing-home sales soared 26 percent in November compared to November 2019.
“The positive momentum that home sellers are seeing will carry on well into the new year,” said Lawrence Yun, NAR’s chief economist, citing low mortgage rates and remote-work flexibilities.
Yun’s projections of a continued housing market rebound were the consensus among economic and housing experts during NAR’s Real Estate Forecast Summit, held in December. Industry insiders in attendance agreed that mortgage rates will hover around 3 percent in the coming year, and said they expect an annual median home price increase of 8 percent.
Salt Lake County’s median sales price was up 13 percent in November compared to the same month in 2019. Year to date, home prices across the county increased 10 percent in the first 11 months of the year.
Davis County home prices in November jumped to $385,000, up 17 percent compared to November 2019.
“Housing affordability, which had greatly benefitted from falling mortgage rates, are now being challenged due to recordhigh home prices,” Yun said. “That could place strain on some potential consumers, particularly first-time buyers.”
First-time buyers were responsible for 32 percent of sales in November, equal to the percentage seen in both October 2020 and November 2019. NAR’s 2020 Profile of Home Buyers and Sellers – released last month4 – revealed that the annual share of first-time buyers was 31 percent.
Individual investors or second-home buyers, who account for many cash sales, purchased 14 percent of homes in November, identical to the share recorded in October 2020 and a small decline from 16 percent in November 2019. Allcash sales accounted for 20 percent of transactions in November, up from 19 percent in October but unchanged from November 2019.
Distressed sales – foreclosures and short sales – represented less than 1 percent of sales in November, equal to October’s percentage but down from 2 percent in November 2019.
5 Hot Home Design Trends (continued from page 26) styles that bring softness into our living spaces. Images of animals, birds, leaves, and flowers will appear in modern urban interiors, and vivid tropical motifs are popping up on our walls. It doesn’t surprise me that Sherwin-Williams’ 2021 Color of the Year is Urbane Bronze, a color welcomed by designers and home stagers because of its natural earth-tone palette—a safe color that ultimately grounds us.
3. Decorative lighting
Unique and artful lighting is stealing the scene in living rooms, dining areas, and even in the bedroom. We will continue to see a mix of materials, finishes, and styles of lighting that are expanding our point of view. Black lighting fixtures are being spotted along with metals like oil rubbed bronzes. Also, brass and gold metals aren’t going anywhere. Expect the brass trend to linger a while longer. Lighting overall is being added to rooms like a statement piece of jewelry, so make it count!
4. Accent walls
Wood-paneled accent walls in the living or dining areas are making a comeback in chic and modern ways. Look for stripes, textures,
Studio©/ Adobe Stock
wood finishes, subtle or bold paint colors, and even wallpaper that looks like works of art. Homeowners are being daring, adding some dimension, intrigue, and style to express their personalities as they seek to make a home their own sanctuary.
5. Flex spaces
Families are rethinking the purpose of rooms and transforming them into multifunctional spaces. Flexible spaces are being given a true purpose as the trend of remote work continues in 2021. Also, more open floorplans are calling for sliding doors and partitions to separate work from play in our homes. Your next DIY project may be designing your own yoga room, reading nook, hobby/craft room, or just a space you call your happy place to find peace of mind. Homeowners are celebrating their homes with individuality and uniqueness. Embrace these latest design trends and bring your home into the new year with sensational style.
Professional Atlanta home stager and known as a pioneer of “virtual staging,” Krisztina Bell provides her clients with more than 15 years of experience in the real estate marketing and the home staging industry.
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