Home Sales Flat; Condo Sales on the Increase
SANDY (Jan. 27, 2016) – The Salt Lake Board of Realtors® today reported home sales in Salt Lake County in the fourth quarter showed a modest increase, but slowed compared to previous quarters. There were 2,899 single-family homes sold in the final three months of 2015, a less than 2 percent increase compared to 2,857 sales a year earlier.
In each of the first three quarters of 2015, home sales in Salt Lake County posted double-digit gains year-over-year (15 to 16 percent each quarter). Home sales also slowed in Davis County in the final quarter of 2015, up just 0.51 percent year-over-year. Utah County home sales fell nearly 3 percent.
“Sales declines in the fourth quarter were not exclusive to the Wasatch Front. Home sales across much of the country also sagged during this period,” said Cheryl Acker, president of the Salt Lake Board of Realtors®. “To some degree this was caused by delayed closings resulting from the rollout of the RESPA-TILA Know Before You Owe initiative, which took effect on Oct. 3.”
The rule was implemented by the Consumer Financial Protection Bureau to offer greater transparency into the mortgage and closing process.
Unlike other Wasatch Front counties, Weber and Tooele counties in the fourth quarter saw home sales climb at 13 percent and 23 percent respectively.
In the final quarter of 2015, the median single-family home price in Salt Lake County reached $267,500, a nearly 5 percent rise compared to a median price of $255,000 a year earlier. The median home price in Davis County was $245,000, a 9 percent climb compared to $224,000 last year.
The top five priciest areas in the fourth quarter for single-family homes by ZIP code along the Wasatch Front were: Alpine (84004) $565,000; Emigration Canyon (84108) $495,000; Lindon (84042) $444,750; Avenues (84103); $424,700; and Holladay (84124) $417,500.
The bright spot in the fourth quarter was condominium sales. As first-time buyers struggled to qualify for higher home prices, many turned to townhomes and condominiums. In Salt Lake County, condo sales increased to 822 units sold in the fourth quarter, a 16 percent rise compared to 706 sales in the fourth quarter of 2014. Utah County saw its condo sales rise 15 percent. The median price of condos sold in Salt Lake was $194,750, up nearly 13 percent from a year ago.
The average cumulative days a listing was on the market in the fourth quarter in Salt Lake County was 54 days, down from 75 days in the fourth quarter of 2014.
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.