Q4 Salt Lake City Housing Market Update

It’s no secret that the Salt Lake housing market is booming right now. Here’s what’s been going on in our neck of the woods during the last three months of 2017.

Price

The median sold price for houses in Salt Lake County was $299,000 during the fourth quarter. Believe it or not, this is close to the all-time high for the median sales price in Salt Lake County, which was $299,900 in the second quarter of 2017.

The median asking price during the fourth quarter was $308,000, an increase of about 9% over last year’s fourth-quarter asking price.

Part of the reason for high prices is that inventory is still historically low. A balanced market has six months of inventory, and right now, Salt Lake County’s supply of homes would last just 1.11 months at the current rate. It is definitely still a seller’s market!

Days on Market

Earlier this year, homes in Salt Lake County were averaging just seven days on the market. It was frenzied!

During the fourth quarter of 2017, the pace was a little more respectable—25 days was the average time a home was on the market. This gave buyers a little better shot at getting a home they were interested in.

Number of Homes Sold

About 4,400 homes were sold in the fourth quarter of 2017, just about 100 more homes than were sold during the fourth quarter of 2016.

Ready to Buy or Sell?

Buying or selling in a market like ours comes with its own unique challenges. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a plan so we can navigate these waters together.

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