CURRENT MARKET

SALT LAKE COUNTY’S MEDIAN HOME PRICE IN 2017 CLIMBS TO $325,000

The median price of a single-family home sold in Salt Lake County in 2017 climbed to $325,000, up 10 percent compared too $295,000 in 2016. The cumulative median days a single-family home was on the market in 2017 was 15. Nearly three-of-four (71 percent) single-family homes sold in 2017 were priced under $400,000. Twenty-one percent of single-family homes sold in 2017 were priced between $400,000 to $599,999. Just 8 percent of all sales were for homes sold at $600,000 or more.

Copyright Salt Lake Board of Realtors® February 2018.

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SALT LAKE HOME SALES UP 1% IN NOVEMBER

Salt Lake County home sales posted positive gains in November year-over-year. Total sales (all housing types) increased 1 percent to 1,439 units sold, up from 1,418 units sold in November 2016. November was the second consecutive monthly increase of home sales on a year-over-year basis.

The median price of homes sold in November in Salt Lake County increased to $302,000, up 13 percent year-over-year. The median cumulative days a house was on the market in Salt Lake County was 26 days, up from 18 days in November 2016.

In Davis County, home prices increased 2 percent to a median price of $265,000. Home sales in November fell 7 percent in Davis County.

Nationally, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 3.8 percent higher than a year ago and are at their strongest pace since December 2006 (6.42 million), according to the National Association of Realtors®. Across the country, unsold inventory is at a 3.5-month supply at the current sales pace, which is down from 4.0 months a year ago.

“The anticipated rise in mortgage rates in 2018 could further cut into affordability if these staggeringly low supply levels persist,” said NAR Chief Economist Lawrence Yun. “Price appreciation is too fast in a lot of markets right now. The increase in homebuilder optimism must translate to significantly more new construction in 2018 to help ease these acute inventory shortages.”

First-time homebuyers were 29 percent of sales in November, which is down from 32 percent both in October and a year ago. NAR’s 2017 Profile of Home Buyers and Sellers – released earlier this year – revealed that the annual share of first-time buyers was 34 percent.

Copyright Salt Lake Board of Realtors® January 2018.

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HOME SALES RISE 8% IN OCTOBER

Salt Lake County home sales were up in October. This followed a six-month decline in monthly sales year-over-year. For the month, 1,617 homes (all housing types) were sold, up 8 percent compared to 1,500 sales in October 2016. From January through October, there were 15,103 total units sold, a 1 percent decline from 15,305 homes sold during the same period last year.

Copyright Salt Lake Board of Realtors® December 17, 2017.

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SALT LAKE HOME PRICES AT ALL-TIME HIGH

The price of a single-family home has increased to its highest point ever before. In the July-August-September quarter, the median price of a Salt Lake County single-family home increased to nearly $330,000, a 10 percent rise year-over-year and a 67 percent climb (nominal dollars) compared to the third quarter of 2011 when home prices bottomed at $197,000. Adjusted for inflation, home prices today are 54 percent higher than in 2011.

The top 10 most expensive Wasatch Front ZIP codes in the third quarter were:

1. The Avenues (84103) $608,000, up 22%

2. Emigration Canyon (84108) $550,000, up 16%

3. Alpine (84004) $497,000, up 5.9%

4. Draper (84020) $465,000, up 5.0%

5. Holladay (84117) $465,000, up 21%

6. Eden (84310) $460,900, up 7%

7. Holladay (84124) $456,000, up 11%

8. Sandy (84092) $449,000, up 12%

9. South Jordan (84095) $441,592, up 8%

10. Canyon Rim (84109) $428,850, up 6%

Sales of single-family homes in Salt Lake County fell to 3,442 units sold in the third quarter, a 9 percent drop compared to sales a year ago during the same period. Home sales were down 1 percent in Davis County, down 2 percent in Tooele County, down 4 percent in Utah County, and up 0.4 percent in Weber County.

The 10 hottest ZIP codes for sales of single-family homes were:

1. Clearfield (84015) 334

2. Tooele (84074) 306

3. Lehi (84043) 284

4. Farr West (84404) 279

5. Herriman (84096) 223

6. Eagle Mountain (84005) 219

7. Roy (84067) 215

8. West Jordan (84081) 190

9. South Ogden (84403) 188

10. Kearns (84118) 185

Condominium sales in Salt Lake County increased to 1,179 units sold in the third quarter, up 1 percent compared to 1,171 units a year ago. The medium price of a condo reached $219,000, up 10 percent compared to $200,000 in the third quarter of 2016.

