Condo Sales Heat up in Salt Lake While Home Sales Cool Off

The Salt Lake Board of Realtors® 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. “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. 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 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.