Wednesday, April 19, 2023
Housing Trends in the West
Posted By Babs De Lay on April 19, 2023, 4:00 AM
I have a friend who works at a convenience store/gas station and loves his job because he gets to meet a lot of people in the neighborhood, and the pay is good. But he doesn't make a ton of money and is always complaining about the cost of rent. He's also a concert addict and is always posting on his 'Gram about the shows he's going to see or has seen.
We all have our priorities, don't we? Some people may always be renters and others may always be owners. So many people moved here during the pandemic from places like California to get out from under high rents, traffic and the like.
Some of you may not think that housing here is affordable but let's take a look at the average list prices in some of our neighboring states, from realtor.com:
Jackson Hole, Wyoming: There are currently 133 homes for sale with a median listing price of $2.2 million. This is up from an average of $1.2 million in 2020. People used to go over the mountain to Driggs, Idaho, to find something reasonably priced, but now Driggs' median list price is $919,000, up 70.5%!
California: In Palm Springs, the median list price is $799,000, up 6.7% over the past year. In San Francisco, it's $1.3 million and in Los Angeles, the median home price is $1.1 mil, up 12% from 2021.
Arizona: The average list price is $465,000 in Phoenix, $985,000 in Sedona and $710,000 in Flagstaff.
Nevada: Reno's median home price is $410,000; South Lake Tahoe's is $763,000, up 2% over last year. In Las Vegas, a median home sells for $425,000.
Idaho: Boise homes are selling for an average $522,000, a downward trend of 8.7% over last year. Pocatello homes sit at $328,000, up 12% over 2022, and in Twin Falls the number is $353,000, up 4.2% this year.
Utah: The median list price for a home in Salt Lake City has dropped to $525,000, down from more than $650,000 during the pandemic rush. Provo's average now is $435,000 and St. George is $537,000. But Ogden is one of the most affordable, larger cities in Utah, with a median home sales price last month of $368,000, down 7.7% over last year; and Logan is down 5.1% over last year with an average list price of $370,000.
Why such crazy price variance from city to city? Simple math—they aren't building any more dirt, the cost of materials fluctuates depending on where you live and consumer demand may be high or low for a given area.
The good news is that lumber prices may be coming down, but drywall, concrete and metal costs are still going up around the country. The better news is that as mortgage rates have gone up, prices on new-construction homes have gone down and builders have been slashing prices on some inventory or downright pulling out of building high rise apartment buildings for the time being.
But as demand—like the tulips in your yard—grows, builders will not be so incentivized to cut deals. Utah Housing Corporation will be overseeing the $20,000 grant program for new home buyers that was just authorized by the Legislature—so get in the game and quit whining!
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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