2020 Year-End Real Estate Market Recap

Heber Valley has seen unprecedented growth in the last year

I know, I know! Why would we want to revisit 2020 when we are so glad to be over it and pushing ahead for a better 2021? I don’t know about you, but I want my rear-view mirror to have cute little bobbles dangling from it instead of my assortment of face masks.

Regardless, 2020 as it pertains to Utah Real Estate is something to marvel at. It’s nothing like we have ever seen. Low available inventory, record home sales, record sold prices, and exponential homebuilding increases.

Utah has had the fastest growth rate over the last decade (April 2010 thru July 2020) per the U.S. Census, and 2020 didn’t slow us down.

Have you noticed an influx of California license plates? Well, our new neighbors are coming from places like California, New York, and Chicago. I myself am a transplant. I was a Broker in Brentwood, California, lived in LA and Orange counties for over 13 years, then Uptown Dallas for 4.5 years before making my permanent home in our beautiful state of Utah. I have to admit that when I would hear about Utah, I didn’t understand the attraction. Then I spent more and more time here and realized it is addicting! I am all about lifestyle. I sell homes but more importantly, if I am doing my job well, I pinpoint my client’s vision of what their perfect way of life looks like as it pertains to their new sought-after surroundings. We can be attracted to many styles of living, but new areas open up unique possibilities with more ways to dream.

For those that have lived in Utah a long time, especially here in the Wasatch Back, you may be asking yourself, “How do we co-exist with these transplants moving in droves to our state?” How will they change the dynamics here? Well, I hope they do what I did; learn to appreciate the rich history of our area. Strive to preserve it, its legacy, and the incredible men and women who shaped it. Don’t try to change it. It’s so cliché-ish for a big city person to see a local mom-and-pop shop on Main Street in Heber and maybe snicker a little or wonder why Target hasn’t bought it out yet! Okay, maybe I have even done that. However, when you get to know the local business owners and their incredible stories, that’s when the magic really happens. That’s when you grow a bit of pride in your new home. There are so many nuggets of gold to discover if you allow yourself to explore and see your new home with less judgment and more appreciation.

HIGHLIGHTS

  • U.S. homebuilding and permits increased solidly in November
  • Housing starts rose 1.2% in November
  • Single-family starts have increased for 7 straight months & hit the highest level since April 2007
  • Building permits increased 6.2% in November with multi-family housing projects rising 19.2%
  • Homebuilding has surged 12.8% on a year-over-year basis
  • The housing market is defying showing economic growth, thanks to pent-up demand & historically low mortgage rates

Information provided by: https://www.cnbc.com