Home prices continued their upward climb in the first quarter 2016. The median home price for a Salt Lake County single family home climbed 7.38% to stand at $274,900 and the price for a condo climbed 3.67% to $164,000.
While the sales price for single family homes where on the way up, the number of homes sold actually saw a slight drop, with 2,557 sales, a fall of 2.78%. This fall in sales could be down to the lack of inventory, with 9.18% fewer homes coming on the market in the first quarter. Homes that sold took just 23 days to go under contract, that’s pretty fast and the sure sign of a seller’s market.
Best Performing Zip Codes
Holladay 84124 up 29.03% $420,000
Salt Lake City 84116 up 24.22% $200,000
Sandy 84092 up 22.88% $399,900
While condo prices did not appreciate to the same extent as single family homes, 3.67% is still a pretty good increase. Unlike single family homes condos sales actually increased in the quarter, climbing 1.33% with 381 units sold. Those condos that sold also sold fast, taking a median of just 26 days to go under contract, that’s over 54% fast than the same time last year.
Best Performing Zip Codes
Holladay 84117 up 38.31% $165,000
West Valley City 84119 up 29.51% $132,750
Salt Lake City 84111 up 16.04% $231,200
For more information on home prices, including a break down by zip code please see our Salt Lake Home Prices page.
The article Salt Lake County 1st Quarter 2016 Housing Market Update was originally published on my Salt Lake Real Estate Blog.
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