Salt Lake County Utah Housing Market Statistics for mid-October 2014.
I have some FREE market analysis tools that I have made available to you so you can keep track of the market. Let me show you what these tools tell us about how the housing market is today. If you want to see the market in a specific neighborhood click here for a Neighborhood Market Snapshot.
Today in Salt Lake County there are 1,931 homes that are Under Contract. That is down 1% from September (2,069) which means demand has gone down since last month. This is part of a regular trend that we see this time of year. However, when compared to last October the demand is 5.5% higher than it was last year. That shows us that while our yearly trend of lower demand is consistent with previous years, in general we have higher demand than we did last year at this time. In Utah and Davis counties this is even more dramatic!
In Utah County there are currently 1,263 homes Under Contract. This number is actually 1% higher than it was in September (1,252). So Utah County is going against the annual trend and has higher demand than last month. That was definitely not the case last year when we saw a big decrease in demand from September to October. What is even more astonishing is that last October there were 1,094 homes Under Contract. So the demand this year is move than 15% higher than last year!
In Davis County there are currently 597 homes Under Contract which is 4.5% lower than it was last month. It is important to remember that September’s numbers were already almost 10% higher than they were last year. So just like with Salt Lake county this seasonal decrease is normal and expected. In fact, even though it went down slightly, there are still 12% more homes Under Contract than there were last October. When you put all these numbers together you can see that, in general, demand has dipped down 1-2% with the season, but most counties are about 10% higher than last year.
See the demand in a specific neighborhood with Market Snapshot
Supply is easily gauged by looking at the number of homes on the market in a given area. In Salt Lake County there are currently 4,686 homes listed for sale. Compared to September (4,759) that’s down 1.5%. But September had 6.4% more homes for sale than September last year, so even with this small decrease there are still 3.3% more homes on the market than there were last year.
The Utah County housing market shows a similar picture. With 2,772 homes for sale in Utah County there was a 3% decrease from the number of homes available last month. What is amazing about Utah County is that for the past year in Utah County, each month has had more homes for sale than the year previous. This peaked in May when there was a whopping 24% more homes for sale than the previous year. In September there were 16% more homes for sale than last September, and now there are 9.65% more homes listen than last October.
Davis and Weber counties were the only two counties this month that had less homes for sale than last year. With 1,546 homes for sale in Davis County, the supply of homes is down 4% from last month and down 3.8% from last year. Weber County with 1,426 homes for sale is down 6.5% from last month and down 10.5% from last year. Just as with demand we would expect supply to drop slightly as the seasons change. In general the supply is down 3% from last month, and down 1.5% from last year.
- Salt Lake County had 1,214 homes sell in September
- That’s down 1% from August
- and down 2% from September 2013
- Utah County had 590 homes sell in September
- that’s down 22% from August
- and up .68% from last September
- Davis County had 417 homes sell in September
- That’s down 10% from August
- and up 27.5% from last September
The almighty dollar is what finally tells us what the market is doing. We’ve looked at demand and saw that demand has gone up, especially in the last year. We also so that supply has gone up. But what does all of this mean for home values? Are homes worth more in October than they were in September? Short answer: Yes.
- Salt Lake County’s Median sales price is $245,000
- 11.3% higher than October 2013
- 19.22% higher than October 2012
- 32.43% higher than October 2011
- Utah County’s Median sales price is currently $225,000
- 6.71% higher than October 2013
- 15.38% higher than October 2012
- 25.91% higher than October 2011
- Davis County’s Median Sales price is currently $213,650
- 4.19% lower than October 2013
- 9.56% higher than October 2012
- 12.45% higher than October 2011
Want to know what your home is worth? Try these Home Pricing Tools