Summit Sotheby’s International Realty: Expertise That Matters

Summit Sotheby’s International Realty:

Expertise That Matters in the Rapidly Changing Housing Market

By Summit Sotheby’s International Realty

In a world full of doing the bare minimum, Summit Sotheby’s International Realty offers an alternative when it comes to the real estate industry, providing local expertise paired with global connections that reach throughout Utah and around the world.

At Summit Sotheby’s International Realty, we’re proud of the 277-year history of the Sotheby’s brand. It’s a legacy we work hard to uphold every day. We believe that luxury isn’t a price point; it’s an experience that every client and property we represent receives, regardless of the location, size, or cost of home. We recognize that our job as real estate professionals is to be a source of information in a dynamic and rapidly evolving industry, a trusted guide for our clients throughout the buying or selling process. We lead by example, raising the bar time and time again as we elevate expectations and prove that excellence takes innovation and hard work.

We say it often, but the proof is in the facts. From selling Utah properties faster than our competitors to providing clients with the most comprehensive marketing strategy in real estate, the sales associates and support staff of Summit Sotheby’s International Realty are about results. When it comes to real estate in the resort town of Park City and the Wasatch Back, our sales professionals sell more properties than the competition. Flip that to southern Utah, and our sales associates have the highest average sales price across the board, meaning that our clients benefit from a team who understands Utah’s rapidly changing market conditions. In our state’s capital of Salt Lake City, Summit Sotheby’s International Realty agents have the highest production per agent. Simply put, we’re more effective than the competition. Our focus, negotiation skills, sales training, support services, and iconic brand move the needle in Utah’s headline-making real estate market.

With full time, in-house support teams specializing in marketing and advertising, transaction management, professional photography and video, accounting, operations, legal, and more, our REALTORS® benefit from an incredible 4:1 agent-to-staff ratio which allows them to focus on providing their clients with an experience that’s like no other. Clients represented by Summit Sotheby’s International Realty benefit from having over sixty support team members working in tandem with our industryleading sales professionals. Those are impressive numbers. Because of this, we’re able to offer in-depth quarterly market updates that take the time to break down the information within them; after all, statistics are only helpful if they make sense to the consumer. Utah’s real estate market is as complex and as competitive as ever. Demand has outpaced available supply, and sellers are receiving multiple, unique offers. With that in mind, may we pose a question? If you were buying or selling a property in today’s real estate conditions, would the expertise, support, knowledge, track record, and skills of the team you hire matter to your outcome? We sure think so. For your information, the following real estate report reviews and compares Utah’s current and historical market conditions. When the time comes to buy or sell in today’s competitive real estate market, make sure you have the support and guidance of a trusted local expert, and allow us to raise your expectations regarding the luxury real estate experience.

Summit Sotheby’s International Realty is home to Utah’s most dynamic real estate professionals, and we offer an alternative to the status quo. We know that negotiation and sales skills matter, innovation and marketing prowess matter, and integrity always comes first. Our proven results speak for themselves: our brokerage continues to break records, receive national and international recognition, and sell Utah properties like no other. When it comes to luxury real estate, nothing compares to Summit Sotheby’s International Realty.

Utah has become a magnet for in-migration with many looking to improve their quality of “ life and enjoy an overall lower cost of living.

US Economy

The US economy posted modest gains in the third quarter of 2021, even while consumers began to slow spending. While Q2 brought a dramatic snap-back of the US economy postpandemic, Q3 was characterized by bottlenecks, supply chain problems, the Delta variant, and an equity market pullback in September. The GDP projections were also tempered to 5.7 percent, down from the 7.9 percent projections last quarter, with

talks of the accommodating financial policies beginning to unwind in the upcoming year. Inflation continues to be an issue and the Fed has stated that the current inflation spike is a product of supply constraints colliding with the very strong demand.

US Real Estate Market

The residential housing market is a sizable chunk of the US GDP at roughly five percent. Simply stated, demand for housing is still outpacing the shrinking standing supply. Mortgage rates remain at rock bottom, adding to demand by eager, first-time home buyers. However, these buyers are also seeing historically high home prices, with values rising at the fastest rate since the 1970s. The median home price nationally climbed up 13.3 percent year-over-year to $352,800. This marks 115+ straight months of year-over-year increases.

Unlike housing bubbles, which imply an over-inflated market, the current conditions shape up as more of a boom. Market conditions are very different from 2007, with qualified and verified buyers paired with a genuine shortage of supply driving the current demand. Housing prices are expected to stay elevated with further single-digit percentage increases likely if more supply doesn’t come to market in 2022.

The Utah Market

Utah has become a magnet for inmigration with many looking to improve their quality of life and enjoy an overall lower cost of living. Utah is one of only two states that has a fully-recovered job market; the only other state is Idaho. Increasing from $385,000 to $490,000, the Salt Lake City metro area ranks second nationwide for yearover-year median sales price increases at 27.3 percent. Ranking first is Boise, Idaho, which rose from $369,990 to $476,587, a 28.8 percent increase. Along the Wasatch Front, the average sold price has increased year-over-year by 21.1 percent to $544,282. Southern Utah has seen a 33.2 percent increase to $535,141, and the Wasatch Back has seen a 25.1 percent increase to $1,690,706. Standing inventory statewide is still low, but this past September saw an increase to 8,586 units for sale, up from the low of 6,278 earlier that year. This low standing inventory is at 57 percent of levels two years ago (14,965).

©MMXXII Sotheby’s International Realty Affiliates, Inc. All rights reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc., an Equal Opportunity Company. Each office is independently owned and operated. Copyright© Summit Sotheby’s International Realty 2022.

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