Last month’s topic was why housing inventory in Salt Lake County is so low. This month we’re going to break down the market activity into price ranges to see what’s hot and what’s not. I know stats can be a dry topic, so I’ve done my best to highlight and interpret what’s going on, in a concise bullet point presentation instead of the narrative style I usually do. If you’re not a stats person, just skip over the charts and go right to the bullet points to the highlights.
The four tables below show the market activity for:
- Single family homes in Salt Lake County
- Single family homes in Salt Lake City
- Condos and townhomes in Salt Lake County
- Condos and townhomes Salt Lake City
The table show five factors:
- Number of properties listed for sale
- Number of properties currently under contract
- Weeks of inventory based of homes under contract compared to homes for sale
- Number of properties sold in the last year (365 days)
- Weeks of inventory based on homes for sale compared to homes sold in the last year
First let’s look at Single Family homes in Salt Lake County:
| Salt Lake County Single Family Home Inventory | ||||||
| U/C Current | 1-Year | |||||
| Homes | Under | Weeks of | Sold | Weeks of | ||
| Price | Range | For Sale | Contract | Inventory | 1-Year | Inventory |
| $0 | $100,000 | 13 | 4 | 16 | 62 | 11 |
| $100,001 | $200,000 | 113 | 283 | 2 | 2721 | 2 |
| $200,001 | $300,000 | 317 | 709 | 2 | 4975 | 3 |
| $300,001 | $400,000 | 407 | 461 | 4 | 2960 | 7 |
| $400,001 | $500,000 | 256 | 192 | 7 | 1236 | 11 |
| $500,001 | $600,000 | 173 | 98 | 9 | 523 | 17 |
| $600,001 | $700,000 | 109 | 51 | 11 | 285 | 20 |
| $700,001 | $800,000 | 73 | 23 | 16 | 145 | 26 |
| $800,001 | $900,000 | 38 | 9 | 21 | 78 | 25 |
| $900,001 | $1,000,000 | 33 | 4 | 41 | 49 | 35 |
| $1,000,001 | $1,250,000 | 36 | 9 | 20 | 53 | 35 |
| $1,250,001 | $1,500,000 | 35 | 4 | 44 | 34 | 54 |
| $1,500,001 | $2,000,000 | 29 | 2 | 73 | 14 | 108 |
| $2,000,001 | $3,000,000 | 23 | 1 | 115 | 9 | 133 |
| $3,000,001 | $5,000,000 | 13 | 2 | 33 | 3 | 226 |
| $5,000,001 | $18,400,000 | 13 | 0 | No Sales | 0 | No Sales |
| Total | 1681 | 1852 | 4.5 | 13147 | 6.7 | |
*Weeks of inventory for homes under contract assumes 35 days from contract accepted to closing.
**Weeks of Inventory for homes sold in 1 year: ((homes for sale / homes sold) x 365 days) / 7 days per week
**”No Sales” in the weeks of inventory column calculates to infinity until one home sells. Assume 1+ years.
- In Salt Lake County there is 4.5 weeks of current inventory overall.
- There is 2 weeks of current inventory in the $100,000 to $300,000 range.
- 4 weeks for $300,000 to $400,000.
- 7 weeks for $400,000 to $500,000.
- Surprisingly, the $1,000,000 to $1,250,000 price range has only 20 weeks of inventory. Five years ago these homes were nearly impossible to sell.
- If you look at the $100,000 to $300,000 price range and compare the 1-year to the current inventory, you’ll see that this price range has been consistently selling since spring 2015 with 2 to 3 weeks of inventory. Some of these sellers were moving up, and this accounts for the recent decline in inventory for homes priced above $300,000.
- The highest volume of homes that are currently selling is in the $200,000 to $300,000 price range accounting for 38% of all homes.
- The $300,000 to $400,000 range is second highest at 25% of sales.
- 89% of homes that are currently selling are priced from $100,000 to $500,000.