Troy Peterson
2017 President, Salt Lake Board of Realtors®

Copyright October 27, 2017. Salt Lake Board of Realtors®

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Home Prices are Rising as Sales Fall for Fifth Consecutive Month

Higher home prices and limited housing inventory in Salt Lake County pushed home sales of all housing types down 6 percent in August, the fifth consecutive month of falling sales. Year-to-date, home sales are down 3 percent for the January through August period. In neighboring Davis County, home sales increased 2 percent. Meanwhile, home prices (all housing types) continued to rise, which is good news for home owners, who are seeing increased equity. The median sales price in Salt Lake County climbed to $291,200 in August, up 8 percent compared to $270,000 in August 2016. There is roughly a two-month supply of housing inventory in Salt Lake County, continuing a strong seller’s market. This means if no new listings were added to the market, existing housing inventory would be sold in two months.

Copyright. Salt Lake Board of Realtors. October 2, 2017.

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MOST SALT LAKE COUNTY HOMES SELL FOR UNDER $350,000

Salt Lake home prices have increased 29 percent in the past 10 years and are at an all-time high, even when adjusted for inflation. Yet, the best selling price range remains homes priced under $350,000. In the second quarter, 56 percent of all existing single-family homes sold in Salt Lake County closed under $350,000. Twenty-eight percent of all home sales were priced from $350,000 to $499,999. Just 14.4 percent of sales were for homes from $500,000 to $999,999. Only 1.3 percent of sales were $1 million or above. The monthly mortgage payment (including taxes and insurance) on a $350,000 home for a household earning $70,000 a year would be roughly $1,800 (assuming a 10 percent down payment at a 3.875 percent interest rate).

© August 2017. Salt Lake Board of Realtors®

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SALT LAKE HOUSING REPORT
QUARTER 2

Wasatch Front home prices in this year’s second quarter climbed to their highest point ever. The median Wasatch Front home price reached $300,000, up from $275,000 a year ago. In Salt Lake County, the median single-family home price was $327,000, a 10 percent increase from last year.

The top five most expensive housing areas by ZIP code in the second quarter were:

1. Emigration Canyon (84108) $561,000, up 19.4%

2. The Avenues (84103) $502,000, up 2.7%

3. Eden (84310) $501,000, up 24.5%

4. Alpine (84004) $497,000, up 5.9%

5. Draper (84020) $482,250, up 8.0%

Competition is fierce for homes priced under a half-million dollars. Many sellers continue to make the sale of their home contingent on them finding another property. Buyers typically offer more than asking price and compete with several other offers.

The higher prices and limited housing inventory are putting a drag on existing home sales. In the second quarter, there were 8,201 single-family homes sold across the Wasatch Front, down 7 percent from 8,810 sales a year earlier. It was the first decline in sales for a second quarter in four years. In Salt Lake County, home sales were down 5 percent. Utah County saw a 6 percent drop. Davis and Weber counties each saw declines of 11 percent. The biggest drop was in Tooele County were sales fell 15 percent year-over-year.

While overall home sales were down, many areas saw double-digit increases. Taylorsville (84129) saw sales rise 38 percent. Provo (84604) sales were up 25 percent. In Holladay, sales climbed 22 percent. Nearly half (46 percent) of all single-family homes sold along the Wasatch Front were in Salt Lake County. Utah County captured 22 percent of all single-family home sales.

Condominium sales were up in all counties on the Wasatch Front, except Salt Lake County were they fell 7 percent. The median priced condo in Salt Lake increased to $224,000, up 11 percent year-over-year.

The average cumulative days a single-family home was on the market in the second quarter along the Wasatch Front fell to 9 days, down from 10 days in the second quarter of 2016.

© August 2017. Troy Peterson. 2017 President, Salt Lake Board of Realtors®

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HOME BUILDERS ARE TRYING TO MEET INCREASED DEMAND;
EXISTING HOME SALES DECLINE

 

Home sales continued to fall during the month of May as the Wasatch Front’s housing shortage became more acute. Sales fell 5 percent during the month year-over-year to 1,726 units sold.
The limited supply of housing inventory is having a direct impact on overall sales. In Salt Lake County, the months-supply of housing inventory in May dropped to less than two months.

Home builders are trying to meet increase demand,  but the home builder is hampered by three supply bottlenecks, according to a report by the University of Utah’s Ken C. Gardner Policy Institute. Those constraints include: “labor shortage, high land costs and local regulations and zoning ordinances.”

