While COVID did slow the housing market in the 2nd quarter, at least in terms of sales, the 3rd quarter certainly seems to have shrugged off any slowdown. Home prices in Salt Lake County powered ahead, increasing more than 10% to set a new record of $384,000. Pent up demand saw sales rise sharply with a 12.74% increase.
Single-family homes became even more expensive in the 3rd quarter, with the median sales price now sitting at over $430,000. This was on the back of strong sales which were up 10.94%.
The best performing zip code was 84102, which was one of the cheaper areas in Salt Lake City, but not anymore with a 32% gain. Other major gains were in some of the more desirable and expensive areas of Holladay 84117 (up 23%) and Cottonwood 84121 (up 21%).
Best Performing Single-Family Home Zip Codes
84102 Salt Lake City Up 32.09% to $574,900
84117 Holladay Up 23.79% to $649,900
84121 Cottonwood Up 21.34% to $578,000
Condominium sales also recovered from their 2nd quarter sales decline, with an increase in sales of 13.53% and sales price increase of 8.44% to stand at $249,700.
Both Cottonwood 84121 and Salt Lake City 84111 (Central) saw extreme condo sales price increases of more than 28% in the quarter. The other major increase was in the Taylorsville/Murray 84123 area which went up 24.27%.
Best Performing Condo Zip Codes
84121 Cottonwood Up 28.29% to $341,250
84111 Salt Lake City Up 28.26% to $295,000
84123 Taylorsville/Murray Up 24.27% to $212,500
Sales rebounded strongly from the 2nd quarter and prices hit new records in the quarter. With Winter approaching the number of COVID cases are on the increase, what impact if any this will have on the market is currently uncertain.
See a full breakdown of the Salt Lake Real Estate performance by zip code.