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January 2018 Salt Lake County Real Estate Market Video Update

January 2018 Salt Lake County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Salt Lake County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Salt Lake County – Single Family Homes: Active inventory was down 26% from 2017 with 1,579 units on the market and down 27% from the previous month. The median listing price was just $430,000. The average days on market was up 16% from 37 days in 2017 to 43 days in 2018. The median sales price was just under $330,000. The averages for units sold in the month of December decreased 10% for units sold year over year and decreased 16% month over month with a total of 921 units sold.

Salt Lake County – Condominiums: Active inventory was down 4% from 2016 with 554 units on the market and down 12% from the previous month. The median listing price was just under $270,000. The average days on market was up 9% from 33 days in 2017 to 36 days in 2018. The median sales price was just under $240,000. The averages for the month of December show an increase of 2% for units sold year over year and decreased 6% change over the previous month with a total of 308 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Highlights from the 2017 Salt Lake Housing Market Forecast

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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.

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