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2014-01-27 16:51:39
Salt Lake home sales in 2013 are highest on record

Salt Lake home sales in 2013 are highest on record in seven years

 

The number of single-family homes sold in Salt Lake County in 2013 were the best on record in seven years, according to the Salt Lake Board of Realtors®. More than 11,700 homes were sold during the year, a 6 percent increase over sales in 2012.

“Home sales in 2013 surpassed levels seen in 2007, the year prior to the start of the Great Recession,” We expect 2014 will also bring strong demand for housing as Utah’s strong economy produces more jobs and in-migration/population levels continue to surge.

Despite the annual gains, home sales (single-family) declined in the fourth quarter while sales of condominiums and townhomes surged. Higher home prices and rising inventory levels dampened single-family home sales and pushed more buyers to multifamily homes. It was the first time in three years that home sales declined (year-over-year) in a fourth quarter.

In the three months ended Dec. 31, there were 2,599 single-family homes sold by Realtors® in Salt Lake County, a 5 percent drop compared to 2,750 home sales in the fourth quarter of 2012. Single-family home sales were also down in Davis, Utah and Weber counties.

The median single-family home price in the fourth quarter in Salt Lake County climbed to $244,625, an 11 percent jump compared to a median price of $221,087 last year during the same quarter. The biggest percent increases in median prices in Salt Lake County included: Holladay (84124) up 30 percent; Taylorsville/Kearns (84123), up 19 percent; and North Salt Lake (84116) up 18 percent.

Sales of condominiums in Salt Lake County climbed to 645 in the fourth quarter, an increase of 15 percent compared to 559 sales in the fourth quarter of 2012. During the same period, the median condo price in Salt Lake County climbed to $168,000, up 15 percent compared to a median price of $145,500.

 
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