Despite predictions that Utah’s housing market was finally going to see a slowdown in 2019 due to rising interest rates, more inventory, and stabilizing prices, we haven’t seen that at all as we get into peak homebuying season.
Things are moving just as quickly as ever around here, which brings both good and bad with it, depending on which side of the coin you’re on.
The median sold price for homes in Salt Lake County was $346,000 during the second quarter, which is up substantially from the median sold price during the first quarter of 2019. That number was $325,000. We’re also up substantially from the second quarter median sold price last year, which was $320,000. (You know what’s really wild? In 2016, that median sold price was just $269,985).
If you own a home here in the Salt Lake area, it’s likely that your home’s equity has risen quite nicely over the past few years. In fact, according to Zillow, Salt Lake home values have gone up 9% in the past year.
We’re continuing to set record-high prices for homes around here. If you’re thinking of buying, you may want to go ahead and do it! Prices are unlikely to fall anytime soon—they just keep going up and up and up.
In fact, median home prices in our area are hovering a whopping 20% higher than homes in comparable large cities in the west like Phoenix, Boise, and Las Vegas.
Our area continues to bring in large numbers of skilled labor due to all the available jobs and Utah’s strong economy, but experts worry that a continued housing market like this one could make it too hard for people to find affordable housing, preventing them from making the move to Salt Lake. In fact, we currently have a shortage of about 50,000 affordable houses.
Days on Market
Homes are continuing to move fast, but they’re not moving quite as fast as they were. During this time last year it was 10 days, and now it’s 15 days. So, you have a little bit more time to put in an offer on a home you love, though it certainly isn’t much more.
If you’re selling a home in Salt Lake City, you’re likely still going to be able to sell it very, very quickly.
Number of Homes Sold
5,136 homes were sold last quarter, which is close to the 5,169 homes that were sold during the second quarter of 2018.
Inventory continues to be really tight around here, especially for the homes on the lower end of the price spectrum. Depending on what type of home you’re looking for, it may be hard to find a home you want right away.
So many economists predicted much higher interest rates than we currently have. In fact, we’re still hovering at just around 4%. These incredibly good rates are helping people when it comes to affording their monthly mortgage payments, despite the ever-increasing prices of homes.
But no one knows exactly how much longer these great interest rates will be around. It may be smart to buy know before they increase.
Ready to Buy or Sell
Buying or selling in a market like ours comes with plenty of good and bad for both buyers and sellers. If you’re wanting to buy or sell in the near future, give me a call! I’ll be happy to sit down with you and help you come up with a game plan for this crazy market we’re in.
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