SANDY, Utah (April 29, 2015) – The Salt Lake Board of Realtors® reported today sales of single-family homes in the first quarter in Salt Lake County increased to 2,563 units sold, a 16 percent rise compared to 2,209 sales in the first quarter of 2014.
The top five cities reporting the strongest sales (by highest percent increase year-over-year) were: Downtown Salt Lake City (84111) up 77 percent; Sugar House (84106) up 53 percent; Magna, up 47 percent; Herriman, up 35 percent; and West Jordan (84088) up 35 percent.
“There were 5,435 new listings added in the first quarter,” said Dave Robison, president of the Salt Lake Board of Realtors®. “Based on recent housing sales trends in Salt Lake County there is roughly a five-month supply of housing inventory. A five-month supply of inventory is considered a healthy housing market.”
The median price of homes sold across the county in the first quarter climbed to $255,000, a 4 percent increase compared to a median price of $245,000 in last year’s first quarter.
Condominium sales saw a big jump in the first quarter, rising to 707 units sold, a 24 percent increase compared to 568 sales last year. Condo prices increased 3 percent in the first quarter to $179,400.
Properties listed in the first quarter were on the market an average of 79 days, down from 82 days last year during the same period.
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.