Wednesday January 13, 2016:
2015 was an Amazing year! I’ve never worked so hard or accomplished so much. Thank you to everyone who bought or sold a property through me or referred a friend. Over 90% of my business came from the people who know me and the people they refer. You made my year!
I put the SLC Homes News on the back burner in May 2015, so I could give 110% to my active clients, but now I’m back at it again.
The 2015 Salt Lake County real estate market was a year of low housing inventory and high buyer demand with many multiple offer scenarios, especially on homes under $400,000. As a result, real estate values increased in 2015.
The median price of a single family home in Salt Lake County increased from $256,000 to $270,000, a 5.6% increase.
The median price of a single family home in Salt Lake City increased from $250,000 to $274,000, a 9.6% increase.
The median price for a condo or townhouse in Salt Lake County increased from $173,000 to $197,000, a 13.9% increase.
The average days on the market for a home listed at $400,000 or less in Salt Lake County during the 2nd quarter of 2015 was only 13 days compared to 27 days for the same time in 2014.
The average days on the market for a home listed at $400,000 or less in Salt Lake County during the 4th quarter of 2015 was 21 days compared to 36 days for the same time in 2014.
Inventory levels of single family homes in Salt Lake County for the 4th quarter of 2015 are very tight, with 3,023 homes listed for sale and 2,809 (93%) sold. In comparison, during the 4th quarter of 2014 there were 3,217 homes listed and 2,607 (81%) homes sold. So current inventory levels of homes listed are lower and the number of homes sold is higher than they were last year at this time.
Inventory levels of single family homes in Salt Lake County under $300,000 are very tight right now with 689 homes for sale, 792 under contract and 1,619 homes sold in the last 90 days. That works out to four to five weeks of inventory for homes under $300,000. The $300,000 to $500,000 price range has about ten weeks of housing inventory right now, which is also pretty low. A seller’s market is considered anything less than six months of inventory.
Single family homes in Salt Lake City are very scarce right now. Within the area from Capitol Hill and the Avenues down to I-80 east of I-15, there are only 28 homes for sale under $300,000, 37 homes priced from $300,000 to $500,000 and a total of 154 homes for sale at any price.
The table below shows the number of single family homes for sale, under contract, sold in the last 90 days and sold in the last 180 days in Salt Lake County and the table below that shows the same thing for Salt Lake City from the Avenues and Capitol Hill down to I-80 east of I-15:
| Salt Lake County | Homes | Under | Homes Sold | Homes Sold |
| Price Range | For Sale | Contract | 90 Days | 180 Days |
| Under $200,000 | 253 | 317 | 585 | 1336 |
| $200,000 to $300,000 | 436 | 475 | 1032 | 2437 |
| $300,000 to $400,000 | 449 | 277 | 594 | 1429 |
| $400,000 to $500,000 | 251 | 133 | 236 | 607 |
| $500,000 to $600,000 | 157 | 49 | 101 | 251 |
| $600,000 to $800,000 | 169 | 34 | 79 | 204 |
| $800,000 to $1,000,000 | 73 | 21 | 25 | 61 |
| $1,000,000 to $1,500,000 | 54 | 9 | 17 | 45 |
| $1,500,000 to $2,000,000 | 30 | 0 | 4 | 7 |
| $2,000,000 to $3,000,000 | 24 | 0 | 0 | 5 |
| $3,000,000 to $5,000,000 | 16 | 0 | 3 | 3 |
| $5,000,000 to $10,000,000 | 9 | 0 | 0 | 0 |
| $10,000,000 plus | 4 | 0 | 0 | 0 |
| Salt Lake City (Aves to I-80) | Homes | Under | Homes Sold | Homes Sold |
| Price Range | For Sale | Contract | 90 days | 180 Days |
| Under $200,000 | 11 | 15 | 24 | 56 |
| $200,000 to $300,000 | 17 | 32 | 85 | 200 |
| $300,000 to $400,000 | 22 | 24 | 71 | 188 |
| $400,000 to $500,000 | 15 | 21 | 41 | 107 |
| $500,000 to $600,000 | 16 | 8 | 23 | 64 |
| $600,000 to $800,000 | 23 | 7 | 26 | 57 |
| $800,000 to $1,000,000 | 19 | 7 | 4 | 14 |
| $1,000,000 to $1,500,000 | 12 | 2 | 10 | 21 |
| $1,500,000 to $2,000,000 | 6 | 0 | 0 | 0 |
| $2,000,000 to $3,000,000 | 6 | 0 | 0 | 2 |
| $3,000,000 to $5,000,000 | 2 | 0 | 1 | 1 |
| $5,000,000 to $10,000,000 | 4 | 0 | 0 | 0 |
| $10,000,000 plus | 1 | 0 | 0 | 0 |
Interest rates for a 30-year fixed mortgage are at 3.9% right now, unchanged from last year at this time.
The unemployment rate in Salt Lake County was at 2.9% in November 2015, which is relatively unchanged from the 3.0% rate in November 2014.
Right now the Salt Lake real estate market is stronger than it was a year ago at this time. Current housing inventory is lower, the number of homes sold is higher, the average days on the market is lower and interest rates and local unemployment rates remain unchanged.
I’m expecting the first half of 2016 to be another positive year for residential real estate values in Salt Lake City and County.
If you have any questions about buying or selling real estate in and around Salt Lake County or wonder what your home is worth, please contact me.
Thank you!
Kevin Coyle
Realtor Broker MBA CRS
SLC Homes
M: (801) 243-0699
Kevin@SLCHomeBuyer.com
