Market Research Monday: Salt Lake County Homes Reach a New High
Alright folks, here is your weekly dose of information about our real estate market here is Salt Lake County. If you are one of my clients in Davis county or Utah county, and are interested in what is going on in your area please shoot me an email and I’ll give you an update or answer any questions you may have.
Single Family Home Sales Q3
It’s official! Taking into account, and adjusting for inflation, the price of single family homes in Salt Lake County is currently at an all time high, climbing to a median price of $301,000, which is a 7% increase over last year. Previously the peak was in Q3 2007, which was $298,085 in inflation-adjusted dollars.
Graph and stats courtesy of Salt Lake REALTOR Magazine, November 2016 edition
The limited inventory we have been experiencing lately has created a bidding war for many buyers and has driven prices up as a result; higher prices combined with that limited inventory have slowed the rate of home sales, down 5% compared to 2015. If you have been waiting for the peak in the market to sell your home, you could not pick a better time.
What about condominiums?
I’m sure you’ve all noticed condos being built left and right, especially downtown where the skyline has been constantly shifting as old buildings are being torn down or converted to make way for new housing. It is a very desirable location, and research has shown us that Millennials tend to purchase condos at a higher rate, and as more of the Baby Boomers reach retirement they are looking to downsize into a more manageable house size.
Condo sales are up 7% compared to last year, hitting 1,151 units sold in Q3, and the median price has increased by 6% to $200,000. Sales are also up in this sector for Tooele (11%) and Weber (10%) counties, with slight decreases in Utah (-1%) and Davis (-6%) counties.
So, looking for a good investment? Condos are easy to rent, and take a smaller amount of capital to purchase. With popularity increasing, perhaps it’s a good time to get in on that to make some extra cash each month!
Breakdown by Zip Code
Below is a complete breakdown of both single family and condo sales across Salt Lake County and Davis County by zip code. You may be surprised to see that leading the charts in units sold in 2016 are West Jordan (431), West Valley (368), Taylorsville/Kearns (431), Sandy (303), and Herriman (228). The west side is definitely seeing a lot of growth and an uptick in desirability.
Chart courtesy of Salt Lake REALTOR Magazine, November 2016 edition
The end of the year is always a great time to reevaluate and set goals – if you’d like to take a look at your long term or short term real estate ambitions give me a call and we can set up a consultation to help you achieve them.