Home prices continued their upward climb in the first quarter 2016. The median home price for a Salt Lake County single family home climbed 7.38% to stand at $274,900 and the price for a condo climbed 3.67% to $164,000.

While the sales price for single family homes where on the way up, the number of homes sold actually saw a slight drop, with 2,557 sales, a fall of 2.78%. This fall in sales could be down to the lack of inventory, with 9.18% fewer homes coming on the market in the first quarter. Homes that sold took just 23 days to go under contract, that’s pretty fast and the sure sign of a seller’s market.

Best Performing Zip Codes
Holladay 84124 up 29.03% $420,000
Salt Lake City 84116 up 24.22% $200,000
Sandy 84092 up 22.88% $399,900

While condo prices did not appreciate to the same extent as single family homes, 3.67% is still a pretty good increase. Unlike single family homes condos sales actually increased in the quarter, climbing 1.33% with 381 units sold. Those condos that sold also sold fast, taking a median of just 26 days to go under contract, that’s over 54% fast than the same time last year.

Best Performing Zip Codes
Holladay 84117 up 38.31% $165,000
West Valley City 84119 up 29.51% $132,750
Salt Lake City 84111 up 16.04% $231,200

For more information on home prices, including a break down by zip code please see our Salt Lake Home Prices page.