2016 Another Strong Year for Salt Lake Home Prices

Home Prices

2016 was another good year for Salt Lake County homeowners. The median sales price for a Salt Lake home was $265,000, a strong gain of 6.64% in the year. While this is a good steady gain, the truth is most of the gain came in the first quarter, with sales prices in the other 3 quarters remaining pretty flat. The number of home sales showed a slight increase compared to 2015, a gain of 3.54% with 17,939 sales. Those properties that sold certainly sold fast, taking just a median of 14 days to go under contract, a lot faster than the 22 days seen in 2015.

When we look just at single family homes, the median sales price for the year fell just short of the $300,000 mark, at $295,000, up 8.10%. The number of homes sold actually fell slightly compared to 2015, down 0.95%. One of the reasons for the sales price rise was the shortage of new listings coming onto the market, with 2.48% less than 2015. This shortage kept inventory levels low, and applied upward pressure on prices. It also made for a really good year for new home construction homes. Median time taken for a new listing to go under contract was just 13 days, a figure we have not seen for some time.

Best Performing Single Family Home Zip Codes
Salt Lake City 84116 up 16.67% $210,000
West Valley City 84119 up 15.07% $210,000 
Salt Lake City 84105 up 13.73% $381,000

At the start of the housing recovery condo sales lagged behind those of single family homes, but not anymore. The median sales price for a condo returned a very healthy 7.94% gain, and stood at $169,900. Unlike single family homes, condo sales were sharply up on the year, rising 8.59% with a total of 1,946 sales. The speed with which condos sold fell sharply, falling to a median of just 14 days.

Best Performing Condo Zip Codes
Magna 84044 up 29.99% $114,000 
Sandy 84094 up 26.44% $166,900 
Draper 84020 up 26.22% $220,000

While much of the Salt Lake County real estate market was really strong in the 2nd quarter, there were still some areas that did not perform so well. This was especially true for the very high end real estate market, where homes over 2 million continue to build inventory and take a long time to sell.

For more information on home prices, including a break down by zip code please see our Salt Lake Home Prices page. You can also view how prices have performed over time using our Salt Lake Home Prices Graph.

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