Since we’re fresh into the new year, we thought it would be a good idea in planning for the future to give you all a recap about what happened in the market in 2017.
In terms of the volume of sales in 2017, there were about 20,000 units sold over the past year in Salt Lake County, which, compared to 2016, was about the same.
One thing to note, however, is that the price per square foot increased from about $126 to $137. This shows that prices are going up. It is important to keep in mind that price per square foot isn’t the best way to measure value, but it is an indicator of where values are going.
We are also seeing what you’d expect when prices per square foot go up—the median sales price is also up from $268,000 to $299,000.
Inventory remains low, especially in lower price ranges. We see inventories of two months or fewer across the board. When you have lower inventory like we’ve seen, it will also reduce the days on market. On average in 2017, the days on market was 20 days. This will vary a bit based on the price point of the home or where it’s located.
This is just a snapshot of what we observed over the past year. As always, if you have any questions about the market or real estate in general, please feel free to contact your Colemere Realty team member. We are looking forward to the new year ahead and wish you all the best moving forward.