Double-Digit Increase in Residential Sales
SANDY (Oct. 28, 2015) – In spite of tight inventories and higher home prices, Salt Lake County saw double-digit increases in home sales year-over-year, according to the Salt Lake Board of Realtors®.
During the July-August-September period there were 3,811 single-family homes in Salt Lake County sold by Realtors®. That represents an increase of 15.38 percent compared to 3,303 homes sold during the same quarter last year.
The top five Wasatch Front cities with the most home sales in the third quarter were: Clearfield (320 sales), Lehi (302 sales), South Jordan (283 sales), Tooele (277 sales) and Farr west (273 sales). In Salt Lake County, the top five cities with the highest number of homes sold were: South Jordan (283), Herriman (208), Taylorsville (204), West Jordan (187), and Draper (166).
All counties along the Wasatch Front reported strong single-family home sales. Utah County saw a 20.53 percent rise in sales year-over-year. Sales increased 8.14 percent in Davis County. Weber County reported a 14.26 percent rise, and Tooele County saw a 33.47 increase.
The median price of a single-family home increased 8.77 percent to $279,000, up from $256,500 a year earlier.
The top five priciest Wasatch Front cities by median price of single-family homes sold in the third quarter were: Alpine ($606,000), Huntsville ($509,332), Avenues ($427,950), Emigration Canyon ($423,000) and Draper ($422,750). In Salt Lake County the top five highest median home values were: Avenues ($427,950), Emigration Canyon ($423,000), Draper ($422,750), Sandy-84093 ($382,000), and Holladay ($381,000).
Sales of condominiums and townhomes saw a bigger percent increase than single-family homes at 1,067 sales, up 35.92 percent compared to 785 sales last year. The median price of condos increased to $188,972, up 7.98 percent compared to $175,000 last year at this time.
“Many first-time buyers are choosing condominiums and townhomes in order to qualify for a mortgage,” said Dave Robison, president of the Salt Lake Board of Realtors®. “The median single-family home price in the Salt Lake area is now higher than it was in 2007, prior to the Great Recession.”
The average cumulative days on the market for listings in Salt Lake County in the third quarter dropped to 48 days, down from 62 days in the third quarter of 2014. New listings in Salt Lake County in the third quarter increased to 6,173 properties for sale, up 2.42 percent compared to 6,027 listings last year at the same time.
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.