Tag Archives: salt lake county real estate

December 2017 Salt Lake County Real Estate Market Video Update

December 2017 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 21% from 2016 with 2,025 units on the market and down 17% from the previous month. The median listing price was $400,000. The average days on market was up 13% from 32 days in 2016 to 36 days in 2017. The median sales price was just over $330,000. The averages for units sold in the month of November decreased 8% for units sold year over year and decreased 15% month over month with a total of 985 units sold.

Salt Lake County – Condominiums: Active inventory was down 5% from 2016 with 595 units on the market and down 14% from the previous month. The median listing price was just under $270,000. The average days on market was down 3% from 33 days in 2016 to 32 days in 2017. The median sales price was just under $230,000. The averages for the month of December show an increase of 8% for units sold year over year and 29% change over the previous month with a total of 287 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

July 2017 Salt Lake County Real Estate Market Video Update

July 2017 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 25% from 2016 with 2,123 units on the market and up 11% from the previous month. The median listing price was  $430,000. The average days on market was down 8% from 24 days in 2016 to 22 days in 2017. The median sales price was just under $330,000. The averages for units sold in the month of June decreased 15% for units sold year over year and decreased 11% month over month with a total of 1,224 units sold.

Salt Lake County – Condominiums: Active inventory was down 29% from 2017 with 569 units on the market and down 1% from the previous month. The median listing price was just over $265,000. The average days on market was down 8% from 25 days in 2016 to 23 days in 2017. The median sales price was just under $220,000. The averages for the month of June show a decrease of 16% for units sold year over year and decreased 7% over the previous month with a total of 368 units sold.

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June 2017 Salt Lake County Real Estate Market Video Update

June 2017 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 31% from 2016 with 1,798 units on the market and up 6% from the previous month. The median listing price was just under $440,000. The average days on market was down 4% from 26 days in 2016 to 25 days in 2017. The median sales price was just over $332,000. The averages for units sold in the month of May decreased 10% for units sold year over year and increased 15% month over month with a total of 1,224 units sold.

Salt Lake County – Condominiums: Active inventory was down 30% from 2017 with 516 units on the market and up 4% from the previous month. The median listing price was just under $270,000. The average days on market was down 34% from 35 days in 2016 to 23 days in 2017. The median sales price was just under $230,000. The averages for the month of May show a decrease of 16% for units sold year over year and decreased 1% over the previous month with a total of 364 units sold.

April 2017 Salt Lake County Real Estate Market Update

April 2017 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 37% from 2016 with 1,521 units on the market and down 6% from the previous month. The median listing price was $435,000. The average days on market was down 16% from 45 days in 2016 to 38 days in 2017. The median sales price was just under $320,000. The averages for units sold in the month of December decreased 7% for units sold year over year and increased 43% month over month with a total of 1,036 units sold.

Salt Lake County – Condominiums: Active inventory was down 47% from 2017 with 398 units on the market and down 19% from the previous month. The median listing price was just under $270,000. The average days on market was down 43% from 42 days in 2016 to 24 days in 2017. The median sales price was just under $230,000. The averages for the month of December show a decrease of 1% for units sold year over year and up 27% over the previous month with a total of 243 units sold.

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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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February 2017 Salt Lake County Market Update

February 2017 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 January 2017. 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 37% from 2016 with 1,499 units on the market and down 21% from the previous month. The median listing price was just under $405,000. The average days on market was down 7% from 46 days in 2016 to 43 days in 2017. The median sales price was just over $300,000. The averages for units sold in the month of December decreased 9% for units sold year over year and decreased 34% decrease month over month with a total of 659 units sold.

