If you’ve been in the Salt Lake area for a while, you might be as surprised as I am how long our market has been booming, and most experts agree that there’s no end in sight. Here’s what happened in our market during the second quarter.
The median sold price for homes in Salt Lake County was a whopping $320,000 during the second quarter, which is an all-time high. We’ve suddenly gone well past that $300,000 mark, up 6.7% over the second quarter of last year.
The median asking price for homes in our area is $347,900.
Part of the reason for high prices has been historically low inventory. However, some new construction is finally hitting the market, and Salt Lake’s home inventory surged 48.6% during this past quarter, rebounding from huge drops. (In fact, this increase in inventory was the second largest in the nation.)
Days on Market
We saw a winter slowdown last quarter, with homes staying on the market around 20 days. We’re back to a frenzied pace of an average of just 9 days on the market.
It’s extremely common for buyers to have to make multiple offers before they get a home right now. This, combined with high prices, is making it difficult for people to buy homes.
Number of Homes Sold
Just over 5,000 homes were sold last quarter, which is very close to the number of homes sold during the second quarter of 2017.
Ready to Buy or Sell?
Buying or selling in a market like ours comes with its own unique challenges. If you’re wanting to do either one in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a plan so we can navigate these waters together.