The median home price for single family homes rebounded in February hitting the highest level since August 2013. The median sales price for a single family home stood at $249,900, up 6.34% from the same time last year. While sales prices did see a gain, the actual number of homes sold remained below last year’s number, with a total of 621 sales, a decline of 5.77%. Probably the most disturbing stat was that to do with Median Days on Market (how long it takes a home to sell), which has increase 70% over the last year, hitting the highest level since Feb 2012.
Salt Lake County Single Family Homes February 2014
Median Home Price: $249,900 up 6.34%
Median Price Per Sq. Ft.: $104.70 up 11.87%
Total Homes Sold: 621 down 5.77%
Median Days on Market: 63 days up 70%
Condo median sales prices have seen good performance over the last year with a 9.73% increase, but just like single family homes things seem to have slowed in February. Condo sales were well down falling 28% and the time taken to sell increased 57%. Because there are fewer condo sales than single family home sales, the stats can be far more erratic, and we need several months of data before we can identify a trend.
Salt Lake County Condos February 2014
Median Condo Price: $148,132 up 9.73%
Median Price Per Sq. Ft.: $119.79 up 9.73%
Total Condo Sold: 82 down 28%
Median Days on Market: 88 days up 57%
So the start of 2014 has not been that great for the Salt Lake Housing Market, but what can we expect for the rest of the year? There have been several press reports recently saying that Salt Lake will be one of the best markets in 2014, while we are not yet seeing this on the ground, things can quickly change. One thing that certain is that we are unlikely to see the double digit gains that we have seen over the last couple of years, with most estimates saying that we can expect gains in the region of 5%.