Salt Lake County – Condominiums: Active inventory was down 45% from 2017 with 418 units on the market and down 16% from the previous month. The median listing price was just over $250,000. The average days on market was down 9% from 46 days in 2016 to 42 days in 2017. The median sales price was just under $220,000. The averages for the month of December show a decrease of 10% for units sold year over year and down 33% over the previous month with a total of 195 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

Salt Lake County Monthly Update

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About Salt Lake County, Utah
As of the 2010 census, the population was 1,029,655, making it the most populous county in Utah. Its county seat and largest city is Salt Lake City, the state capital. The county was created in 1850. Salt Lake County occupies the Salt Lake Valley, as well as parts of the surrounding mountains, the Oquirrh Mountains to the west and the Wasatch Range to the east (essentially the entire watershed of the Jordan River north of the Traverse Mountains). In addition, the northwestern section of the county includes part of the Great Salt Lake.

Salt Lake County Monthly Market Reports
Want more in-depth information? A property evaluation? Connect with your local Summit Sotheby’s International Realty sales associate for up-to-the-minute market information and expert knowledge and experience.

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December 2016 Salt Lake County Real Estate Market Update

December 2016 Salt Lake County Real Estate Market Update

Summit Sotheby’s International Realty has released information about real estate markets in the Salt Lake County area for November 2016. 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 30% from 2015 with 2,104 units on the market and down 17% from the previous month. The median listing price was just over $389,000. The average days on market was down 22% from 41 days in 2015 to 32 days in 2016. The median sales price was just over $290,000. The averages for units sold in the month of November increased 9% for units sold during November year over year and decreased 13% decrease month over month with a total of 948 units sold.

Salt Lake County – Condominiums: Active inventory was down 39% from 2015 with 511 units on the market and down 14% from the previous month. The median listing price was $250,000. The average days on market was down 36% from 50 days in 2015 to 32 days in 2016. The median sales price was just over $225,000. The averages for the month of November show a increase of 13% for units sold year over year and up 19% over the previous month with a total of 285 units sold.

To find out more about all our local real estate markets, contact your local Summit Sotheby’s International Realty sales associate.

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Salt Lake County Single-Family Sales Fall; Condo Sales Surge

SANDY (July 29, 2016) – The Salt Lake Board of Realtors® today reported a drop in the number of single-family homes sold in Salt Lake County in the second quarter of 2016, while sales of condominiums showed a double-digit percent increase.

Sales of single-family homes in the most recent quarter fell to 3,863 units, a 3 percent decline compared to 3,991 units sold in the second quarter of 2015. The median single-family home price in Salt Lake County climbed to $296,000, up 8 percent compared to $275,000 last year.

“Limited housing inventory continues to restrict home sales,” said Cheryl Acker, president of the Salt Lake Board of Realtors® and a Realtor® with South Jordan-based Utah Key Real Estate. “The higher price points of single-family homes have led many first-time buyers to purchase lower priced townhomes and condominiums.”

Condominium sales in the second quarter increased to 1,208 units sold, a 16 percent increase compared to 1,044 sales a year ago. The median price of Salt Lake condos surpassed the $200,000 mark in the second quarter, rising to $203,450 from $188,750 a year ago.

New listings of homes on the market in Salt Lake County ticked up slightly to 6,819 units, a 0.3 percent increase compared to 6,797 listings in the second quarter of 2015. Based on sales trends of single-family homes over the past year in Salt Lake County there is currently a four-month supply of housing inventory.

The months of supply is the measure of how many months it would take for the present inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

Single-family home sales increased in Davis (up 6 percent), Weber (up 6 percent) and Tooele (up 19 percent) counties. Sales in Utah County fell 0.3 percent.

Overall, sales of single-family homes across the Wasatch Front increased 1 percent year-over-year – 8,686 sales in this year’s second quarter compared to 8,562 sales last year. The median single-family home price for the Wasatch Front increased 9 percent to $274,900 compared to a median price of $253,000 in last year’s second quarter.

The top five priciest ZIP code areas across the Wasatch Front in the second quarter for single-family homes were: the Avenues (84103) $489,000; Emigration Canyon (84108) $472,750; Alpine (84004) $469,500; Draper (84020) $449,457; and Holladay (84117) $426,000. Four of the five most expensive ZIP codes in the second quarter saw a drop in home sales. Draper home sales were flat.

The average cumulative days a listing was on the market in the second quarter in Salt Lake County fell to 37 days, down from 59 days in the second quarter of 2015.