There were some subtle changes to the Salt Lake County housing market in the 3rd quarter. While home prices continued their seemingly endless climb, the underlying data did see some changes pointing to a slight easing (and a much welcome one for first time home buyers) of the real estate market. The median sales price for a home in Salt Lake County climbed 8.15% to stand at $292,000. While this is a strong year on year return, it is actually slightly down on last quarter’s $299,900.
There were 6,725 new home listings in the quarter, that was a rise of 4.75%. The number of properties sold in the quarter stood at 4,816, which was a decline of 5.44%. Will more properties coming onto the market and fewer sales, this did ease the inventory levels slightly, making it easier for people to find a home. In fact, the median days on market rose 8.33% to stand at 13 days, still the sign of a very strong seller’s market.
Single family homes increased nearly 10% in the quarter to stand at $329,422. While prices increased the number of home sales fell 8.91% and the time taken to sell a home climbed 25% to 15 days (still a very strong number).
While things seemed to be easing in the single-family home market the same could not be said for the condo market. The median sales price for a condo rose 8.61% to stand at $187,900 and condo sales rose 12.26% in the quarter. The median days taken to put a condo under contract dropped 16.67% to stand at just 10 days, which unusually is faster than single family homes.
Best Performing Condo Zip Codes
Salt Lake City 84108 up 49.21% $377,500
Salt Lake City 84103 up 44.97% $250,000
South Salt Lake 84115 up 29.86% $152,000
Overall the 3rd quarter 2017 was a good quarter for the housing market along the Wasatch Front, but there were some signs of the single-family home segment slowing slightly. There were more homes coming on the market and fewer sales which led to a rise in the inventory levels. This slight easing may well provide some relief to those who are looking to buy and finding the lack of homes for sale frustrating. Weather this slowing of the market is a temporary blip or more long term only time will tell.
For a complete list of prices by zip code please visit our Salt Lake Home Prices page.