I love that the 4th of July fell on a Wednesday this year, it worked out well for traveling! We left Tuesday afternoon July 3rd, and headed down to Moab with friends, to float the Colorado River. The daytime highs were over 100 F, but when you’re floating, it’s pretty easy to get cooled off. One thing that was pretty obvious, was how low the river was. I looked into it, and this is the 4th worst water year in 85 years of record keeping, for water flow on the Colorado River. The only years that were worse were 1977, 2002 and 2012. It’s important to remember, that we live in a desert, and we are in a drought.
Salt Lake County Single Family Homes:
The median price of a single family home in Salt Lake County increased from $330,000 in the 2nd quarter of 2017, to $358,000 in the 2nd quarter of 2018, up 8.5%. This increase in value is pretty consistent with the appreciation we’ve seen in the second quarter of previous years. Values were up 10.0% in 2017, 8.7% in 2016 and 8.2% in 2015.
Inventory remains tight, with the number of homes listed down 3.4%, and the number of homes sold down by 5.4%.
Salt Lake City Single Family Homes:
The median price of a single family home in Salt Lake City increased from $334,000 in the 2nd quarter of 2017, to $370,000 in the 2nd quarter of 2018, up 10.8%. This increase in value is also pretty consistent with the appreciation we’ve seen in the second quarter of previous years. Values were up 9.5%% in 2017, 8.9% in 2016 and 6.0% in 2015.
The number of homes listed was down 9.1%, but the number of homes sold also declined by 14.0%, so inventory is actually increasing. However, inventory is still very low. For example, today there are just 62 homes for sale from South Temple to 2100 South and State Street to 1300 East.
Salt Lake County Condos and Townhomes:
The median price of a condo/townhouse in Salt Lake County increased from $225,000 in the 2nd quarter of 2017, to $240,000 in the 2nd quarter of 2018, up 6.7%. This increase is a little low compared to the appreciation we’ve seen in the second quarter of previous years. Values were up 9.8% in 2017, 8.5% in 2016 and 8.6% in 2015.
Inventory has tightened up, with the number of condos & townhomes listed down 7.1%, and the number sold up 7.3%.
The median price of a condo/townhouse in Salt Lake City increased from $219,000 in the 2nd quarter of 2017, to $247,000 in the 2nd quarter of 2018, up 12.8%. The median price was up 9.5% in 2017, 8.7% in 2016 and 4.6% in 2015.
Inventory has tightened up, with the number of condos & townhomes listed down 7.0%, and the number sold up 3.5%.
Kevin Coyle
Realtor Broker MBA CRS
SLC Homes
M: (801) 243-0699
Kevin@SLCHomeBuyer.com
