Median home prices hit record levels in the 2nd quarter 2016, with the median sales price standing at $269,900, that’s an increase of 6.89% over the same time last year. Home sales were slightly up on last years, with 5218 home sales, a modest rise of 3.43%. The number that really stands out in the quarter was 9 days, that’s the median amount of time it took a home to go under contact. The reflects the strong sellers market we are seeing in many areas of Salt Lake County.
In we just look at single family homes then we see a similar story. While the number of home sales remained somewhat flat (just a gain of 0.84%), home prices showed strong increases, with the new median sales price standing at $300,000, a rise of 8.50%. The days on market (time taken to put a home under contract) situation continued to fall, and now stands at a very impressive 8 days.
Best Performing Single Family Home Zip Codes
Salt Lake City 84105 up 21.16% $394,000
Holladay 84117 up 20.02% $430,500
Taylorsville / Murray 84123 up 20% $285,500
While condo home sales have been lagging that of single family homes, the 2nd quarter saw a spike in the number of condos sold. There were 575 sold, an increase of 13.84%. The median condo sales price also increased, climbing 4.82% to $167,500. The figure that showed the best improvement was the days on market, which dropped 63% and stood at 12 days, which is very impressive for condos which always seem to take longer to sell than single family homes.
Best Performing Condo Zip Codes
Draper 84020 up 50.91% $250,000
Salt Lake City 84108 up 20.37% $297,900
Sandy 84070 up 18.84% $161,500
While much of the Salt Lake County real estate market was really strong in the 2nd quarter, there were still some areas that did not perform so well. This was especially true for the very high end real estate market, where homes over 2 million continue to build inventory and take a long time to sell.
For more information on home prices, including a break down by zip code please see our Salt Lake Home Prices page.