The Salt Lake City Real Estate Market is absolutely on fire right now, which I’ll explain below, and Spring has only just begun (thanks to Utah’s insanely unpredictable weather). We are clearly in a strong Seller’s market, meaning that there is so much competition between buyers for the limited number of homes for sale, that it benefits the seller more than the buyer. This is the type of Salt Lake City real estate market that forces home prices and home values higher and higher. It’s simple supply and demand, folks. Right now, in the Salt Lake City area, supply is very limited and demand is sky high. Here are the latest details on the Salt Lake City Real Estate Market.
The Cliffs Notes…
- Median home price (single-family home) in Salt Lake County climbed to $271,400 in the first quarter, up 6% compared to $255,000 in the 1st quarter of 2015.
- Condo prices increased 5 percent to $188,250 from $179,650 a year ago.
- The Avenues Ranks No. 1 in Highest Wasatch Front Home Prices
Top 5 Most Expensive ZIP codes in Salt Lake County in Q1 (single-family homes)
Way to go, Avenues!!
Due to the severely limited number of homes actually on the market, 4 of these 5 areas in the 1st quarter actually saw a DROP in home sales. Only the Avenues saw home sales rise in Q1 of 2016.
Demand for housing remained strong in the first three months of 2016, but a limited supply of inventory pushed sales down, according to the Q1 Housing Report of the Salt Lake Board of Realtors®.
Buyers are looking for more affordable options and moving to condos and townhomes.
There were 2,569 single-family homes sold in Salt Lake County in the first three months of 2016, a 2 percent decline compared to 2,614 sales in the first quarter of 2015.
Condominium sales increased to 730 units sold, a 1 percent increase compared to 720 sales a year ago.
New listings of homes fell to 4,994 in the first quarter, down 8 percent from 5,406 new listings a year earlier.
In Salt Lake County there is currently less than a four-month supply of housing inventory (based on sales trends of single-family homes over the past year).
*Info from Salt Lake Board of Realtors
Salt Lake City Homes For Sale – by City/Neighborhood
|Salt Lake City|
About the Author: The above Salt Lake City Real Estate Market Update – April 2016 was written and provided by Dustin Brohm, a leader in the field of Real Estate sales, marketing, and smart home technology. Dustin can be reached via email at [email protected] or by phone at 801-455-8753. Dustin has helped many people buy and sell Salt Lake City area homes for years.
Thinking of selling your home? I’m very good at marketing homes to sell quickly, and for more money. I have a real passion for buying and selling Real Estate, as well as marketing & smart home technology. I’d love to share my expertise!
I help people buy and sell real estate in the following Salt Lake area cities & neighborhoods: Holladay, Cottonwood Heights, Millcreek, Olympus Cove, Canyon Rim, Sugarhouse, Midvale, Murray, East Millcreek, Sandy, White City, Draper, Riverton, Daybreak, South Jordan, West Jordan, Herriman, Bluffdale, South Salt Lake, The Avenues, Federal Heights, and of course, Salt Lake City.
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