For single family homes all three key indicators showed positive signs in 2015. The median sales price for single family homes increased 6.67% to $272,000. The total number of sales climbed 14.77% with 13,292 sales and the median time for a home to go under contract dropped 40% to 21 days. The lower end of the market was particularly strong, with keen competition among first time home buyers driving quick sales, often with multiple offers (for the right home in a good location). The higher end of the market was not so robust, particularly towards the end of the year when high-end buyers seemed to be scarce on the ground.
Best Performing Single Family Home Zip Codes
Salt Lake City 84101 up 26.04% $167,000
Murray 84107 up 17.44% $252,500
Salt Lake City 84102 up 14.30% $308,485
While condo sales prices did not appreciate to the same extent as single family homes, they still returned a healthy 2.21% (2015 median sales price was $157,400). The total number of condo units sold increased 18.20% with 1,786 units sold. Condos also sold faster in 2015, taking just a median of 33 days to go under contract, 26.67% faster than 2014.
Best Performing Condo Zip Codes
Riverton 84065 up 50.52% $217,500
South Salt Lake 84115 up 21.34% $136,750
West Jordan 84084 up 18.74% $150,000
For more information on home prices, including a break down by zip code please see our Salt Lake Home Prices page.
Looking forward, the year seems to have started off well, especially for the starter home market. There are fewer listings, but an increasing number of first time home buyers which is putting upward price pressure at the lower end of the market. New construction is also performing well, with areas like Daybreak struggling to keep up with demand from buyers.