That’s right, Kaboom! Our mild winter, combined with the hot economy and buyers that are motivated to get into a home before interest rates rise further, are pushing the price of housing up a little bit more than past years. Our local residential real estate market is also starting to mature, as we witness an increase in activity in homes sold in the higher price ranges over $500,000. I’ll cover that and the first quarter results in this month’s SLC Homes News.
Salt Lake County Single Family Homes:
The median price of a single family home in Salt Lake County went from $305,000 in the 1st quarter of 2017, to $343,000 in the 1st quarter of 2018, up 12.5%. The number of homes sold and listed, were very similar to last year at this time.
Part of the increase in the median sold price is the result of more people moving up to bigger, more expensive homes, and the dwindling supply of homes under $300,000. This is especially true for homes under $200,000, where we have seen a 58% decrease in the number of homes sold in the last twelve months compared to the previous twelve months.
| Number of Homes Sold | Last 12 Months | Previous 12 Months |
| April 2017 – April 2018 | April 2016 – April 2017 | |
| Salt Lake County Homes | ||
| Up to $200,000 | 679 | 1615 |
| $200,001 – $300,000 | 4633 | 5213 |
| $300,001 – $400,000 | 3996 | 3645 |
| $400,001-$500,000 | 2034 | 1561 |
| $500,001-$750,000 | 1539 | 1186 |
| $750,001-$1,000,000 | 321 | 246 |
| $1,000,001-$1,500,000 | 140 | 81 |
| $1,500,001-$2,000,000 | 29 | 19 |
| $2,000,001+ | 18 | 19 |
| Total | 13389 | 13585 |
Salt Lake City Single Family Homes:
The median price of a single family home in Salt Lake City increased from $298,000 in the 1st quarter of 2017 to $351,000 in the 1st quarter of 2018, up 17.8%. Like I said earlier, Kaboom! Hot Lake City! If you look at the previous year, 1st quarter 2016 to 2017, there was a 12.8% increase.
Salt Lake City housing inventory has tightened up too, with the number of homes listed down 7.5% from the 1st quarter 2017 to 2018, and the number of homes sold up 3.4%. Less supply, more demand, and we’re rolling into the second quarter with many multiple offer sales happening. It’s looking like it’s going to be a good year, if you already own a home.
Similar to the County results, there is a dwindling supply of homes under $300,000 in Salt Lake City, and more homes are selling in the upper price ranges.
In the past twelve months, 41.4% of the homes sold, sold for $300,000 or less. In the previous twelve months to that, 49.8% of the homes sold were $300,000 or less. That’s a big change from one year to the next.
If you look at homes that sold for $500,000 or more, they account for 19.1% of the total homes sold in the last twelve months, up from 14.6% in the previous 12 months. This shows that more people are moving up, and it makes sense that this would be the case. Interest rates are still historically low and homes are worth more than they ever have been before.
| Number of Homes Sold | Last 12 Months | Previous 12 Months |
| April 2017 – April 2018 | April 2016 – April 2017 | |
| Salt Lake City Homes | ||
| Up to $200,000 | 265 | 510 |
| $200,001 – $300,000 | 1055 | 1176 |
| $300,001 – $400,000 | 765 | 808 |
| $400,001-$500,000 | 490 | 394 |
| $500,001-$750,000 | 399 | 350 |
| $750,001-$1,000,000 | 131 | 95 |
| $1,000,001-$1,500,000 | 65 | 36 |
| $1,500,001-$2,000,000 | 10 | 7 |
| $2,000,001+ | 3 | 6 |
| Total | 3183 | 3382 |
Salt Lake County Condos & Townhomes:
The median price of condos and townhomes in Salt Lake County, increased from $218,000 in the 1st quarter of 2017 to $242,000 in the 1st quarter of 2018, up 11.0%. If you look at 1st quarter 2016 to 2017, there was a 13.6% increase.
The median price of condos and townhomes in Salt Lake County, has increased along with single family homes, but there is still an abundant supply under $300,000.
The large majority of condos sold during the last twelve months were under $400,000, with only 3.4% of all the condos sold, going for $400,000 or more.
| Number of Condos Sold | Last 12 Months | Previous 12 Months |
| April 2017 – April 2018 | April 2016 – April 2017 | |
| Salt Lake County Condos | ||
| Up to $200,000 | 1569 | 1976 |
| $200,001 – $300,000 | 2231 | 1831 |
| $300,001 – $400,000 | 531 | 326 |
| $400,001-$500,000 | 88 | 66 |
| $500,001-$750,000 | 36 | 45 |
| $750,001-$1,000,000 | 16 | 3 |
| $1,000,001-$1,500,000 | 5 | 4 |
| $1,500,001-$2,000,000 | 5 | 1 |
| $2,000,001+ | 2 | 0 |
| Total | 4483 | 4252 |
Interest Rate Update:
In last month’s SLC Homes News, I reported that the 30-year mortgage rate per Freddie Mac was at 4.45% on March 22, 2018. As of April 12th, it was at 4.42%. Interest rates are holding steady for now.
If you have any questions about buying or selling real estate in and around Salt Lake County, wonder what your home is worth, or have a friend that needs help buying or selling, please contact me. I’ve been a local Realtor since 1999, and absolutely love what I do, and I can’t do it without you.
Thank you!
Kevin Coyle
Realtor Broker MBA CRS
SLC Homes
M: (801) 243-0699
Kevin@SLCHomeBuyer.com
