It’s been a few months since I’ve written the SLC Homes News. During that time I played general contractor to remodel a home in Glendale, while I was also selling real estate during the busy spring selling season. That project is now complete and my new tenants have moved in. The experience was a little stressful at times, but overall, it was pretty amazing in that I learned a lot of new things, and got back in touch with the process and cost to remodel a home.
In case you’re wondering, Glendale is one of the neighborhoods on the west side of Salt Lake City. It’s located in between 700 West and Redwood Road (1700 West) and 700 South and 1700 South. Glendale has a lot to offer! Single family homes tend be priced under $250,000. The Sorenson Unity Center is located in the heart of Glendale at 900 West and California Avenue (1300 S) and has a fitness center and an indoor pool. The Jordan River runs through Glendale and there are a couple of parks along it too, including Jordan Park and the International Peace Gardens and the Jordan River Parkway Trail. If you have a bike, go take a ride on the Jordan River Parkway Trail, it’s very cool and you’ll see a lot of cool birds along the way. Here are a couple links to more about the Sorenson Unity Center and the Jordan River Parkway Trail:
http://sorensonunitycenter.com
http://www.bikeslc.com/jordanrivertrail/default.html
The second quarter of 2017 was another hot spring selling season for residential property in Salt Lake County. Let’s take a look at the results.
The median price of a single family home in Salt Lake County increased from $300,000 in the 2nd quarter of 2016, to $330,000 in the 2nd quarter of 2017, up 10.0%. The increases in value over the last three years have been pretty consistent in the second quarter as you can see from the Home Sale graph below. Values were up 8.7% in 2016 and 8.2% in 2015. Another thing to note is the consistency of the cycle throughout the last three years. More homes are listed for sale and sold in the second quarter of every year, and as a result of this pattern, nearly all the increases in value happen during the spring selling season.
The median price of a single family home in Salt Lake City increased from $306,000 in the 2nd quarter of 2016, to $335,000 in the 2nd quarter of 2017, up 9.5%. The increase for 2016 was 8.9% and 2015 was 6.0%.
The median price of a condo/townhouse in Salt Lake County increased from $205,000 in the 2nd quarter of 2016, to $225,000 in the 2nd quarter of 2017, up 9.8%. The increase for 2016 was 8.5% and 2015 was 8.6%.
The condo market in Salt Lake County is tracking with the single family home market for the last three years in a row. This is great to see! Condo values in Salt Lake County didn’t use to keep up with the values of single family homes in an appreciating market. I think this is a result of supply and demand tied to what people can afford to buy. Another interesting thing to note is the value of condos in Salt Lake County has consistently increase since the first quarter of 2016, with one only exception, and that was a small 1.5% decrease in the third quarter of 2016.
The median price of a condo/townhouse in Salt Lake City increased from $199,000 in the 2nd quarter of 2016, to $218,000 in the 2nd quarter of 2017, up 9.5%. The increase in 2016 was 8.7% and 2015 was 4.6%. Again, the condo market in Salt Lake City is tracking with the single family home market in Salt Lake City, for the last three years in a row.
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!
Kevin Coyle
Realtor Broker MBA CRS
SLC Homes
(801) 243-0699
Kevin@SLCHomeBuyer.com