“For the first time in over 40 years, the increase in households in Utah is great than the number of new housing units built,” the report said. “The projections for household growth in 2017 is above 25,000, but it is unlikely that Utah’s home building industry can produce more than 21,000 new homes given the supply bottlenecks facing builders.”

Nationally, May’s sales pace is 2.7 percent above a year ago and is the third highest over the past year, according to the National Association of Realtors®.

“Home prices keep chugging along at a pace that is not sustainable in the long run,” said Lawrence Yun, NAR chief economist. “Current demand levels indicate sales should be stronger, but it’s clear some would-be buyers are having to delay or postpone their home search because low supply is leading to worsening affordability conditions.”

Across the U.S., all-cash sales were 22 percent of transactions in May, up front 21 percent in April and unchanged from a year ago. Individual investors, who account for any cash sales, purchased 16 percent of homes in May, up from 15 percent in April and 13 percent a year ago. Sixty-four percent of investors paid in cash in May. Distressed sales – foreclosures and short sales – were 5 percent of sales in May, unchanged from April and down from 6 percent a year ago.

Copyright. Salt Lake Realtor®, July 2017.

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CLOSED HOME SALES RISE 1 PERCENT IN MARCH

Closed home sales in Salt Lake County rose 1 percent in March year-over-year to 1,471 homes sold. The median sales price increased to $283,000 (all housing types), up 11 percent compared to March 2016. The inventory of homes for sale in the county fell to 2,401 in March, down 28 percent compared to March 2017. Despite the small uptick in sales, a limited supply of housing inventory and higher home prices pushed overall home sales down 5 percent year-over-year in the first three months of 2017.

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Salt Lake Board of Realtors® March 8, 2017.
http://slrealtors.com/home-stats/

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Q1 HOUSING REPORT

As tight inventories left home buyers facing fewer choices, home sales across the Wasatch Front fell in the first three months of 2017 compared to the same period a year earlier. In the first quarter, sales of single-family homes along the Wasatch Front dropped 5 percent compared to the first quarter of 2016.

New listings in the first quarter are down 6 percent from a year ago. That represents more than 500 fewer homes for sale along the Wasatch Front this year compared to last year. This is one of the strongest seller’s markets ever. Competition is fierce for homes priced under $500,000. Many sellers are making the sale of their home contingent on them finding another property.

Utah’s hot economy, strong net migration, and new household formations are making it difficult for first-time buyers to find homes. Competition even exists for higher-priced homes.

While sales of single-family homes are showing declines, condominium sales are on the rise. In Salt Lake County condo sales climbed 6 percent in the first quarter year-over-year. Typically, condos are less expensive than single-family homes, driving many first-time buyers to consider them.

The median price of a single-family home on the Wasatch Front increased to $280,000, up from $255,000 a year ago. Salt Lake County had the highest single-family home price of the five counties along the Wasatch Front at a median of $300,000 in the first quarter, up 10 percent from a year ago. Utah County home prices were the second highest at a median of $287,000, an 8 percent year-over-year rise. Homes in Weber County were the most affordable along the Wasatch Front at a median price of $205,000.

The average cumulative days a single-family home was on the market in the first quarter in Salt Lake County fell to 48 days, down from 59 days in the first quarter of 2016.

Troy Peterson
2017 President, Salt Lake Board of Realtors®
Copyright April 26, 2017

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WHY HOME LISTINGS ARE DOWN IN UTAH ‘DESPITE STRONG DEMAND’

SALT LAKE CITY — Buying and selling homes along the Wasatch Front has become a heart-wrenching experience for many who are caught in the middle of one of the most challenging markets since the Great Recession.

Nick Barker, 33, and his wife sold their house in Heber City for full asking price in just one week in early March, hoping to relocate closer to work and family in Salt Lake City. Since then, they have been on one of the wildest rides in recent Utah real estate history, having viewed 30 to 40 houses.

“We bid $40,000 over asking price on one house and still didn’t get it,” Barker said. He found out later that the winning bidders were willing to pay up to $60,000 above list price to purchase the property.

Over the past two months, the couple made offers on six properties and were rejected “on every single one of them.”

“One we bid on had 13-plus offers on it, and we weren’t even in the top three,” Barker said. They had bid $20,000 over asking price on that particular house.

Currently, they are under contract on a home in the Sugar House area and hope to close in a few weeks. After such an arduous experience, he said they learned a few important lessons.

“Anybody that’s looking for a house just needs patience,” he advised. “Be aggressive, but not (so much) to go over your max budget. You don’t want to be ‘house poor.’”

