SANDY — The local housing market has hit an historic high.
Wasatch Front existing home prices reached their highest point ever during the second quarter of this year, with the median single-family home price climbing to $300,000 — up from $275,000 the same time last year, the Salt Lake Board of Realtors reported.
The median home price in Salt Lake County rose 10 percent year-over-year to $327,000, according to data compiled by the organization.
The rising prices are attributed primarily to a strong demand for existing properties and a dwindling supply of available homes, said Troy Peterson, president of the Salt Lake Board of Realtors.
“Competition is fierce for homes priced under a half-million dollars,” he said. “Many sellers continue to make the sale of their home contingent on them finding another property. Buyers typically offer more than asking price and compete with several other offers.”
Peak home prices | Joseph Tolman
Peterson described the current boom market as the strongest seller’s market he’s ever seen in 23 years in real estate. He noted that unlike the previous housing boom a few years ago, this market isn’t based on speculation but rather purely economic factors — too few properties for a huge number of potential buyers.
“We don’t have inventory,” he said. “If we had inventory coming like we had last time, then (it would be), ‘Get ready for a bubble.’ But we don’t have a bubble coming because we don’t have inventory.”
The board reported the top five most expensive housing areas by ZIP code in the second quarter were:
• Emigration Canyon (84108) with a median sales price of $561,000 — up 19.4 percent
• The Avenues (84103) with a median sales price of $502,000 — up 2.7 percent
• Eden, Weber County (84310) at $501,000 — up 24.5 percent
• Alpine (84004) at $497,000 — up …read more
Source:: Deseret News – Business News