Salt Lake County’s residential market had its best year since 2006. Superb fundamental—strong job growth, increased net in-migration, low mortgage rates, and solid wage gains— supported increased levels of sales activity and pushed up single-family and condominium prices to all-time highs. Prices are above pre-recession levels and have finally fully recovered from the Great Recession. The following summary of statistical highlights captures the strength of the 2016 market.
A summary of the county’s 2016 sales statistics show:
• 13,600 single-family sales, an increase of 1.3 percent.
• $4.5 billion in single-family sales, an increase of 10 percent.
• 4,300 condominium, town home and twin home sales, an increase of 12 percent.
• $927 million in condominium, town home and twin home sales, an increase of 20 percent.
• $325 million in residential real estate commissions, an increase of 11 percent.
• $295,000 median sales price for a single family home, an increase of 8.1 percent.
• $203,000 median sales price for condominiums, town homes and twin homes, an increase of 7 percent.
• 13 days for median cumulative days on market (CDOM), a record low CDOM for single-family homes.