The Salt Lake Board of Realtors reported Thursday that low inventories resulted in falling home sales across the Wasatch Front during first quarter 2017 compared to the same period a year ago. In the first quarter, sales of single-family homes during the period declined 5 percent from the first quarter of 2016, the report stated.

However, the price people are willing to pay these days is increasing steadily, Troy Peterson, Salt Lake Board of Realtors president, said.

“This is the strongest seller’s market ever. To be a buyer right now is just brutal,” he said. “Competition is fierce for homes priced under $500,000. Many sellers are making the sale of their home contingent on them finding another property.”

SALES

Peterson said sales would be rising if listings were more abundant. The report stated that new listings along the Wasatch Front were down 6 percent from the same period last year — representing more than 500 fewer homes for sale.

Utah’s robust economy, strong net immigration and new household formations are making it difficult for first-time buyers to find homes, he said.

Competition even exists for higher-priced properties, Peterson noted, adding that he’s never seen anything like the current market in his 22 years of selling real estate.

He mentioned that a recent $950,000 listing garnered three offers, each coming in at $1 million or more. He added that the competition is especially challenging for first-time buyers, having recently represented a buyer who offered $215,000 on a $190,000 listing.

For Mary Hardy, of Murray, the current housing market has been one of frustration and surprise. Her family is in the process of selling their home and purchasing a new place, but making the move to another property will require a contingency clause in her sales agreement. It’s a situation they were not really prepared for when they made the decision to trade out their old home for a new space.

“We have been wanting to relocate for over a year now, so we felt the time was right to sell and take advantage of the equity (in our current house),” she said. “When we started looking and found that even with a huge budget increase we could not find everything we wanted, we started to panic and requested the contingency clause as a safety net.”

She described the current state of the local housing market as baffling.

“The rate at which house prices have risen in just the past year is incredible,” Hardy said. “And interest rates are rising, too, so it seems like it would be nearly impossible for anyone to buy up.”

Meanwhile, though sales of single-family homes showed slight declines, condominium sales increased. In Salt Lake County, condo sales climbed 6 percent in the first quarter year-over-year, driven partly because condos are typically less expensive than single-family homes.

Home prices

The median price of a single-family home on the Wasatch Front rose from $255,000 a year ago to $280,000. Salt Lake County registered the highest single-family home price of the five counties along the Wasatch Front, with a median sales price of $300,000 — up 10 percent from first quarter 2016.

Utah County registered the second-highest median home prices at $287,000 — up 8 percent year-over-year; and homes in Weber County were the most affordable along the Wasatch Front, with a median sales price of $205,000.

What’s ahead?

Analysts warn the failure of supply to match demand would likely continue for the foreseeable future.

“Despite strong demand and significant housing price increases in the past five years, which has increased equity for owners, listings are trending down,” said Jim Wood, Ivory-Boyer Senior Fellow at the University of Utah’s Ken C. Gardner Policy Institute. “Homeowners are reluctant to list and enter the market due to worries about finding a suitable replacement.”

He said the lack of listings is driving prices higher, including double-digit increases in median sales prices during first quarter this year for Salt Lake County.

“All this points to substantial increases in housing prices in 2017,” Wood said.

Jasen Lee  |  Posted Apr 28th, 2017
http://www.ksl.com/?sid=44030273&nid=148&title=homes-sales-down-prices-up-along-wasatch-front

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 IVORY-BOYER CONSTRUCTION REPORT,
YEAR-END 2016

Boyer_1
Boyer_2RESIDENTIAL CONSTRUCTION

In 2016, the value of residential construction increased to $4 billion, 7 percent higher than 2015, while the number of dwelling units receiving building permits was up 11 percent to 19,532 units (see Figure 2). Residential construction includes single-family homes and multifamily units, which includes condominiums, town homes and apartments. In 2016, single-family construction increased to 10,579 units, the highest level since 2007 (see Figure 2). Even so, the number of new single-family units continues to be well below construction activity prior to 2008. During the 15-year stretch from 1993 to 2007, the number of single-family homes receiving building permits averaged 15,300 units, well above the single-family level in 2016.

Eighty-three percent of all residential construction in the state in 2016 was located in four counties: Salt Lake County with 8,305 new dwelling units accounted for 43 percent of all new residential units statewide, Utah County (3,988 units) ranked second with a 20 percent share, followed by Washington County (2,165 units) with an 11 percent share and Davis County (1,721 units) with an 8.8 percent share. Washington County’s residential construction was up 30 percent in 2016 to the highest level in 11 years.

