The 1st quarter was great for the Salt Lake Housing Market, with if anything prices accelerating rather than slowing down.
The median sales price for a Salt Lake County property surged double-digits with an increase of over 11% to stand at a new record high of $362,000. The number of sold homes increased by 3.42% and they also sold 22% faster.
The median sales price for a single-family home hit $400,000 for the first time. In fact, it was spot on $400,000, with 2417 sales (down 0.86%) and a median day on the market of 27 days (improvement of 22.86%).
What really stood out in the quarter was that some areas experienced really large increases, including the already expensive Avenues area of Salt Lake which went to over 38%.
Best Performing Single-Family Home Zip Codes
84103 Salt Lake Avenues Up 38.51% to $820,000
84111 Salt Lake City Up 38.05% to $426,250
84115 South Salt Lake Up 21.77% to $330,000
Just like the rest of the market condos also did well, the median sales price increased 10.34% to $242,750, while there was an increase in the number sold with 378 sales up 4.13%. The median time taken to sell a condo improved to just 15 days.
Best Performing Condo Zip Codes
84115 South Salt Lake Up 62.20% to $319,990
84117 Holladay Up 31.89% to $281,,906
84123 Taylorsville/Murray Up 18.78% to $215,000
While the real estate market performed exceptionally in the 1st quarter of 2020 there is one major impact that at the moment is a total unknown. COVID 19 hit the U.S. and Utah too late in the quarter to impact 1st quarter numbers but we will certainly see a slowing in the 2nd quarter.
This slowing may be short or could be more serious, depending upon how soon the economy can rebound.
See a full breakdown of the Salt Lake Housing Market performance by zip code.