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2017-08-07
Median Single Family Home Prices Reach $327,000 in Salt Lake County

Wasatch Front home prices in this year’s second quarter climbed to their highest point ever. The median Wasatch Front home price reached $300,000, up from $275,000 a year ago. In Salt Lake County, the median single-family home price was $327,000, a 10 percent increase from last year.

The top five most expensive housing areas by ZIP code in the second quarter were:

  1. Emigration Canyon (84108) $561,000, up 19.4%
  2. The Avenues (84103) $502,000, up 2.7%
  3. Eden (84310) $501,000, up 24.5%
  4. Alpine (84004) $497,000, up 5.9%
  5. Draper (84020) $482,250, up 8.0%

 

Competition is fierce for homes priced under a half-million dollars. Many sellers continue to make the sale of their home contingent on them finding another property. Buyers typically offer more than asking price and compete with several other offers.

The higher prices and limited housing inventory are putting a drag on existing home sales. In the second quarter, there were 8,201 single-family homes sold across the Wasatch Front, down 7 percent from 8,810 sales a year earlier. It was the first decline in sales for a second quarter in four years. In Salt Lake County, home sales were down 5 percent. Utah County saw a 6 percent . Davis and Weber counties each saw declines of 11 percent. The biggest was in Tooele County were sales fell 15 percent year-over-year.

While overall home sales were down, many areas saw double-digit increases. Taylorsville (84129) saw sales rise 38 percent. Provo (84604) sales were up 25 percent. In Holladay, sales climbed 22 percent. Nearly half (46 percent) of all single-family homes sold along the Wasatch Front were in Salt Lake County. Utah County captured 22 percent of all single-family home sales.

Condominium sales were up in all counties on the Wasatch Front, except Salt Lake County were they fell 7 percent. The median priced condo in Salt Lake increased to $224,000, up 11 percent year-over-year.

The average cumulative days a single-family home was on the market in the second quarter along the Wasatch Front fell to 9 days, down from 10 days in the second quarter of 2016.

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