Home Sales In Utah Hit Ten
SandyHigher mortgage interest rates are slowing home sales. Home sales of all housing types fell to 1,344 transactions in June in Salt Lake County, the lowest number of home sales in Utah for a June month in a decade and 27 percent lower than sales in June 2021.
Unfortunately, the Federal Reserves effort to curb inflation is having a negative impact on home buyers, who are backing out of deals or dont qualify for financing because of higher interest rates, says Steve Perry, president of the Salt Lake Board of Realtors®. In Salt Lake County, there were 400 fewer home sales this June than in a typical June month. Nationally, 60,000 housing deals were canceled by buyers because of higher borrowing costs, according to Bloomberg News.
Home sales were also down in counties across the Wasatch Front. Utah County was down 19 percent, Davis County saw its sales fall 9 percent. Tooele County was down 13 percent. Weber County was down 15 percent.
Total dollar volume of homes sold in June in Salt Lake County fell to $852.6 million, down 15 percent from $1.0 billion in June 2021. Under contract listings decreased 21 percent to 1,952 from a year earlier.
The median sales price for all housing types sold in June in Salt Lake County increased to $545,000, up 16 percent from a median price of $470,000 in June 2021. The median single-family home price increased to $628,000, up 14 percent from $550,000 a year ago.
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Salt Lake County has a population of just over 1 million residents. The county runs from Salt Lake City east and west of Interstate 15, south to Draper. Salt Lake County is known for its numerous ski resorts including Snowbird, Alta, Solitude and Brighton and easy access to several more within a short drive, which led to Salt Lake City hosting the 2002 Winter Olympics.
There are currently 15 cities in Salt Lake County including Bluffdale, Cottonwood Heights, Draper, Harriman, Holladay, Midvale, Murray, Riverton, Salt Lake City, Sandy, South Jordan, South Salt Lake, Taylorsville, West Jordan and West Valley City. Salt Lake County is the heart of Utah.
Salt Lake County is connected mainly by Interstate 15, Interstate 80, and the 210 Freeway. With the recent expansion of the light rail system known as TRAX, accessing the downtown Salt Lake area has become very convenient from most cities within the county.
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Squeezing Renters And Slowing Construction
This all affects Utahs renters, too, in a big way. Buyers are being sidelined from for-sale markets because they cant qualify for a loan or afford a prospective monthly mortgage that has jumped by $1,200 or more in a matter of months, forcing many of them to keep renting.
That, along with other pandemic-related factors such as in-migration and inflated building costs, puts upward pressure on rental demand and rents are spiking as a result, even as thousands of new apartments are being built in Salt Lake City and across Utah.
Older apartment buildings are shadowed by new high-rise apartments in downtown Salt Lake City.
Zumper, the online apartment rental site, reported earlier this week that monthly rents on two-bedroom unit in Salt Lake City were up 17% from this time last year, at $1,590, with one-bedroom flats at $1,260 per month. That ranks Utahs capital as the 55th most-expensive rental market in the nation, according to Zumpers latest report.
These trends are also likely to have a mixed effect on new-home construction, experts said. A recent report showed Utah leads the nation in new for-sale homes and rentals as homebuilders scramble to catch up with an estimated housing shortage of between 30,000 and 45,000 units statewide.
But Eskic said some builders could start backing off as they see prospective buyers leave the market and demand softens even more. So its a bit like Whac-A-Mole, he said. You benefit one group but then someone else gets hurt.
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Wasatch Front Real Estate Market May Be Edging Toward Normal As Interest Rates Rise But Relief Could Be Years Away Especially For Renters Who Have Given Up House Hunting
Houses on Salt Lake City’s east side, as seen on Tuesday, July 19, 2022.
Home sales across the Wasatch Front already on a downward slide due to escalating prices and a lack of inventory have plunged to deeper lows due to rising interest rates, data released Thursday shows.
About 7,148 single-family houses changed hands from April through June across the five-county area centered on Salt Lake City volume so low you have to go back to 2012, when the Beehive State started to climb out of the Great Recession, to find smaller quarterly sales numbers. It is down almost 10% from a year ago, led by Salt Lake County, which saw its sales dive by 15% year over year.
Sales of condominiums, typically more modestly priced, fared even worse, tumbling by 23% from this time last year.
A home for sale in Rose Park in April 2022.
If you are a prospective buyer, however, you might take some consolation: After months of slim pickings, active listings of homes for sale shot up across Salt Lake, Utah, Weber, Davis and Tooele counties in the second quarter, soaring by 175%. That has lifted inventory almost to pre-pandemic levels.
Approaching, but not there yet or, as Eskic put it, a crazy normal.
Prices Shot Up But Might Be Slowing Too
Prices continued a rapid upward march last quarter, with Salt Lake Countys latest median price tag on a single-family home reaching a bewildering $625,000, up nearly 20% from a year ago, when it was at $525,000.
