While 2014 saw signs of a slowing Salt Lake County real estate market, the start of 2015 seemed to reverse that slowing, with strong home sales and a modest appreciation in sales prices. This reversal was driven by unseasonably good weather, a number of attractive incentives for home-buyers and a tightening of the homes for sale inventory.
In the 1st quarter 2015 all three major housing indicators showed signs of improvement. The median sales price for a property rose 4.02% on the back of strong home sales which increased 16.72%. Homes were also selling faster, taking a median of 42 days to go under contract, that’s a 19.23% improvement since the same time last year.
The two best performing areas are located near downtown SLC, 84102 which increased 23.56% and 84103 which increased 14.20% (single family home sales). The two worst performing areas are located on the east bench, with Holladay 84124 down 17.18% and Sandy 84092 down 19.39%.
The future for the local housing market may well be linked to a combination of interest rates and inventory levels. The current low levels of inventory may be eased with the changing of seasons and the start of the traditional selling season, where more people list their home for sale. Interest rates are a bit of an unknown, the so called experts have been predicting a rise for some time now, but rates remain at low levels.
The original Salt Lake County Housing Market Update was published on my blog.