This time last year the Salt Lake County housing market was not doing so well, sales were down and prices had stagnated. This time around it’s a whole new story, at least for single family homes. The median sales price for a single-family home climbed an impressive 8.65% to $280,000. In fact, the quarter was so good only a single zip code saw its median sales price decrease. The number of homes sold saw a sharp climb with 3763 homes sold (up 17.08%), taking a median of 17 days to go under contract (46.88% faster).
Best Performing Zip Codes
Taylorsville/Murray 84123 up 21.22% $255,775
Holladay 84117 up 20.74% $390,000
Murray 84107 up 26.29% $256,500
Worst Performing Zip Codes
Riverton 84065 down 1.82% $325,999
Unlike the single-family home market, the condominium market was not quite so rosy. While 2 or the 3 key indicators were positive, with the number of sales climbing 19.38% and the days on market falling 31.82%, this was still not enough to drive up the median sales price. The median sales price for a condo in the 3rd quarter fell 3.13% to $155,000.
Overall the housing market remains strong, but while homes in the lower and mid-price ranges are selling well (often with multiple offers), the higher end market continues to struggle. There is currently a surplus of high-end homes on the market, and only a few active buyers. This means that homes are continuing to sit unsold, forcing those people who have/want to sell quickly to lower their asking price.
The original Salt Lake County Home Prices article appeared on my Salt Lake Real Estate Blog. For more detailed information on the 3rd quarter housing market performance please visit http://www.bestsaltlakehomes.com/historic-prices/salt-lake-county-home-prices.htm
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