The Salt Lake Board of Realtors just came out with the sales numbers for the third quarter of 2016 and it's been a good year for sellers. The median price of homes in Salt Lake County reached $301,000. That's topped the previous peak in 2007 taking inflation into account. That new median price of $301,000 is 7% above the median price at this time in 2015.
According to Cheryl Acker, the president of the Board, "Limited housing inventory & high demand continues to push home prices higher." This has also caused the number of homes in this quarter to drop 5% over last year.
This limited inventory of single-family homes has also had a bonus effect on condo sales in the county. The sales of condos in Salt Lake County increased 7% over the same time last year. The median price has also increased 6% to $200,000.
All this boils down to say that Salt Lake County is still in the midst of a seller's market. There are buyers out there wanting homes and are still often competing with other buyers over the limited inventory. Mortgage interest rates are still hovering at or below 4% and this makes home ownership affordable even with the increased prices.
For more info on these numbers check out this article from the Salt Lake Board of Realtors:
If you'd like to buy or sell a home in Salt Lake County, give me a call, I'd love to help.
For more info on Real Estate in Salt Lake City check out any of these articles.