Prices Are up Again | Urban Living

Wednesday, November 20, 2019

Prices Are up Again

Posted By on November 20, 2019, 4:00 AM

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The third quarter housing report has been released by the Salt Lake Board of Realtors. Housing prices in Salt Lake County are still climbing despite the R-word (recession) being bantered around. The median price for a single-family home price in July through September of this year has climbed to an all-time high of $381,500, which is up 7.5% over last year's third quarter. The top 10 highest prices came in at:

1. Avenues: $663,500

2. Alpine: $650,000

3. Emigration: $630,000

4. Huntsville: $581,220

5. Draper: $564,337

6. Sandy: $554,000

7. Eden: $541,000

8. Holladay: $537,000

9. Holladay: $521,450

10. South Jordan: $510,000

What's really interesting, is that the actual number of homes sold didn't change much in Salt Lake County (only up 0.7% since last year), whereas they were up by almost 10% in Davis County, up almost 5% in Tooele, and up nearly 12% in Utah and Weber counties.

In a normal market, home sales slow this time of year. Folks are starting to nest in, drag out the holiday decorations, and take their homes off the market until the bulbs in their yards bloom into spring pastels. But Utah is not experiencing a normal market. I just returned from the National Association of Realtors' annual convention in San Francisco and spoke to many brokers who are not feeling the abundance of sales prices like we are seeing in Utah. According to U.S. Census data, Utah's population is growing faster than any other state, with one third of our new residents coming from California. That's followed by New Yorkers, and people relocating from Washington state, Connecticut and Illinois. Buyers are moving here and we're not keeping up with demand.

I also know I'm not going to relocate to San Francisco anytime soon. One day, walking back from the convention center there, an altercation crupted in front of us where three men began arguing loudly before a cop appeared. That was after we stepped over several homeless people, and witnessed an attempted mugging. Plus, rentjungle.com reported that as of October, average rent for an apartment in San Francisco is $3,870, a 6.43% increase over 2018. Two bedrooms average $4,713 per month. And woah, businessinsider.com shared data that the median list price of a home was $1.3 million as of June 2019. 

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