Single-family home sales slow, condo sales skyrocket
Sandy — Higher home prices and a shortage of inventory slowed single-family home sales in the second quarter, while sales of multifamily homes (condominiums, townhouses, and twin homes) climbed sharply.
In the second quarter, there were 3,396 single-family homes sold in Salt Lake County, nearly the same number of homes sold in the second quarter of 2020, when Covid-19 stifled sales. However, when compared to the second quarter of 2019, a year unaffected by the pandemic, single-family home sales in this year’s second quarter were down 10 percent.
There were 1,455 sales of multifamily homes in Salt Lake County, up 28 percent compared to 1,140 sales a year earlier.
The median price of a single-family home in the second quarter in Salt Lake County increased to $530,000, up 29 percent year over year. The median price of a multifamily unit climbed to $368,000, up 27 percent compared to the second quarter of 2020.
“Higher home prices are driving more buyers to condominiums and townhouses,” says Matt Ulrich, president of the Salt Lake Board of Realtors®. “The typical multifamily home was roughly $160,000 less in price than a single-family home in the second quarter.”
Where are home buyers purchasing homes? More buyers are looking outside of Salt Lake County, which posted the highest median home price of the five-county Wasatch Front area. The top 10 cities in single-family home sales in the second quarter were:
- Eagle Mountain
- Saratoga Springs
- Farr West
- American Fork
New listings in Salt Lake County in the second quarter fell to 5,610 units, down 7 percent compared to the same period in 2020.
About the Salt Lake Board of Realtors®
The Salt Lake Board of Realtors® is the Wasatch Front’s voice of real estate and the No. 1 source for housing market information. The Salt Lake Board of Realtors® is the largest shareholder of UtahRealEstate.com, one of the leading Multiple Listing Services (MLS) in the United States. Since 1917, the Salt Lake Board of Realtors® has been a leader in promoting homeownership and protecting private property rights. The Salt Lake Board of Realtors® empowers its members to better serve the public by providing continuing education, advocacy, and a professional code of ethics.
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