Home Sales Drop to Three-Year Low
SANDY (Jan. 28, 2019) – Home sales across the Wasatch Front in the fourth quarter dropped to a three-year low, according to the Salt Lake Board of Realtors®. In the final three months of 2018, there were 6,781 single-family homes sold across the five-county Wasatch Front area (Salt Lake, Davis, Utah, Tooele, and Weber counties), a 9 percent drop compared to 7,439 sales in the fourth quarter of 2017. In the fourth quarter of 2016 there were 7,181 sales.
“While new listings are on the rise, overall inventory levels are not keeping up with home buyer demand,” said Scott Robbins, president of the Salt Lake Board of Realtors®. “Inventory levels in Salt Lake County are around three to four months, which continues to indicate a seller’s market.”
In Salt Lake County, single-family home sales fell 10 percent in the fourth quarter. Davis County sales were down 5 percent. Utah County sales dropped 11 percent. Tooele sales were down 14 percent. Weber County home sales decreased 4 percent.
The Wasatch Front’s median single-family home price in the fourth quarter increased to $334,000, up 11 percent compared to a median price of $300,000 in 2017’s fourth quarter. At $350,000, Salt Lake County’s median single-family home price was the highest of the five-county Wasatch Front area, up 8 percent compared to a median price of $325,000 in the fourth quarter of 2017.
The top 10 ZIP codes with the highest number of single-family home sales in the fourth quarter were (percent change year-over-year):
1. Clearfield (84015) 262 sales, down 5 percent
2. Farr West (84404) 242 sales, no change
3. Lehi (84043) 229 sales, down 6 percent
4. Herriman (84096) 215 sales, up 15 percent
5. Layton (84041) 165 sales, down 15 percent
6. Eagle Mountain (84005) 164 sales, down 26 percent
7. Kearns (84118) 162 sales, down 11 percent
7. Roy (84067) 162 sales, down 21 percent
9. West Jordan (84081) 160 sales, down 23 percent
10. Draper (84020) 155 sales, up 12 percent
The typical Salt Lake home was on the market 40 days in the fourth quarter before it sold, down from 43 days on the market in the fourth quarter of 2017.
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 serve the public through continuing education, advocacy and a professional code of ethics.