Salt Lake County Home Market Report April 2016
Salt Lake County Highlights
Median price closed out at $257,900 in SLC county which is up from January almost 8% (yes in 90 days). Pricing is skyrocketing in the affordable price range; for Wasatch front really anything under $500K is seeing rapid appreciation still. We warned this trend would happen last winter and we’ve been correct, waiting is costing buyers significant amounts of money. I suspect median price in SLC this summer will be over $270K for all unit types and COULD surpass $300K for single family homes by August. That’s a ceiling we’ve never even gotten close to in Salt Lake City.
Remember it’s a seasonal market and this is common. If we remove the seasonality and just compare APR 2015 to APR 2016 median price is up 5.70%. This is very interesting to me. WHY? We have extremely low inventory yet appreciation is not skyrocketing. Again why? I think the market ceiling is really being challenged. On one hand there is nothing to buy because inventory is low but at the same time buyers are experiencing price shock since the market got back to all time new highs in 2015. Market will remain hot with more inventory coming to market over the next 90 days but likely still seeing rather strong appreciation until inventory gets back to normal market levels. Again the best way to look at it is YEAR OVER YEAR appreciation is slowing compared to what is was 2012, 2013, 2014. BUT on a monthly basis we are still seeing a strong spring with rapid appreciation month over month.