Salt Lake County Home Prices near Record Highs

Property ValuationThe second quarter 2014 saw the median home price for a Salt Lake County single family home get to within $1,000 of the record high of $256,000, which was last seen in 2007. The actual price appreciation for the quarter was pretty modest, increasing just 2%. This was on the back of declining home sales data where the number of single family home sales fell 9.53% to 3245 homes sold. The median time taken to put a home under contract was 26 days, which is a strong number and the sign of a good housing market.

A total of 21 zip codes saw its single family home median sales price increase, and 8 zip codes saw a decrease. The best performing area was the Salt Lake Avenues area 84103 which increased an impressive 22.19%. Other areas that saw good increases were 84104 up 13.75% and the South Salt Lake area 84115 up 14.15%. The worst performing areas were Draper 84020 down 11.22% and Holladay 84117 down 21.58%.

The sale of condominium units also experienced a small increase in median sales price, going from $149,500 to $154,000. The number of condominium units sold was slightly down falling from 452 to 440 units and the median days on market climbed from 28 to 39 days.

A total of 9 zip codes saw its condo median home sales price increase and 5 zip codes saw a decrease. The best performing areas for the condo market were West Valley City 84119 up 23.44% and Cottonwood 84121 up 20.91%. The worst performing areas were the downtown area 84101 which was down 25.13% and the Avenues area 84103 down 17.10%.

Even with declining home sales and the increase in time on market, it was still a pretty good quarter for the housing market. There does seem to be a slowdown in first time home buyer activity which could impact market conditions if it continues. Interest rates remain low and attractive for buyers, but a sudden increase again could also impact the market.

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