Salt Lake County Home Market Report March 2016
ACT Inventory last Thursday of March
Salt Lake County Highlights
Median price closed out at $255,000 in Salt Lake County which is up from January almost 7% (yes in 60 days!). Pricing is skyrocketing in the affordable price range. Really anything on the Wasatch Front under $500,000 is seeing rapid appreciation. I suspect median price this summer in Salt Lake County will be over $260.000 for all unit types and could surpass $300,000 for single family homes; That’s a ceiling we’ve never even gotten close to in Salt Lake City.
- MAR 2016 active listings (inventory) down 31.56% from MAR 2015 yet pendings are up 8.09% in SLC County. (same trend we have seen for a year now however the PENDING gap is narrowing).
Utah county has slowed the most as far as pendings (in fact end of MAR they had a few less pendings than same time 2015) and Davis County is the lowest on inventory; 45% less than same time last year. Once again Davis county has more pending deals than active inventory!
Weber County is quite nuts as well – with inventory down 37.19% from March last year but pending up 9.10%!
Davis County is seeing the strongest appreciation if you look at the month of March 2016 over 2015; just over 10% in a year based on median price.
Remember it’s a seasonal market and this is common. If we remove the seasonality and just compare march 2015 to march 2016 median price is up 7.59%. This is very interesting to me – WHY? We have extremely low inventory yet appreciation is not up as much as last year. 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 in 2015 the market got back to all time new highs and now continues up. Market will remain hot with more inventory coming to market over the next 90 days, and we will likely see continued strong appreciation until inventory gets back to normal market levels.