If you thought that the COVID-19 virus would impact the Salt Lake County housing market then the 2nd quarter sales data may well put those concerns to rest, at least in the short term.
While sales were down in the quarter, prices and days on market data were certainly not. The median sales price for a Salt Lake County home stood at $368,900, an impressive 6.93% increase. The median time taken to sell a home dropped to just 14 days, which was an improvement of 6.67%. Total sales did see a decline in the quarter, with a drop of 14.78%.
The single-family home market continued to set new records, with a median sales price for a home now standing at $410,000. Homes also sold fast, taking a median of 14 days, while the total number of homes sold did fall, declining 13.61%.
What was interesting was that the best performing areas are also the most expensive areas, with ‘The Avenues and Holladay’ areas experiencing the biggest increases.
Best Performing Single-Family Home Zip Codes
84103 Salt Lake Avenues Up 27.91% to $687,500
84117 Holladay Up 26.59% to $681,000
84047 Midvale Up 17.89% to $375,000
Condominium sales declined markedly in the quarter, experiencing a large 28.66% fall. But this did not seem to slow the sales price appreciation with the median price climbing 7.56% to $242,000 and the time taken to sell a condo also improved to 14 days (down 6.67%).
Best Performing Condo Zip Codes
84096 Herriman Up 13.16% to $250,,000
84123 Taylorsville/Murray Up 12.65% to $199,950
84084 West Jordan Up 11.81% to $389,950
While sales were down across the board, prices continued to climb and homes sold fast in the second quarter. This also seems to be continuing into the third quarter with homes often receiving multiple offers within hours of being listed, especially in the more sort after areas.
See a full breakdown of the Salt Lake Real Estate performance by zip code.