It’s getting crazy out there in the Salt Lake City Real Estate Market
If you read the recent headline “Salt Lake County Home Sales Fall” you might get the impression that the real estate market in Salt Lake is cooling off or slowing down. But you’d be wrong. Very very wrong. To get the real story you need to look at more than just that one stat. Yes, the number of homes sold in Salt Lake County in Q2 was less than the number of homes sold a year prior. But, why is that? Well the short answer is that there are just not enough homes being sold! The median home price went through the roof during this same period, which shows that inventory is extremely low.
It’s absolutely crazy out there! The Salt Lake City Real Estate Market is on fire. We’re seeing record demand for the purchase of single family homes, and there are just not enough homes for sale to satisfy the buyer demand. Throughout Salt Lake County, we are still firmly in a very strong Seller’s market. A “seller’s market” is when there are more buyers than there are sellers of homes. Demand is greater than supply, which creates more competition between home buyers. This demand benefits home sellers because homes for sale in Salt Lake City will sell much faster, and for more money than you might think. Home prices and home values are pushed higher and higher as buyers battle for the limited number of homes available to buy.
The Cliffs Notes…
- Median home price (single-family home) in Salt Lake County took a HUGE jump to $296,000 in the 2nd quarter, up almost 10% compared to $271,000 in the 1st quarter of 2016. That’s a 9.2% increase in home value in just 3 months!!
- Salt Lake condo prices surpassed the $200,000 mark in the second quarter, rising to $203,450 from $188,750 just a year ago..
- The Avenues ranks No. 1 (again) in Highest Wasatch Front Home Prices
There is no end in sight, and as of right now it looks as if this strong buyer demand will continue on through winter. We don’t have a crystal ball of course, but right now we don’t see anything on the horizon that would slow this market. If you own property in Salt Lake County, congratulations on the increasing home value!
Here are the latest details on the Salt Lake City Real Estate Market for August 2016…
Top 5 Most Expensive ZIP codes in Salt Lake County in Q2 (single-family homes)
1) The Avenues (84103) $489,000 – UP 8.4% from Q1
2) Emigration Canyon (84108) $472,750 – UP 7.5% from Q1
3) Alpine (84004) $469,500
3) Draper (84020) $449,457 UP 4% from Q1
4) Holladay (84124) $426,000 UP 3% from Q1
Way to go, Avenues!!
Due to the severely limited number of homes actually on the market, Four of the five most expensive ZIP codes in the second quarter saw a drop in home sales. Draper home sales were flat.
In Salt Lake County there is currently a four-month supply of housing inventory (based on sales trends of single-family homes over the past year). Anything less than a 5-6 month supply of homes is considered a Sellers market.
*Info from Salt Lake Board of Realtors
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About the Author: The above Salt Lake City Real Estate Market Update – August 2016 was written and provided by EAP Homes, a leader in the field of Real Estate sales, marketing, and smart home technology. Chris can be reached via email at [email protected] or by phone at 801-455-8753. Chris 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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