Home prices in Salt Lake County continued their ever upward climb (at least that’s the way it seems) in the 3rd quarter 2016. The new median sales price for a home stood at $270,000 (up ever so slightly from last quarter) and a rise of 6.85% year on year. What was surprising was that the number of homes sold declined a small amount, dropping 0.78% when compared to last year. This decrease in home sales was probably down to the lack of inventory, which continues to hinder both first time home buyers and those looking to move up the property ladder. This is reflected in the median days on market figure, which fell 33% to stand at just 12 days, a sure sign of a strong sellers market.
When we further dissect the sales data and look at single family homes, we see a similar story. For the first time the median sales price broke $300,000, and stood at $300,798. That’s an increase of 7.41%! A lack of available homes saw the total number of sales drop 3.05% and the time taken to sell a home also dropped 29% to 12 days. The zip codes that performed the best in the quarter were all on the Westside of the valley, and is probably down to the amount of new construction homes in the area.
Best Performing Single Family Home Zip Codes
West Jordan 84088 up 16.60% $284,500
Riverton 84070 up 18.10% $385,000
South Jordan 84095 up 16.97% $411,074
Just like the single family home market, the condominium market was really strong in the 3rd quarter. This might to the effective of high single family home prices causing first time home buyers to opt for the cheap condo option. The median sales price for a condo stood at $173,250, a very impressive 11.77% increase year on year. Condo sales also increased, climbing 10% and the median days on market collapsed 60% to stand at just 12 days (very unusual for condos which tend to take longer to sell).
Best Performing Condo Zip Codes
Salt Lake City 84101 up 22.22% $275,000
Salt Lake City 84102 up 21.34% $199,000
Holladay 84117 up 31.05% $162,500
All in all the 3rd quarter continued to show signs of a strong sellers market, with inventory levels of homes for sale falling and prices climbing heading into the slower winter season. For more information on home prices, including a break down by zip code please see our Salt Lake Home Prices page.