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2nd Quarter Results

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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.

The second quarter results for our Salt Lake residential market are in, and they are pretty consistent with what we’ve seen in previous years.  So let’s go to it.

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%.

Salt Lake City Condos and Townhomes:

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%.

Overall, the Salt Lake County residential real estate market is continuing to appreciate at a consistent level when you compare this year with previous years. Inventory remains tight and demand is high.
Right now, we’re moving into the second half of the year.  Most of the appreciation for the Salt Lake County residential market, typically happens in the first half of the year, nearly every year.  If that holds true, the second half could be a good time to buy.
If you have any questions about buying or selling real estate in and around Salt Lake County, wonder what your home is worth, need a contractor referral, or have a friend that needs help buying or selling, please contact me.  I’ve been a local Realtor since 1999, and I educate my clients on the market and process.
Thank you!

Kevin Coyle
Realtor  Broker  MBA  CRS
SLC Homes
M: (801) 243-0699
Kevin@SLCHomeBuyer.com

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