Market Heartbeat

Salt Lake City Real Estate Heartbeat November 2016

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.