The start of 2017 saw a strong Salt Lake property market, with the median home sales price climbing 10.04% in the first quarter, to sit at $275,000. The number of properties sold in the quarter declined 1,55%, which looks like a negative, but really the drop was due to a very limited supply of homes for sale. Because of the limited inventory of homes, competition among buyers was strong, driving down the median days on market by 9% to stand at just 20 days.
While these number seem strong I believe we will see even stronger numbers in the second quarter. During February we saw a dramatic upswing in demand, will all our new listings selling within a couple of days coming onto the market, and all had multiple offers. This is great news for sellers but it makes it really difficult for buyers, especially first time home buyers in the lower price ranges. This upswing in the Salt Lake Real Estate market should be reflected in the second quarters figures (properties going under contract in Feb and March will probably not close until the second quarter).
When we just look at single family homes, the median sales price hit a new all time high, increasing 10.55% to $304,000. Home sales were down 4.22% and homes actually took slightly longer to sell, taking a median of 25 days.
Best Performing Single Family Home Zip Codes
Sandy 84092 up 22.66% $490,500
Salt Lake City 84111 up 19.66% $280,000
South Salt Lake 84115 up 19.43% $240,000
If the single family home market was strong then the condo market was even stronger. Median condo sales prices increased 10.98% to sit at $182,000, number of condo units sold declined 4.43% and just to put the icing on top the number of days on market saw a dramatic decline of 59% to sit at just 11 days.
Best Performing Condo Zip Codes
Midvale 84047 up 34.31% $184,000
Holladay 84117 up 26.24% $208,453
Salt Lake City 84102 up 24.36% $226,500
For more information on home prices, including a breakdown by zip code please see our Salt Lake Home Prices page. The original Salt Lake Real Estate Market Continues Strong Performance in 1st Quarter 2017 was published on my blog.