Single-Family Sales Fall; Condo Sales Surge
SANDY (July 29, 2016) – The Salt Lake Board of Realtors® today reported a drop in the number of single-family homes sold in Salt Lake County in the second quarter of 2016, while sales of condominiums showed a double-digit percent increase.
Sales of single-family homes in the most recent quarter fell to 3,863 units, a 3 percent decline compared to 3,991 units sold in the second quarter of 2015. The median single-family home price in Salt Lake County climbed to $296,000, up 8 percent compared to $275,000 last year.
“Limited housing inventory continues to restrict home sales,” said Cheryl Acker, president of the Salt Lake Board of Realtors® and a Realtor® with South Jordan-based Utah Key Real Estate. “The higher price points of single-family homes have led many first-time buyers to purchase lower priced townhomes and condominiums.”
Condominium sales in the second quarter increased to 1,208 units sold, a 16 percent increase compared to 1,044 sales a year ago. The median price of Salt Lake condos surpassed the $200,000 mark in the second quarter, rising to $203,450 from $188,750 a year ago.
New listings of homes on the market in Salt Lake County ticked up slightly to 6,819 units, a 0.3 percent increase compared to 6,797 listings in the second quarter of 2015. Based on sales trends of single-family homes over the past year in Salt Lake County there is currently a four-month supply of housing inventory.
The months of supply is the measure of how many months it would take for the present inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.
Single-family home sales increased in Davis (up 6 percent), Weber (up 6 percent) and Tooele (up 19 percent) counties. Sales in Utah County fell 0.3 percent.
Overall, sales of single-family homes across the Wasatch Front increased 1 percent year-over-year – 8,686 sales in this year’s second quarter compared to 8,562 sales last year. The median single-family home price for the Wasatch Front increased 9 percent to $274,900 compared to a median price of $253,000 in last year’s second quarter.
The top five priciest ZIP code areas across the Wasatch Front in the second quarter for single-family homes were: the Avenues (84103) $489,000; Emigration Canyon (84108) $472,750; Alpine (84004) $469,500; Draper (84020) $449,457; and Holladay (84117) $426,000. Four of the five most expensive ZIP codes in the second quarter saw a drop in home sales. Draper home sales were flat.
The average cumulative days a listing was on the market in the second quarter in Salt Lake County fell to 37 days, down from 59 days in the second quarter of 2015.
About the Salt Lake Board of REALTORS®
The Salt Lake Board of REALTORS® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. Established in 1917, the Salt Lake Board of REALTORS® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of REALTORS® assists its members to better serve the public through continuing education, advocacy and a professional code of ethics.