Market Update - Q2 2015 Wasatch Front Market Report

Market Overview | Information you can trust. 

-While active inventory is down 26% from last July, pended sales are up 30% in Salt Lake County and surrounding areas.

-Median price is currently $260,000, which is an all time high for Salt Lake County and has been moving upwards at a steady rate of 2% since February.

-1,074 properties closed, which represents a 19% increase from the same time last year.

-In Salt Lake County, June 2015 was the first month in the history of the MLS where sold volume amounted to over $500,000,000.  Both June and July of this year did over $500 Million in volume. Again, that's never happened. In the summers 2006 and 2007, more units closed than this summer (about 10% more) but those sales did not amount to the same volume amount.

-Summary: Our market is strong and is trending upwards at a measured pace. In spite of slightly constrained inventory, we are still seeing a notable increase in sales and pendings, which suggests buyer confidence.

The East Bench (Sugar House, Harvard-Princeton-Yale, 9th and 9th) boasts some of Salt Lakes most attractive residential micro-neighborhoods. Filled with restaurants, boutiques, yoga studios, public park, walkable urban centers, and young energy, this is one of the best places to live in the city...the market is reflecting the interest.

-There are currently 86 homes for sale and only 20% of them are listed for under $400,000; the median asking price is $515,000.

-48 homes are currently under contract in the area, suggesting less than 2 month supply of homes, which is the lowest in the country.

-There were over 11 sales for over $1 million