Nationwide, home sales in 2017 were the highest they’ve been since the Great Recession. Total home sales increased 1.9% to 6.13 million units. Existing home sales increased 1.1% and new home sales increased by 10% over 2016! Sales are forecast to continue to increase by 2.8% in 2018 and an additional 2% in 2019.*
Current Market Analysis – Salt Lake City:
|Today||1 Month Ago||1 Year Ago|
|Active Inventory||506||466 +8%||591 -14%|
|Median List Price||$488,500||$482,450 +1%||$434,900 +12%|
|Median Day on Market||33||30 +10%||36 -8%|
|Median House Size||2,133||2,163 -1%||2,196 -2%|
|Median $/Sqft||$228||$230||$205 +11%|
You can see by the Current Market Analysis above, Salt Lake City’s market is in a positive trend. The median list price is up 12% over last year and 1% from June to July, the average number of days a home is on the market is down 8% over last year, and the median price per square foot is up 11% over last year. These are all good things when looking to sell a home.
In Salt Lake County, total home sales have stayed relatively steady from 2016 to 2017, with a total number of homes sold decreasing by only 1%. However, the 1st half 2018 is already 1% higher than the 1st half of 2017, having sold an additional 210 homes over last year’s 1st half. The median sales price per house increased from $264,750 in 2016 to $291,500 in 2017. Additionally, the 1st half of 2018 has already raised that median amount to $320,000.
Forecast for 2018
Utah is expected to gradually double in population by 2065. It is forecast* that in 2018, Salt Lake County will have 6,900 individuals move in from outside of Utah and current households are expected to grow by 8,500 people. This growth should raise the number of homes sold to over 18,000 homes. It will also lead to an increase of prices of about 7 to 8 percent. This will bring the median home price up to $350,000 and increase the total amount of home sales to $6.6 billion, substantially higher than the 5.9 billion in 2017.
Based on the first half of 2018’s data compilation, compared to previous year’s trends, Salt Lake County is on track to reach over 18,000 homes sold and push that median home price to $350,000.
*Forecasts are based on those of Fannie Mae, Freddie Mac, the Mortgage Bankers Association, and the National Association of Realtors.
If you’re looking to get involved in Utah’s real estate market, we’d love to help. Contact us today!