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2017-01-11 12:30:38
2016 SALT LAKE CITY REAL ESTATE | A REVIEW

 

Well everyone, 2016 has come to an end. While I’ve heard many grumblings over what a sad year it’s been, it definitely has not been a sad year in Real Estate.

Here are some helpful stats to see how the Salt Lake housing market performed.

Salt Lake City Home Sales 2014-2016 – Single Family Homes

DAYS ON THE MARKET
2014 – 30
2015 – 17
2016 – 12 (29.41% faster than last year)

# OF SOLD UNITS
2014 – 3,298
2015 – 3,653
2016 – 3,399 (6.95% less than last year)

MEDIAN SALES PRICE
2014 – $255,000
2015 – $275,000
2016 – $296,000 (7.64% higher than last year)

Salt Lake City Home Sales 2014-2016 – Townhomes

DAYS ON THE MARKET
2014 – 44 
2015 – 29
2016 – 13 (55.17% faster than last year)

# OF SOLD UNITS
2014 – 120
2015 – 181
2016 – 178 (-1.66% less than last year)

MEDIAN SALES PRICE
2014 – $177,450
2015 – $204,000
2016 – $230,000 (12.75% higher than last year)

 

Salt Lake City Home Sales 2014-2016 – Condos

DAYS ON THE MARKET
2014 – 48
2015 – 38
2016 – 15 (60.53% faster than last year)

# OF SOLD UNITS
2014 – 742
2015 – 879
2016 – 921 (4.78% more than last year)

MEDIAN SALES PRICE
2014 – $172,250
2015 – $170,000
2016 – $184,500 (8.53% higher than last year)

So what does all of this mean? Well, you don’t have to be a genius to figure this one out. The market was amazing in all three categories (Single Family, Condos and Townhouses.) 2016 was an incredible year for Salt Lake City Real Estate. Sellers were happy to sell fast and for top dollar – Buyers were happy to take advantage of record low interest rates and some really great financing opportunities.

If you’re thinking of selling a home I would be honored to help you every step of the way.

If you’re thinking about buying a home in Salt Lake City, my advice would be to just do it! One of my favorite real estate quotes is, “You don’t wait to buy real estate, you buy real estate and wait!”. Even if you feel like the market is a little high at the moment, you have to remember that you’re still building equity and paying off your mortgage vs. paying off your landlord’s. Salt Lake City is still very affordable compared to other cities – the economy is strong and it’s an amazing place to live!

Are you thinking that you’d like to find out more about buying a home? Get in touch with me. I have fantastic lenders that you can talk to that will tell you what you would qualify for (you may be in for a nice surprise!) and then we walk you through the entire process of buying a home. It’s exciting and kind of fun – you’ll see! Text or call me at 801-505-3004 and let’s have a talk!

 

 

 

 
Blog Archive
2017-01-11 12:30:38
2016 SALT LAKE CITY REAL ESTATE | A REVIEW

2016-12-19 13:12:52
MULTI UNIT PROPERTY FOR SALE IN SALT LAKE CITY

2016-12-13 13:49:16
HOMES FOR SALE IN HOLLADAY UTAH

2016-12-07 12:18:37
HOMES FOR SALE IN MURRAY

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2014-02-06 15:41:12
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2014-02-06 10:34:52
Rates are still amazingly low!

2014-01-06 14:50:34
Real Estate on the Rise in 2014

2014-01-03 14:23:30
Sites Not Always Best Indicator of Homes Value


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