Local news station FOX13 recently quoted realtor.com as ranking Salt Lake City at number six on their list of the top ten home buying markets going into 2018.
According to the study that was conducted by the well-known real estate website, potential homebuyers can expect to see less of an increase in prices over the coming year. Last year, residential property prices rose by roughly 5.5%. In 2018, the prices of residential properties are only anticipated to increase by 3.2%, swinging the market further in the favor of buyers.
In the most recent housing statistics released by the Utah Association of Realtors, we can see that Salt Lake County as a whole saw increases in closed sales, even through the final months of the year, as prices remained relatively stable.
The number of closed sales in Salt Lake County rose by 38.0% from October 2016 to October 2017, increasing from 1,152 closed sales in 2016 to 1,590 closed sales in 2017. The number of sales also increased slightly on a year over year basis when the first three quarters of both years are compared. There were 14,814 closed sales recorded during the first 10 months of 2016 and 15,018 closed sales recorded during the first 10 months of 2017.
Median sales prices for Salt Lake County rose by only 11.1% when October 2016 and October 2017 are compared. The median sales price recorded in October 2016 was $269,700 while the median sales price recorded in October 2017 was $299,700. This minimal increase in median prices was significantly less than the price increases of counties like Duchesne and Grand where the median sales price rose by 40.2% and 30.1%, respectively, over the same period.
If you are interested in taking advantage of one of the hottest buyer’s markets in the United States, give me a call today! I am happy to help you better understand the local market and to help you save on the financing of your dream home!