The demand for housing appears to be outpacing supply. All housing markets; rental market, existing “for sale” home market, and new home market, show signs of stress related to a housing shortage. Rental vacancy rates are low, existing homes are typically sold with a few days of listing and home builders are “flat out” trying to keep up with demand. The home builder is hampered by three supply bottlenecks that are holding back new construction: labor shortage, high land costs and local regulations and zoning ordinances. For the first time in over 40 years, the increase in households in Utah is greater than the number of new housing units built. The projection for household growth in 2017 is above 25,000, but it is unlikely that Utah’s home building industry can produce more than 21,000 new homes given the supply bottlenecks facing builders.

In recent years, the affordability of owner occupied housing has become more of an issue pushing a larger share of households into the rental market. Consequently, Utah has been in an apartment development boom over the past few years. In 2014, apartment construction suddenly took off with an increase of 265 percent over the previous year as apartment unit permits hit a 30-year high of 6,700 units. Activity slowed in 2015 to 5,026 units, but increased again in 2016 as permits were issued for 5,735 apartment units (see Figure 3).

Over the past three years, nearly 17,500 new apartment units have received building permits statewide, an extraordinarily high level of apartment construction. The growing preference (or in many cases, necessity) for rental housing is one of the structural changes underway in the housing market. Vacancy rates in most rental markets throughout the state are below 5 percent, rental rates are increasing at 4 to 5 percent annually, and the absorption rate of new units is brisk. The apartment boom is concentrated in Salt Lake and Utah Counties, which together account for nearly 85 percent of the new apartment construction over the past three years. In 2016 Salt Lake County had 4,465 permits issued for apartment units, the highest number of rental units for either Salt Lake or Utah County during the apartment boom.

Prepared by the Kem C. Gardner Policy Institute in partnership with the Ivory-Boyer Real Estate Center.
Copyright March 2017.

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Q4 Housing Report

Home sales across the Wasatch Front increased 9 percent in the final three months of 2016 compared to the same period a year earlier, according to the Salt Lake Board of Realtors®. The median price of a single-family home settled at $270,000, up 6 percent compared to the fourth quarter of 2015.

Salt Lake County accounted for 44 percent of all single-family home sales in the fourth quarter. Utah County was the second most active, capturing 22 percent of all single-family sales across the five counties making up the Wasatch Front.

The most popular areas in terms of home sales occurred in ZIP Codes with more affordable home prices. Clearfield, Tooele, Farr West, Taylorsville, and Lehi were the top five hottest selling areas. These five cities accounted for nearly 20 percent of all existing Wasatch Front home sales in the fourth quarter.

The price of a single-family home across the Wasatch Front increased to $270,000, up 6 percent from $255,000 a year ago. Salt Lake County had the highest home prices at a median of $290,000. Utah County home prices were the second most expensive at a median price of $275,000.

By ZIP Code, Alpine had the highest median home price on the Wasatch Front at $607,500. The Avenues in Salt Lake City came in No. 2 at a median price of $525,000. Emigration Canyon was in third place at $476,000. Holladay and Eden rounded out the top five most expensive ZIP Codes at median values of $473,237 and $472,450 respectively.

For the year, sales of single-family homes in Salt Lake County increased 1.3 percent to 13,600 sales, the highest level of existing single-family homes sales in 10 years and the third highest level in the county’s history (exceeded only by the pre-recession years of 2006 and 2007).

Troy Peterson, President, Salt Lake Board of Realtors®
January 30, 2017

http://slrealtors.com/home-stats/


Salt Lake Home Prices at Record High

The price of a single-family home in Salt Lake County has now surpassed the inflation-adjusted peak home price, which was reached prior to the Great Recession.

Single-family home prices in the third quarter of 2016 climbed to a median price of $301,000. The previous peak home price was in the third quarter of 2007 when home prices topped $256,000 (or $298,085 in inflation-adjusted dollars).

The higher prices and limited housing inventory have slowed sales. Single-family homes sold in the third quarter fell to 3,694 units sold, a 5 percent decline compared to 3,881 units sold in the third quarter of 2015. The median single-family home price in Salt Lake County increased 7 percent compared to $279,000 last year.

Single-family home sales increased in Davis (up 2 percent), Utah (up 1 percent), and Tooele (up 7 percent) counties. Home sales fell slightly in Weber County.

