Home prices continued their upward trend in 2014, albeit at a slower pace. The median sales price for a single family home increased to $255,000, a 4.08% increase over 2013. This is the third year in a row prices have increased but there were signs of the home price appreciation slowing. For a start homes took approximately 50% longer to sell in 2014, and the total number of homes was slightly down. The more expensive and high demand areas certainly slowed in 2014, with the Avenues only showing a 1.26% increase and the two Holladay zip codes down 2.76% and down 9.04%. While the areas in the southwest of the valley that had been lagging behind (Riverton, Herriman and South Jordan) saw some of the strongest gains. For more detailed price information view Salt Lake County Home Prices by Zip Code.
Salt Lake County Single Family Homes 2014
Median Home Price: $255,000 up 4.08%
Total Homes Sold: 11564 down 1.72%%
Median Days on Market: 33 days up 50%
Condo median sales prices showed stronger appreciation, climbing just over 6%. But the underlining data also showed signs of a slowdown, with 6% fewer homes sold and the time taken to sell a condo increasing 13.16%.
Salt Lake County Condos 2014
Median Condo Price: $154,000 up 6.02%
Total Condo Sold: 1508 down 6.22%
Median Days on Market: 43 days up 13.16%
Even with the slowing trend the Salt Lake County housing market was still pretty strong. When interest rates climbed in the middle of the year this defiantly had a negative impact on the market, but when they again relaxed towards the end of the year, the market picked up again.
The start of 2015 continues to show signs of a strong market. There is currently very little inventory and so homes are selling fast, especially below the $200,000 price.
The original Salt Lake County Home Prices Continued their Climb in 2014 article appeared on my Salt Lake Real Estate blog.