What’s Happening with Salt Lake County Real Estate?
Today, we’ll talk about keeping score. We’re a little over halfway through 2015, and it’s been a record sales year for housing across the Wasatch Front.
In Salt Lake County, home sales are up 18% from 2014, and the median sales price for single-family homes has risen by 7%. In Davis County, home sales are up 17%, and the median sales price is up by 3%. In Utah County, sales have risen by a whopping 23.6%, with the median sales price up 6.5%. Tooele County has also seen home sales rise, in this case by 22.3%, and the median price is up by 15%.
Overall, the average sales price in Utah has risen by 6%. We have low inventory right now, which is good news for sellers. Right now, we have 3.3 months of inventory, and anything under 4 months is considered a seller’s market.
Buyer demand is high, however, and the average time on market for a single-family home is 49 days. For the Stern Team, the average time on market is 3 weeks.
The strangest phenomenon in our market right now is that the affordability index remains near record lows. Interest rates and Utah’s strong economy have played important roles in keeping homes affordable for the average buyer.
If you have any questions about today’s video, please give us a call or send us an email. We’d be happy to help you!