Condominium sales in the third quarter in Salt Lake County increased to 1,151 units sold, a 7 percent increase compared to 1,044 sales a year ago. The median price of Salt Lake condos increased to $200,000, up 6 percent from $188,500 a year ago. Condo sales also increased in Tooele and Weber counties (up 11 and 10 percent respectively). However, fewer condos were sold in Davis and Utah counties (down 1 and 6 percent respectively).

New listings of homes on the market in Salt Lake County in the third quarter ticked up slightly to 6,235 units, a 1 percent increase compared to 6,166 listings in the third quarter of 2015. There is currently less than a four-month supply of housing inventory in Salt Lake County based on sales over the past year.

The months of supply is the measure of how many months it would take for the present inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

The average cumulative days a listing was on the market in the third quarter in Salt Lake County fell to 33 days, down from 48 days in the third quarter of 2015.

Cheryl Acker

2016 President of the Salt Lake Board of Realtors®


Strong Home Sales Across Salt Lake County and Utah

Home sales in Salt Lake County increased 6 percent in August year-over-year. The rebound in August follows a lackluster July in which sales fell 13 percent. Limited inventory and higher home prices have dampened sales in recent months. The median sales price in August (all housing types) increased to $270,000, up 8 percent compared to $249,000 a year earlier. In Davis County, home sales climbed 12 percent in August. The median price increased to $255,000, up 10 percent year-over-year. Statewide, there were 4,961 homes sold in August, up 8 percent compared to closings in August 2015. The median Utah home price in August increased 10 percent to $250,000.

October 2016, Salt Lake Board of REALTORS®


 
More Housing Needed as Home Sales Slide

Sales of U.S. existing-homes eased up in August for the second consecutive month despite mortgage rates near record lows as higher home prices and not enough inventory for sale kept some would-be buyers at bay, according to the National Association of Realtors®. Only the Northeast region saw a monthly increase in closings in August, where inventory is currently more adequate. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 0.9 percent to a seasonally adjusted annual rate of 5.33 million in August from a downwardly revised 5.38 million in July. After last month’s decline, sales are at their second-lowest pace of 2016, but are still slightly higher (0.8 percent) than a year ago (5.29 million). Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. “Healthy labor markets in most the country should be creating a sustained demand for home purchases,” he said. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backwards because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”

September 2016, Salt Lake Board of REALTORS®

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Salt Lake Ranks Among the Top 500 Most
Expensive U.S. Housing Markets

A new study ranked Salt Lake City among America’s most expensive housing markets. More than 2,100 U.S. cities were profiled in the report, which calculated the average price of a four-bedroom, two bathroom home. Salt Lake City came in No. 486 at an average price of $424,505. Saratoga, Calif., took the No. 1 spot at $2.5 million. The top 10 most expensive cities were all in California. Honolulu ranked No. 14 at $1.2 million. Detroit came in last place at $64,110.

September 2016, Salt Lake Board of REALTORS®

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realtor2
August 2016, Salt Lake Board of REALTORS®

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Single-Family Sales Fall; Condo Sales Surge

SANDY (July 29, 2016) – The Salt Lake Board of Realtors® today reported a drop in the number of single-family homes sold in Salt Lake County in the second quarter of 2016, while sales of condominiums showed a double-digit percent increase.

Sales of single-family homes in the most recent quarter fell to 3,863 units, a 3 percent decline compared to 3,991 units sold in the second quarter of 2015. The median single-family home price in Salt Lake County climbed to $296,000, up 8 percent compared to $275,000 last year.

“Limited housing inventory continues to restrict home sales,” said Cheryl Acker, president of the Salt Lake Board of Realtors® and a Realtor® with South Jordan-based Utah Key Real Estate. “The higher price points of single-family homes have led many first-time buyers to purchase lower priced townhomes and condominiums.”

Condominium sales in the second quarter increased to 1,208 units sold, a 16 percent increase compared to 1,044 sales a year ago. The median price of Salt Lake condos surpassed the $200,000 mark in the second quarter, rising to $203,450 from $188,750 a year ago.

New listings of homes on the market in Salt Lake County ticked up slightly to 6,819 units, a 0.3 percent increase compared to 6,797 listings in the second quarter of 2015. Based on sales trends of single-family homes over the past year in Salt Lake County there is currently a four-month supply of housing inventory.

The months of supply is the measure of how many months it would take for the present inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

Single-family home sales increased in Davis (up 6 percent), Weber (up 6 percent) and Tooele (up 19 percent) counties. Sales in Utah County fell 0.3 percent.