Next, let’s look at Single Family homes in just Salt Lake City:
| Salt Lake City Single Family Home Inventory | ||||||
| U/C Current | 1-Year | |||||
| Homes | Under | Weeks of | Sold | Weeks of | ||
| Price | Range | For Sale | Contract | Inventory | 1 Year | Inventory |
| $0 | $100,000 | 4 | 2 | 10 | 25 | 8 |
| $100,001 | $200,000 | 24 | 92 | 1 | 854 | 1 |
| $200,001 | $300,000 | 52 | 149 | 2 | 1117 | 2 |
| $300,001 | $400,000 | 48 | 97 | 2 | 743 | 3 |
| $400,001 | $500,000 | 22 | 41 | 3 | 334 | 3 |
| $500,001 | $600,000 | 42 | 23 | 9 | 181 | 12 |
| $600,001 | $700,000 | 25 | 19 | 7 | 96 | 14 |
| $700,001 | $800,000 | 24 | 7 | 17 | 57 | 22 |
| $800,001 | $900,000 | 21 | 6 | 17 | 24 | 46 |
| $900,001 | $1,000,000 | 14 | 2 | 35 | 19 | 38 |
| $1,000,001 | $1,250,000 | 14 | 3 | 23 | 28 | 26 |
| $1,250,001 | $1,500,000 | 11 | 1 | 55 | 20 | 29 |
| $1,500,001 | $2,000,000 | 11 | 0 | No Sales | 4 | 143 |
| $2,000,001 | $3,000,000 | 1 | 1 | 5 | 9 | 6 |
| $3,000,001 | $5,000,000 | 13 | 2 | 32 | 2 | 339 |
| $5,000,001 | $18,400,000 | 5 | 0 | No Sales | 0 | No Sales |
| Total | 331 | 445 | 3.7 | 3513 | 4.9 | |
- In Salt Lake City there is 3.7 weeks of current inventory which is lower than the 4.5 weeks in Salt Lake County.
- There is 2 weeks of current inventory for homes priced $200,000 to $400,000.
- 1 week for $100,000 to $200,000.
- 3 weeks for $400,000 to $500,000. In SL Co. there’s 7 weeks in this range
- If you look at the $100,000 to $500,000 price range and compare the 1-year inventory to the current inventory, you’ll see that this price range has been consistently selling since spring 2015 with 1 to 3 weeks of inventory. In Salt Lake County the 1-year activity was only in the $100,000 to $300,000 range.
- Having 1 year inventory in line with current spring inventory is a rare occasion.
- The highest volume of homes that are currently selling is in the $200,000 to $300,000 price range accounting for 34% of all homes.
- The $100,000 to $200,000 range is at 21%, $300,000 to $400,000 range 22%.
- 85% of homes that are currently selling are priced from $100,000 to $500,000.
Next, let’s look at Condos and Townhouse sales in Salt Lake County:
| Salt Lake County Condo & Townhome Inventory | ||||||
| U/C Current | 1-Year | |||||
| Homes | Under | Weeks of | Sold | Weeks of | ||
| Price | Range | For Sale | Contract | Inventory | 1-Year | Inventory |
| $0 | $100,000 | 24 | 39 | 3 | 207 | 6 |
| $100,001 | $200,000 | 147 | 256 | 3 | 1807 | 4 |
| $200,001 | $300,000 | 233 | 320 | 4 | 1350 | 9 |
| $300,001 | $400,000 | 65 | 43 | 8 | 232 | 15 |
| $400,001 | $500,000 | 22 | 13 | 9 | 48 | 24 |
| $500,001 | $600,000 | 10 | 4 | 13 | 21 | 25 |
| $600,001 | $700,000 | 7 | 3 | 12 | 12 | 30 |
| $700,001 | $1,000,000 | 22 | 0 | No Sales | 5 | 229 |
| $1,000,001 | $2,500,000 | 7 | 0 | No Sales | 7 | 52 |
| Total | 537 | 678 | 4.0 | 3689 | 7.6 | |
- In Salt Lake County there is 4.0 weeks of current condo inventory which is less than the 4.6 weeks of single family homes in the county. I don’t ever recall a time when condos were in lower supply than single family homes.
