The Salt Lake County housing market experienced strong performance in the 2nd quarter 2015, with the single family home median sales prices hitting a new record high of $276,500, a rise of 8.43%. Fueled by an increasingly strong local economy the number of single family home sales climbed an impressive 15.85%, with 3873 homes sold in the quarter. Those homes that sold were also selling fast, taking a median of just 14 days to go under contract. All these indicators point towards a strong seller’s market.
Best Performing Zip Codes
Murray 84107 up 20.93% $260,000
Salt Lake City 84111 up 18.08% $209,000
Salt Lake City 84104 up 17.65% $160,000
West Valley City 84128 up 15.81% $210,000
Worst Performing Zip Codes
Holladay 84124 down 5.97% $352,500
Taylorsville/Murray 84123 down 3.56% $230,000
Riverton 84065 down 1.70%
Just like single family homes, the condo market saw higher sales prices, more sales and faster sales in the second quarter. Condominium sales price appreciation while not as strong as single family homes, did increase 3.83% to $159,900. There was a total of 469 condo units sold (up 9.73%), taking a median of 32 days to go under contract (improvement of 15.79%).
Looking at the current market conditions, homes in the lower to mid-price range continue show signs of a strong market, but recently we have seen a slowdown at the high-end of the market. There have been a relatively large number of more expensive homes coming on the market over the last couple of months and there just does not seem to be that many high-end buyers to take on the increased inventory.
Looking to the future it will be interesting to see how the much anticipated rise in interest rates impact the market. While any rise is expected to be small, buyers have got used to record low rates, and any reduction in buyer spending power may well have a knock on effect on the market.