I’m sure this comes as no surprise, Salt Lake housing prices continue to rise.
The median price of a single family home in Salt Lake County increased from $275,000 in the 1st quarter of 2016, to $304,000 in the 1st quarter of 2017, up 10.1%. Also during this time frame, the number of homes listed for sale decreased from 3,912 in 2016 to 3,572 in 2017, down 8.7%.
The median price of a single family home in Salt Lake City increased from $265,000 in the 1st quarter of 2016, to $299,000 in the 1st quarter of 2017, up 12.8%. Also during this time frame, the number of homes listed for sale decreased from 922 in 2016 to 815 in 2017, down 11.6%.
The median price of a condo or townhouse in Salt Lake County increased from $190,000 in the 1st quarter of 2016, to $216,000 in the 1st quarter of 2017, up 13.6%. Also during this time frame, the number of condos and townhomes listed for sale decreased from 1,257 in 2016 to 1,152 in 2017, down 8.4%.
Apartment Boom!
The demand for housing is outpacing the supply, and there are a ton of three to five story apartment buildings popping up everywhere you look lately, especially in Salt Lake City and County. The shift happened in 2014 when apartment construction spiked, from 2,500 units permitted in 2013 across the state of Utah, to 6,700 units in 2014, a 265% increase. Since then there were 5,026 units permitted in 2015 and 5,735 units in 2016. Of these 17,500 new units, 85% of them have been built in Salt Lake and Utah County. During 2016, 77.9% of the units permitted in the state were in Salt Lake County.
The demand for all these new apartments comes from the increase in new households which is outpacing the number of homes available. Home builders are building as fast as they can, but they can’t keep up with the demand due to scarcity of affordable land, a shortage of labor and zoning restrictions.
During 2016 there were 10,579 building permits issued for single family homes in the state which seems like a lot, but it’s really not. During the period from 1993 to 2007, the average number of single family building permits issued per year was 15,300 units per year.
Check out these Helpful Web Sites:
If you want to know a little bit more about what is being built in the neighborhoods of Salt Lake City and suburban Salt Lake, check out BuildingSaltLake.com. It’s a great resource!
It’s spring, and that means it’s time to start working in the yard and the garden. If you are looking for high quality garden tools, check out A.M. Leonard. One of the tools I bought last year and have also given as a gift, is the “Garden Knife”. It’s great for planting, but be careful, it’s sharp when it’s new:
http://www.amleo.com
http://www.amleo.com/Search.aspx?ss=garden+knife
If you or someone you know has any questions about buying or selling real estate in and around Salt Lake County, feel free to contact me. I’ve been a local Realtor since 1999, and love what I do!
Thank you!
Kevin Coyle
Realtor Broker MBA CRS
SLC Homes
M: (801) 243-0699
Kevin@SLCHomeBuyer.com
