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Salt Lake County Home Market Report Feb 2016

ACT Inventory last Thursday of February
Salt Lake County Highlights
Median price closed out at $248,000 in SLC county which is up from January almost 4% (yes in 30 days).  Pricing is skyrocketing in the affordable price range; for Wasatch front really anything under $500K is seeing rapid appreciation.   I suspect median price in SLC this summer will be over $260K for all unit types and COULD for surpass $300K for single family homes.  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 Feb 2015 to Feb 2016 median price is up 8.68%.  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.
Unit Sales
  • FEB 2016 active listings (inventory) down 31.99% from Feb 2015 yet PENDINGS are UP 3.25% in SLC County.
  • Davis county has slowed the most as far as pendings (in fact end of Feb they had a few less pendings than same time 2015) but Davis is still also the lowest county on inventory.
  • Weber County is quite nuts as well!……with inventory down 33.15% from Feb last yet but PENDING up 4.39%!
  • Utah County is seeing the strongest appreciation if you look at the month of Feb 2016 over 2015.

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.

My biggest concern right now is of course low inventory and there is so little inventory that SLC, Davis, Utah and Weber counties all saw unit sale DECREASES feb 2016 from feb 2015.  This is the first time I have seen a decrease compared to same month prior year in over 3 years.
Median Sold Value

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