Overall, sales of single-family homes across the Wasatch Front increased 1 percent year-over-year – 8,686 sales in this year’s second quarter compared to 8,562 sales last year. The median single-family home price for the Wasatch Front increased 9 percent to $274,900 compared to a median price of $253,000 in last year’s second quarter.

The top five priciest ZIP code areas across the Wasatch Front in the second quarter for single-family homes were: the Avenues (84103) $489,000; Emigration Canyon (84108) $472,750; Alpine (84004) $469,500; Draper (84020) $449,457; and Holladay (84117) $426,000. Four of the five most expensive ZIP codes in the second quarter saw a drop in home sales. Draper home sales were flat.

The average cumulative days a listing was on the market in the second quarter in Salt Lake County fell to 37 days, down from 59 days in the second quarter of 2015.

http://slrealtors.com/5337-2/ 

Salt Lake Board of REALTORS®

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Home sales in Salt Lake County in April showed a modest increase, rising 1 percent year-over-year. There were 1,523 homes and condominiums sold during the month. That’s more homes than were sold in April of 2005, the peak year of housing sales prior to the Great Recession.  Year-to-date, (January through April) home sales are up 0.5 percent compared to the same four-month period in 2015. In Davis County, sales of homes in April climbed 8.2 percent to 489 sales. Year-to-date, Davis County homes sales are up 1.2 percent.

The biggest barrier facing home buyers today is a limited supply of housing inventory. The “months of supply” is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. A normal housing market is typically characterized by a five- to six-month supply of housing inventory. Levels below five months represent a seller’s market. Home buyers gain the advantage when levels start rising above six months.

In April there was a 2.0-month supply of inventory in Salt Lake County, down 39.4 percent compared to a 3.3-month supply of inventory last year. Just 2,917 homes were listed for sale in Salt Lake County in April, down 34.8 percent compared to 4,473 homes for sale the prior year. Like Salt Lake County, Davis County is experiencing a shortage of housing inventory. In April, the supply of housing inventory fell to 1.8 months, down from 3.2 months a year ago.

On the bright side, pending home sales (or homes under contract) increased 10 percent in April year-over-year. And, new listings showed a 1.4 percent rise in April.

Lawrence Yun, chief economist for the National Association of Realtors®, noted in a statement that housing gains in the South and West propelled pending sales in April to their highest level since February 2006. “The ability to sign a contract on a home is slightly exceeding expectations this spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,” he said. “The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.”

The median sales price of Salt Lake homes sold in April increased to $257,500 (all housing types), up 5.1 percent compared to a median price of $245,000 in April 2015. In Davis County, the median sales price increased 11.7 percent to $248,400. Homes listed in April sold on average in just 35 days, down from 49 days a year ago. For more housing stats information visit: http://slrealtors.com/home-stats/.

Cheryl Acker

2016 President, Salt Lake Board of Realtors®


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THE AVENUES RANKS NO. 1 IN HIGHEST
WASATCH FRONT HOME PRICES

Demand for housing remained strong in the first three months of 2016, but a limited supply of inventory pushed sales down, according to the Q1 Housing Report of the Salt Lake Board of Realtors®. Buyers are looking for more affordable options and moving to condos and townhomes. There were 2,569 single-family homes sold in Salt Lake County in the first three months of 2016, a 2 percent decline compared to 2,614 sales in the first quarter of 2015. Condominium sales increased to 730 units sold, a 1 percent increase compared to 720 sales a year ago. New listings of homes fell to 4,994 in the first quarter, down 8 percent from 5,406 new listings a year earlier. In Salt Lake County there is currently less than a four-month supply of housing inventory (based on sales trends of single-family homes over the past year). The top five most expensive ZIP code areas across the Wasatch Front in the first quarter for single-family homes were: the Avenues (84103) $451,000; Emigration Canyon (84108) $437,500; Draper (84020) $431,750; Holladay (84124) $413,500; and Sandy (84092) $399,900. Four of these five areas in the first quarter saw a drop in home sales. Only the Avenues saw sales rise. The median price of a single-family home in Salt Lake County climbed to $271,400 in the first quarter, up 6 percent compared to $255,000 in the first quarter of 2015. Condo prices increased 5 percent to $188,250 from $179,650 a year ago.

