The third quarter results are in for the Salt Lake County housing market, and it’s pretty much what you’d expect for this time of year. The median price for a single family home increased 9.7% for the 3rd quarter of 2017 when compared to 3rd quarter 2016, from $300,000 to $329,000, and was relatively flat compared to the 2nd quarter of 2017. The number of homes listed increased from 4,952 to 5,131, a 3.9% increase, and the number of homes sold decreased from 3,852 to 3,515, down 8.3%.
That’s not as strong as last year, but inventory is still super tight. For example, as of 9:00 AM this morning in the Liberty Wells neighborhood where I live (State Street to 700 East and 1300 South to 2100 South) there are nine homes for sale. That’s nine homes in a neighborhood that’s nearly 1 square mile. In 9th & 9th (700 South to 1300 South and 700 East to 1100 East) there are five homes for sale. The 15th & 15th neighborhood (1300 South to 1700 South and 1300 East to 1800 East) has six homes for sale. Like I said, inventory is still super tight.
The median price for a condo/townhouse in Salt Lake County increased 8.9% for the 3rd quarter of 2017 when compared to 3rd quarter 2016, from $202,000 to $220,000. The number of condos/townhomes listed increased by 8.9%, from 1,367 to 1,488, and the number sold increased 2.8%, from 1,198 to 1,231. Surprisingly, the condo market is even tighter than the housing market. I’m guessing that’s because the median price of a condo is $220,000, and the median price of a single family home is $329,000.
The Big Picture:
Forest fires in the west and hurricanes in the south have destroyed more than 10,000 homes in the United States in the last three months. The national inventory situations is tight and getting tighter. The cost of labor and materials is increasing due to demand. Lumber is at a 13 year high right now. For more information about the “Big Picture”, check out this CNBC news article:
https://www.cnbc.com/2017/10/18/the-housing-market-cant-take-the-shock-of-a-natural-event-redfin-economist-warns.html
If you or anyone you know has any questions about the local real estate market, or needs help buying or selling residential real estate, I’d love to help! 95% of all the business I do comes from past clients, and the friends, family and coworkers that they refer to me. Thank you!
Kev