- I believe condos are selling so robustly because of the shortage of homes for sale and housing affordability. The next two points highlight affordability.
- On March 30, 2012, the average single family home in Salt Lake County sold for $190,000. As of March 30, 2016, that average escalated $85,000 to $275,000, a 44.7% increase.
- If you look at the same time frame for condos and townhouses in Salt Lake County, the average price increased $48,000 (33.8%) from $142,000 to $190,000.
- This is pretty typical for a Salt Lake real estate boom, single family homes lead and condos and townhomes follow.
- There is 3 weeks of current inventory for condos priced $0 to $200,000.
- 4 weeks for $200,000 to $300,000.
- Condos are selling pretty well up to $700,000 with 8 to 13 weeks of inventory in the $300,000 to $700,000 range.
- The highest volume of condos currently selling is in the $200,000 to $300,000 price range accounting for 47% of all condos and townhomes.
- The $100,000 to $200,000 range is at 38%.
- 85% of the condos currently selling are priced from $100,000 to $300,000.
Condos and Townhouse sales in Salt Lake City:
| Salt Lake City Condo & Townhome Inventory | ||||||
| U/C Current | 1-Year | |||||
| Homes | Under | Weeks of | Sold | Weeks of | ||
| Price | Range | For Sale | Contract | Inventory | 1-Year | Inventory |
| $0 | $100,000 | 11 | 15 | 4 | 68 | 8 |
| $100,001 | $200,000 | 40 | 81 | 3 | 525 | 4 |
| $200,001 | $300,000 | 37 | 49 | 4 | 239 | 8 |
| $300,001 | $400,000 | 31 | 17 | 9 | 144 | 11 |
| $400,001 | $500,000 | 12 | 11 | 6 | 38 | 17 |
| $500,001 | $600,000 | 4 | 3 | 6 | 17 | 12 |
| $600,001 | $700,000 | 5 | 3 | 8 | 10 | 26 |
| $700,001 | $1,000,000 | 6 | 1 | 30 | 4 | 78 |
| $1,000,001 | $2,500,000 | 6 | 0 | No Sales | 4 | 78 |
| Total | 152 | 180 | 4.2 | 1049 | 7.6 | |
- In Salt Lake County there is 4.2 weeks of current condo and townhouse inventory which is less than the 3.7 weeks of single family homes in SL City.
- There is 3 weeks of current inventory for condos priced $100,000 to $200,000.
- 4 weeks for $200,000 to $300,000, and $0 to $100,000.
- Condos are selling pretty well up to $700,000 with 6 to 9 weeks of inventory in the $300,000 to $700,000 range. In SL County this range is 8 to 13 weeks.
- The highest volume of condos currently selling is in the $100,000 to $200,000 price range accounting for 45% of all condos and townhomes sold. In SL County the highest volume is 47% in the $200,000 to $300,000 range.
- Condos and townhomes in Salt Lake City are the only properties with the highest percentage of sales volume in the $100,000 to $200,000 price range. All the other categories had their highest volume in the $200,000 to $300,000 range. I believe the reason for this is there are a lot old converted apartment buildings and studio and one bedroom options in Salt Lake City and you don’t see many of those in the suburbs.
- The $200,000 to $300,000 range is second most active at 27%.
- 90% of the condos currently selling in SL City are priced under $400,000.
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. Ninety percent of my business comes from friend, repeat clients and referrals.
Thank you!
Kevin Coyle
Realtor Broker MBA CRS
SLC Homes
M: (801) 243-0699
Kevin@SLCHomeBuyer.com