For perspective, that same median was $300,000 six years ago.
Every ZIP code in Salt Lake County saw home prices rise by between 14% and 35% more in April, May and June, except for 84103, which takes in Capitol Hill, the Avenues and Federal Heights. That area saw median prices nudge down slightly, to $865,000.
Overall, the countys most expensive ZIP code was 84108, extending from Foothill Drive into Emigration Canyon, with a median sales price of $925,000 in the latest quarter, followed by 84020 in Draper 84092, covering the east side of Sandy and 84124, encompassing parts of Holladay and eastward toward Mount Olympus.
The least expensive neighborhoods were in West Valley Citys 84119, at a median of $438,750 84006 in Copperton and 84104, which spans Salt Lake Citys Glendale neighborhood .
It might take a few months or longer before the Federal Reserves inflation-targeted hikes in interest rates which are now hovering north of 5% for a standard 30-year mortgage start to slow the growth in those prices significantly.
The Federal Reserve in Washington, D.C. The Fed boosted interest rates again this week as it goes after rampant inflation, but that’s taken “a sledgehammer” to U.S. and Utah housing markets, one economist said.
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Salt Lake County Home Sales Fall To Lowest Numbers In 10 Years
SANDY, Utah Home sales in Salt Lake County and all along the Wasatch Front have dropped to numbers not seen in nearly a decade.
According to a report from the Salt Lake Board of Realtors, home sales in Salt Lake County this past June were 27% lower from the same time frame in June 2021. The county’s 1,344 transactions were the lowest number for a June in a decade.
In all, year over year home sales have fallen for 13 consecutive months.
Finally the madness has stopped,” he said. “Finally the sellers are catching up with how the buyers need it to be.
Sellers will have to adjust to the new playing field, he said.
Buyers can now finally take a breath,” said Perry. “They can look at more inventory, more houses. They don’t have to put above asking-price cash down.
Other counties across the Wasatch Front faced similar drops to those of Salt Lake County:
- Utah County: -19%
- Tooele County: -13%
- Davis County: -9%
A good house in Utah that’s priced well could have sold in one or two days just a couple of months ago. Now, that home is more likely to sell in one to three months, said Perry.
I kind of think about it like stairs,” said Martha Morris, realtor. “It’s like we’ve been on the staircase for so long where price is going up. And we’re now at the top stair, and the last like two months people have been reaching for stair that doesn’t exist.
Realtors believe rising interest rates to stem a possible recession are the reason for the drop in sales.
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This lovely 4 bedroom home in the heart of the desirable neighborhood of Sugarhouse has been meticulously cared for. Vaulted ceilings in the open living room flow into the dining room and open kitchen. The kitchen is light and bright and features a Viking oven and Kitchenaid appliances along with soft-close custom cabinets. A main-level master bedroom with a walk-in closet looks out to the peaceful back and side yard which has been recently updated with turf grass for easy maintenance and a pristine look and feel. The main floor also has a den/bedroom. There are two other spacious bedrooms upstairs and a large unfinished basement. Efficiently set up with 2 furnaces and 2 air conditioning units, the home also showcases majestic mountain views and a detached 2-car garage with a southern exposure driveway. The small, quiet neighborhood of 6 homes is tucked into the trees and maintained by the Hoa for added ease of ownership. 220V EV connection in garage. Plantation shutters on windows, central vacuum system backbone is included, natural gas hookup for rear patio barbecue, front and rear patios. Only 20 minutes to Salt Lake City International airport. 10-foot ceilings in ready-to-finish basement.
A must-see!
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Why You Should Build A New Home In Salt Lake County
Salt Lake County, Utah is well-known for its low cost of living and stable economy. The population living in the county has plenty of outdoor recreation at its disposal. These outdoor activities serve as a source of enjoyment and pleasure for the local residents, as well as the tourists. Recreational opportunities in the county are related to hiking, camping, biking, hunting, fishing and boating. The county is also home to some of the most magnificent natural sites, which are spread all over the county in various locations.
The educational opportunities in the county are numerous. The county is home to a famous research university, the University of Utah. Other well-known educational institutes in the county are those of Salt Lake Community College and Westminster College. There are many colleges with nontraditional campuses in the county as well, such as Roseman University of Health Sciences, LDS Business College and Newmont University. The schooling system of the county is divided into five different public school districts. Lincoln Elementary School, Madison Junior High School and Skyline High School are some of the most popular schools of the county.
As per the last census, the overall population of the county is 1,063,842. Out of the mentioned population, 99% is living in the urban areas and only 1% of the population is living in the rural areas.
