To say that the Salt Lake County housing market is hot is an understatement. Prices in the 1st quarter climbed sharply to stand at $415,000, that’s an increase of 14.36%. While the total homes sold remained pretty much constant just increasing 2.54%, the time taken to sell a home crashed 75% to stand at just 6 days.
The median sales price for a single-family home continued to climb sharply and now stands at $474,000, an increase of 18.20%. There were slightly fewer sales which dropped 1.78%, but the days on market crashed to a jaw-dropping 5 days (a fall of over 80%).
Best Performing Single-Family Home Zip Codes
84092 Sandy Up 39% to $760,000
84121 Cottonwood Up 34.04% to $667,500
84102 Cottonwood Up 29.94% to $575,000
The number of condos sold in the quarter saw a sharp increase of 26.25%, and along with it a median sales price increase of 15.46% to $280,000. Sales ticked along at a fast pace taking just 8 days to go under contract, that’s a 46.67% improvement.
Best Performing Condo Zip Codes
84121 Cottonwood Up 25.10% to $319,000
84107 Murray Up 24.20% to $232,093
84070 Taylorsville/Murray Up 23.37% to $275,000
The Salt Lake Real Estate market shows no sign of slowing in the short term, in fact from what I am seeing it’s still accelerating. Fueled by a severe shortage of home listings, and the inability for new construction to take up the slack the demand for homes remains far above that of supply. This is not been helped by shortages of labor and materials such as timber.
See a full breakdown of the Salt Lake Real Estate performance by zip code.