On the surface, the Salt Lake County housing market continued to churn on with prices setting new records. The median sales price rose an impressive 21.42% to stand at $553,000 but that was the only stat that was heading in the right direction. With more homes hitting the market, and fewer sales, the result was an increase in inventory. Now, this is by no means bad news, especially for buyers who have long suffered from a lack of homes and high competition.
Single-family homes were in line with the overall market, sales price was up 19.12% to $637,272, total sales were down 14.53% and new listings increased 8.34%.
Best Performing Single-Family Home Zip Codes
84088 West Jordan Up 29.90% to $585,000
84070 Sandy Up 26.44% to $605,000
84121 Cottonwood Up 25.43% to $806,500
While last quarter saw condo sales increase sharply, the 2nd quarter saw them fall sharply, declining 26.11%. Even with this decline prices surged 22.92% to sit at $370,000.
Best Performing Condo Zip Codes
84111 Salt Lake City Up 48.68% to $479,500
84096 Herriman Up 40.90% to $400,000
84121 Cottonwood Up 35.83% to $435,000
The Salt Lake real estate market is starting to change, there is an increase in inventory levels and the time taken to sell a home is starting to rise. The first area to see these changes is in new construction which has until now been building spec homes and then listing them for sale when they near completion. This has not been a problem until recently, with plenty of buyers lining up to buy them. In the future expect them to only start building after they have a contract.
See a full breakdown of the Salt Lake Real Estate performance by zip code.