Q1 Market Report
Sales of single-family homes in Salt Lake County fell 4 percent in the first quarter, the first time home sales showed a decline in five years in a first quarter (year-over-year), according to the Salt Lake Board of Realtors®.
In the January through March period, 2,158 single-family homes were sold by Realtors®, 100 less homes sold compared to the same quarter in 2013 (2,258). The first quarter decline follows a robust 2013 selling year. Single-family home sales in Salt Lake County in 2013 were the best on record in seven years. More than 11,700 homes were sold during the year, a 6 percent increase over sales in 2012.
Home sales fell in a number of cities including: Avenues (84103) down 16 percent; Canyon Rim, down 3 percent; Draper, down 11 percent; Herriman, down 11 percent; Kearns, down 6 percent; Magna, down 32 percent; Riverton, down 15 percent; Sandy (84070) down 9 percent; South Jordan, down 13 percent; and Sugar House (84105) down 22 percent.
“The dip in home sales is a reflection of higher home prices,” said Angie Domichel Nelden, president of the Salt Lake Board of Realtors®. “The median home price in this year’s first quarter increased to $245,000, a 29 percent rise compared to a median price of $190,000 two years ago. Higher home prices have made home buying less affordable.”
In the first quarter the median home price increased to $245,000, a 7 percent rise compared to a median price of $228,450 in the first quarter of 2013. This year’s first quarter median home price of $245,000 is the same median price as the first quarter of 2007, prior to the start of the Great Recession.
Sales of condominiums in Salt Lake County climbed to 559 in the first quarter, an increase of 4 percent compared to 537 sales in the first quarter of 2013. During the same period, the median condo price in Salt Lake County climbed to $172,500, up 11 percent compared to a median price of $155,000.
New listings increased to 5,247 homes in the first quarter, up 16 percent compared to 4,535 new listings a year ago.
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