Salt Lake County Ut Real Estate & Homes For Sale
Homes for sale in Salt Lake County, UT have a median listing home price of $569,900. There are 4403 active homes for sale in Salt Lake County, UT, which spend an average of 37 days on the market. Some of the hottest neighborhoods near Salt Lake County, UT are Daybreak, South Salt Lake City, Liberty Wells, Canyon Rim, Mount Olympus. You may also be interested in single family homes and condo/townhomes for sale in popular zip codes like 84098, 84121, or three bedroom homes for sale in neighboring cities, such as Salt Lake City, Park City, Sandy, South Jordan, West Valley City.
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Salt Lake City Ut Real Estate & Homes For Sale
- Brokered byEquity Real Estate – Premier Elite BranchNew – 1 hour ago
Description For 9225 S Jefferson Cv
84070 demographicslatest U.S. Census Bureau release
Frequently Asked Questions
9225 S JEFFERSON CV is in the 84070 zip code.
9225 S JEFFERSON CV has the following amenities: flooring: carpet, hardwood, tile and fireplace.
9225 S JEFFERSON CV has the following lot features: patio.
Additional Information About 9225 S JEFFERSON CV, Sandy, Salt Lake County, UT, 84070
9225 S JEFFERSON CV, Sandy, Salt Lake County, UT, 84070 is currently for sale for the price of $335,000 USD. Its located in the Jefferson Place neighborhood and is part of the Canyons School District. The property has a lot size of 0.01 ac and was built in 1997. 9225 S JEFFERSON CV, Sandy, Salt Lake County, UT, 84070 also comes with the following amenities: dryer, garbage disposer, microwave, oven, range, refrigerator and washer.
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W Lower Wood Ln Unit 37 Herriman Ut 84096
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This beautifully maintained Herriman home is a must see! If clean, bright, modern and neutral is what you are looking for then this is the home for you. The tall ceilings allow plenty of natural light throughout. An oversized island accompanied with a large open-concept floor plan makes this the perfect space for entertaining. Large pantry in the kitchen as well as two dishwashers and reverse osmosis system for drinking water. Enjoy your landscaped front and back yard, complete with a trex deck and vegetable gardens! Four large bedrooms upstairs all with large closets and an updated laundry room. The security system is included as well as the paid-off solar panels To top it all off, this prime location offers close convenience to plenty of shopping and eateries.Show morePaid-off solar panelsLarge pantryLarge open-concept floor planTall ceilingsLarge closetsVegetable gardensTrex deck
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Search Mls For Salt Lake City Real Estate
Thank you for visiting our Maps Search for the Wasatch Front MLS page. By searching the MLS you will be able to find real estate listings for all of the Salt Lake Valley, Utah. This includes Salt Lake County, Utah County, and Davis County. Using this page you can find homes for sale by searching by County/City, Map, MLS number, and by zip code.
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New Homes For Sale In Salt Lake County
EDGEhomes is committed to building unique homes that fit each of our homeowners needs. Weve built a reputation for designing and building award-winning homes throughout Salt Lake County and dont plan on stopping any time soon. Our experienced craftsmen take pride in building dream homes that stand the test of time. Working across the Valley, EDGEhomes is building new homes in Salt Lake County in various locations that include: Draper, Bluffdale, Herriman, and more.
Along with working across Salt Lake County, we also offer various floor plans and home types. Whether youre looking for a single family home, townhome, or condo, EDGEhomes has it all. Each of these floorplans is located in our award-winning communities that boast a number of amenities. From the amazing views that Hidden Valley Estates provides to the quick access of the Mountain Corridor our Herriman communities offer, whatever you need our communities will have. Browse our selection of new homes for sale in Salt Lake County below. If you have any questions dont hesitate to call us at 801.494.0150.
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Multi Family Homes For Sale In Salt Lake County
There are currently 75 multi family homes for sale in Salt Lake County at a median listing price of $650K. Some of these homes are “Hot Homes,” meaning they’re likely to sell quickly. Most homes for sale in Salt Lake County stay on the market for 60 days and receive 8 offers. This map is refreshed with the newest listings in Salt Lake County every 15 minutes.
In the past month, 1000 homes have been sold in Salt Lake County. In addition to houses in Salt Lake County, there were also 404 condos, 603 townhouses, and 77 multi-family units for sale in Salt Lake County last month. Find your dream home in Salt Lake County using the tools above. Use filters to narrow your search by price, square feet, beds, and baths to find homes that fit your criteria. Our top-rated are local experts and are ready to answer your questions about properties, neighborhoods, schools, and the newest listings for sale in Salt Lake County. Redfin has a local office at 2825 E Cottonwood Pkwy Suite 500, Salt Lake City, UT 84121. If you’re looking to sell your home in the Salt Lake County area, our listing agents can help you get the best price. Redfin is redefining real estate and the home buying process in Salt Lake County with industry-leading technology, full-service agents, and lower fees that provide a better value for Redfin buyers and sellers.
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