April, 2016. SALT LAKE BOARD OF REALTORS®



 

SALT LAKE QUARTERLY HOUSING REPORT

Home sales in Salt Lake County in the fourth quarter showed a modest increase, but slowed considerably compared to previous quarters. There were 2,899 single-family homes sold in the final three months of 2015, a less than 2 percent increase compared to 2,857 sales a year earlier. In each of the first three quarters of 2015, home sales in Salt Lake County posted double-digit gains year-over-year (15 to 16 percent each quarter). Home sales also slowed in Davis County in the final quarter of 2015, up just 0.51 percent year-over-year. Utah County home sales fell nearly 3 percent.

According to the National Association of Realtors®, the Wasatch Front sales declines were not unique, with sales across much of the country sagging. This was a result of delayed closings resulting from the rollout of the RESPA-TILA Know Before You Owe initiative, which took effect on Oct. 3. The rule was implemented to offer greater transparency into the mortgage and closing process.

Unlike other Wasatch Front counties, Weber and Tooele counties in the fourth quarter saw home sales climb at 13 percent and 23 percent respectively.

In the final quarter of 2015, the median single-family home price in Salt Lake County reached $267,500, a nearly 5 percent rise compared to a median price of $255,000 a year earlier. The median home price in Davis County was $245,000, a 9 percent climb compared to $224,000 last year.

The bright spot in the fourth quarter was condominium sales. As first-time buyers struggled to qualify for escalating home values, many turned to townhomes and condominiums. In Salt Lake County condo sales increased to 822 units sold in the fourth quarter, a 16 percent rise compared to 706 sales in the fourth quarter of 2014. Utah County saw its condo sales rise 15 percent. The median price of condos sold in Salt Lake was $194,750, up nearly 13 percent from a year ago.

The average cumulative days a listing was on the market in the fourth quarter in Salt Lake County was 54 days, down from 75 days in the fourth quarter of 2014. Thank you and let us know how we can serve you.

Cheryl Acker
2016 PRESIDENT
SALT LAKE BOARD OF REALTORS®

 



 

SALT LAKE PENDING HOME SALES CLIMB

Home sales in Salt Lake County in February were down year-over-year (a drop of 7 percent), but pending sales showed a 6 percent rise for the same month, suggesting the spring selling season is heating up. The number of new listings fell 7 percent in February, making an already robust seller’s market even stronger. The days on the market (until sale) fell to 28 days, down from 55 days a year earlier. The median home price (all housing types) for all units sold in February increased 8 percent to $248,000 year-over-year. Housing inventory levels in Salt Lake County when measuring sales trends over the past year are currently at 3.65 months. More housing inventory is desperately needed.

April, 2016. SALT LAKE BOARD OF REALTORS®

 



 

CITIES TO WATCH: 2016′S FASTEST-GROWING PLACES

Daily Real Estate News | Monday, March 21, 2016

After being overthrown last year by Houston, Austin regains the number one spot as the fastest-growing city in the U.S., according to a new analysis by Forbes. Adding to its allure, Austin boasts booming technology, pharmaceutical and biotech industries as well as low-cost of living.

Forbes.com compiled its annual list of America’s Fastest-Growing Cities by ranking the 100 largest metro areas and their surrounding suburbs. For its rankings, they factor in population growth for 2015 and 2016, year-over-year job growth for 2015, the metro’s economic growth rate, unemployment, and median annual pay for college-educated workers in the area.

The following cities topped Forbes’ list as the fastest-growing populations and economies (included below with each city’s population growth for 2015 and projected growth rate for 2016):

1. Austin, Texas

  • 2015 population growth rate: 3.15%
  • 2016 projected growth rate: 1.56%

2. San Francisco, Calif.

  • 2015 population growth rate: 1.24%
  • 2016 projected growth rate: 0.77%

3. Dallas, Texas

  • 2015 population growth rate: 2.16%
  • 2016 projected growth rate: 1.58%

4. Seattle, Wash.

  • 2015 population growth rate: 1.68%
  • 2016 projected growth rate: 1.34%

5. Salt Lake City, Utah

  • 2015 population growth rate: 1.05%
  • 2016 projected growth rate: 1.40%

6. Ogden, Utah

  • 2015 population growth rate: 1.64%
  • 2016 projected growth rate: 1.37%

7. Orlando, Fla.

  • 2015 population growth rate: 2.31%
  • 2016 projected growth rate: 2.03%

8. San Jose, Calif.

  • 2015 population growth rate: 1.27%
  • 2016 projected growth rate: 0.93%

9. Raleigh, N.C.

  • 2015 population growth rate: 2.28%
  • 2016 projected growth rate: 1.44%

10. Cape Coral, Fla.

  • 2015 population growth rate: 2.84%
  • 2016 projected growth rate: 2.15%



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