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WORDS OF WISDOM Real Estate News and Tips

CURRENT REAL ESTATE MARKET

Q4 SALT LAKE HOUSING REPORT

Home sales across the Wasatch Front increased 9 percent in the final three months of 2016 compared to the same period a year earlier, according to the Salt Lake Board of Realtors®. The median price of a single-family home settled at $270,000, up 6 percent compared to the fourth quarter of 2015.

Salt Lake County accounted for 44 percent of all single-family home sales in the fourth quarter. Utah County was the second most active, capturing 22 percent of all single-family sales across the five counties making up the Wasatch Front.

The most popular areas in terms of home sales occurred in ZIP Codes with more affordable home prices. Clearfield, Tooele, Farr West, Taylorsville, and Lehi were the top five hottest selling areas. These five cities accounted for nearly 20 percent of all existing Wasatch Front home sales in the fourth quarter.

The price of a single-family home across the Wasatch Front increased to $270,000, up 6 percent from $255,000 a year ago. Salt Lake County had the highest home prices at a median of $290,000. Utah County home prices were the second most expensive at a median price of $275,000.

By ZIP Code, Alpine had the highest median home price on the Wasatch Front at $607,500. The Avenues in Salt Lake City came in No. 2 at a median price of $525,000. Emigration Canyon was in third place at $476,000. Holladay and Eden rounded out the top five most expensive ZIP Codes at median values of $473,237 and $472,450 respectively.

For the year, sales of single-family homes in Salt Lake County increased 1.3 percent to 13,600 sales, the highest level of existing single-family homes sales in 10 years and the third highest level in the county’s history (exceeded only by the pre-recession years of 2006 and 2007).

Troy Peterson, President, Salt Lake Board of Realtors®
January 30, 2017
http://slrealtors.com/home-stats/