This time last year the Salt Lake County housing market was not doing so well, sales were down and prices had stagnated. This time around it’s a whole new story, at least for single family homes. The median sales price for a single-family home climbed an impressive 8.65% to $280,000. In fact, the quarter was so good only a single zip code saw its median sales price decrease. The number of homes sold saw a sharp climb with 3763 homes sold (up 17.08%), taking a median of 17 days to go under contract (46.88% faster).
Best Performing Zip Codes
Taylorsville/Murray 84123 up 21.22% $255,775
Holladay 84117 up 20.74% $390,000
Murray 84107 up 26.29% $256,500
Worst Performing Zip Codes
Riverton 84065 down 1.82% $325,999
Unlike the single-family home market, the condominium market was not quite so rosy. While 2 or the 3 key indicators were positive, with the number of sales climbing 19.38% and the days on market falling 31.82%, this was still not enough to drive up the median sales price. The median sales price for a condo in the 3rd quarter fell 3.13% to $155,000.
Overall the housing market remains strong, but while homes in the lower and mid-price ranges are selling well (often with multiple offers), the higher end market continues to struggle. There is currently a surplus of high-end homes on the market, and only a few active buyers. This means that homes are continuing to sit unsold, forcing those people who have/want to sell quickly to lower their asking price.