Just like I predicted last quarter, the 2nd quarter was really strong for the Salt Lake County real estate market. Fueled by a lack of homes for sale and buyers keen to take advantage of low interest rates, prices showed strong gains across the valley. Homes just listed often received multiple offers within hours of going on the market, resulting in one of the best sellers markets I have ever seen.
The median price for a Salt Lake County home rose 11.08% in the quarter to stand at $299,900 (across all home types). All this on the back of fewer home sales, due to the lack of listings. Homes sold really fast in the quarter, taking just a median of 7 days to sell.
Single family home prices increased substantially in the quarter, rising 10% to stand at a new record high of $330,000. 3 zip codes increased over 20% and the Avenues area of Salt Lake City 84103 saw the median sales price top $500,000 for the first time. Single family homes saw the biggest drop in the number of homes sold, falling 4.91%. Median days on market was a strong 7 days, 12.50% faster than last year.
Best Performing Single Family Home Zip Codes
Salt Lake City 84102 up 22.19% $413,000
Holladay 84124 up 21.76% $470,000
Salt Lake City 84108 up 20.43% $563,000
The condo real estate market was even stronger, with the median sales price climbing 12.72%. Condos listings did not stay on the market long, with the median days on market falling 50% to sit at just 6 days.
Best Performing Condo Zip Codes
Cottonwood 84121 up 41.05% $253,750
Holladay 84117 up 38.67% $194,000
Midvale 84047 up 19.96% $170,350
Looking forward the market does seem to be easing slightly. Some homes outside the really hot areas are starting to stay on the market longer, forcing the median days on market up and for the first time in a while there are actually more listings on the market than those under contract. Visit my Salt Lake County Real Estate Prices page for a more detailed breakdown on the market.
The original Salt Lake County Home Prices Hit New Highs in 2nd Quarter 2017 appeared on my real estate blog.