Year End Market Report
This comprehensive year end market report provides an overview of the Wasatch Front real estate markets. We believe our clients should have access to information that facilitates thoughtful real estate decisions. These markets remain strong with highly segmented areas. The city, its neighborhoods, and outlying areas differ significantly in terms of price, home type, home condition, features, and amenities. These statistics cover entire counties and are general in nature.
Our predictions: As strong demand and low inventory levels persist, we expect appreciation to continue, sales to remain strong, and a variety of development options to emerge across all sectors of the Wasatch Front. While we anticipate mortgage rates will continue to rise mildly, (somewhat less than earlier predications) we also expect increased buyer activity, especially at or below median prices. With a strong economy in Utah, we see no sign of a market downturn in the foreseeable future.
Salt Lake County saw slightly less single family home sales in 2018 vs 2017, but saw an increase in the amount of condominiums and town homes sold. Throughout Salt Lake County, buyers are looking for more affordable options as Salt Lake City continues to grow at a rapid pace. Across all property types in Salt Lake County, the market saw median prices increase between 8% – 22%, whereas the average price of single family homes decreased. We believe this reflects a strong increase in activity at affordable levels.
Utah County saw a slight increase in the number of single family homes sold in 2018 vs 2017. Town homes were the most sought-after property type in 2018 with an almost 10% increase in number of properties sold in 2018 vs 2017. Across all property types, Utah County saw increases of 8% – 11% in the median and average sales prices in 2018. We expect appreciation to continue in Utah County, especially in housing under $400K.
This winter Alterra announced enhancements throughout Deer Valley® Resort (including the new Ikon Pass) and Vail Resorts® continues their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village. We believe these factors will continue to drive our markets in a positive direction. In the meantime, as the market begins to stabilize, we see increased buying opportunities in Summit and Wasatch counties especially in Heber Valley, Jordanelle, and East Summit County neighborhoods.
Data interpretation, judgment, and historical context are key elements in making informed decisions: Contact the Utah Cribs Team for guidance on navigating our marketplace.
The single family home market throughout Park City Proper has seen a moderate increase in average and median sales price over the last 12 months, likely due to increased scarcity in the area. As the median home price in Park City proper crests $2 Million, second homeowners are moving into historically primary residence markets to find more affordable options.
Most likely due to increased scarcity in the market, single family homes throughout Snyderville Basin saw a 21% increase in median sales price over the last 12 months. Snyderville Basin continues to provide a variety of opportunities to meet primary, secondary, and Salt Lake homeowner needs.
As always, if you have any questions let us know. We are happy to help in any way we can. We are a referral based business and we could not be us without you. Stay tuned this year for more information on real estate, economics, household gadgets, fun events, and all the shenanigans you have come to expect from us. Let’s have a great 2019!