Salt Lake Home Prices Hit Record High in 3rd Quarter 2014

Salt Lake County Home PricesThe median home price for a Salt Lake County single family home hit a new record high in the third quarter 2014. The new median home sales price stood at $257,900, beating the old record of $256,000 last seen in the 3rd quarter 2007.

Even on the back of this record high we are starting to see a change in the market. Home prices rose just 1.34% compare to the same time last year, and we are starting to see a fall in the number of homes sold. The number of homes sold in the quarter stood at 3137, which was a decline of just over 5%.
Here are a list of the best performing areas and worst performing areas in the quarter.

Best Performing Areas
Holladay 84121 – Up 26.27%
Salt Lake City 84111 – Up 19.07%
Riverton 84065 – Up 14.75%
Salt Lake City 84116 – Up 13.02%

Worst Performing Areas
Murray 84107 – down 18.61%
Holladay 84117 – down 18.50%
Taylorsville/Murray 84123 – down 10.21%
Salt Lake City 94102 – down 5.96%

So what does this mean? Well it means we are entering more of a balanced market rather than the seller’s market we have seen over the last couple of years.

So what about the condo market? The median sales price for condos is also nearing record highs, with the 3rd quarter sales price of $161,000 (up 11.03%) just below the record of $162,113 seen on the 2nd quarter 2009. Just like the single family home market condo sales are slowing, with 411 units sold, a decline of 12.55%.

Best Performing Areas
Holladay 84117 – up 44.71%
Salt Lake City 84108 – up 33.94%
Salt Lake City 84111 – up 26.34%
West Valley City 84119 – up 20.26%

Worst Performing Areas
Salt Lake City 84106 – down 17.12%
South Jordan 84095 – down 10.84%

So what for the future? We are now heading into the slowest period of the year for real estate, and we really will not know what the market outlook is until we see the results for the first 2 quarters in 2015. At the moment we are a balanced market, this could be a pause or it could be more of a longer term trend.

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