Q1 2022 Market Report | Engel & Völkers Salt Lake

MARKET REPORT S A LT L A K E , U TA H , & D A V I S C O U N T Y 2022 | Q1

Single-Family

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Condominiums

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To w n h o m e s

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Table of Content Utah Real Estate Overview

04

Salt Lake County Summary

07

Northeast Quadrant Breakdown

08

Southeast Quadrant Breakdown

14

Southwest Quadrant Breakdown

20

Northwest Quadrant Breakdown

26

Utah County Summary

33

Davis County Summary

35

Salt Lake City � South Salt Lake Milcreek � Holladay � Murray

Sandy � Draper � Midvale Cottonwood Heights

South Jordan � Herriman Riverton � Bluffdale

West Valley � Taylorsville � Magna Kearns � West Jordan

Utah Real Estate 2022 | Q1 Predictions make clear that prices will further increase due to low inventory paired with high demand. Prior to the pandemic this time of year, Utah had approximately 8000 homes for sale. Now, this number has dropped to around 2000. Inventory is low not only for single-family homes, but for condominiums and townhomes as well. A healthy market apartment vacancy is 4% to 5% but now there is only a 2% vacancy in Utah.

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Overall, low inventory and record demand are driving prices up and prices will continue to rise. Most real estate experts believe that higher mortgage rates will slow down the rapid price growth we see today.

While that would mean the eventual end of doubledigit increases, prices would continue to rise but at a slower rate.

Note: Throughout this report, the term median is used as opposed to average.

The median is the middle point of a given set of numbers meaning that half of the numbers are above, half below. When it comes to real estate, the median number is a better indication on the current state of the market since the numbers are less affected by outliers.

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Salt Lake County Summary 3164

3160

Q1 2021 Total Properties Sold

Q1 2022 Total Properties Sold

68.1%: Single-Family Homes 13.4%: Condominiums 15.6%: Townhomes 3.0%: Other

Median Days on Market

67.7%: Single-Family Homes 11.6%: Condominiums 18.2%: Townhomes 2.5%: Other

6

No change from 2021, although we saw a 75% decrease of CDOM from 2020 to 2021.

# of New Listings

3862

Down 8.09% from the previous year with 4202 new listings in quarter one.

Median Sold Price for Q1 (Salt Lake County)

Salt Lake City

South Salt Lake

Millcreek

northeast

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Murray

Holladay

Salt Lake City $$$$$ Taking a look at Utah’s capital city, SLC home prices continue to boom. The number of properties sold decreased 19.16% from 1100 in 2021 to 890 and we are still seeing a steady decline in the amount of days the properties spend on the market.

Median Days on Market

6

Median Asking Price

$520,000

Number of Sold Properties

890

Median Sold Price for Q1 (Salt Lake City)

South Salt Lake $$$$$ Townhomes seemed to be all the rage these past two years in South Salt Lake, surpassing the prices of single-family homes in the area. Overall, we saw a jump of more than 36% of sold prices of properties in South Salt Lake from 2021 to 2022. Not many properties were sold, but the number is seeming to increase since 2020.

Median Days on Market

6

Median Asking Price

$409,900

Number of Sold Properties

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Median Sold Price for Q1 (South Salt Lake)

27

Millcreek $$$$$ As you can see below, prices of single-family homes sold in quarter one this year increased significantly from the previous year – 46.61% to exact. The median days on market also saw a big change compared to the previous year with a 40% decrease from 10 days in 2021 to only 6 in 2022.

Median Days on Market

6

Median Asking Price

$599,900

Number of Sold Properties

Median Sold Price for Q1 (Millcreek)

34

Holladay $$$$$ As one of the more expensive neighborhoods in Salt Lake County, Holladay’s numbers for this quarter certainly reflected that. With a median asking price of almost $800,000, home prices continue to climb in this area. Not only are prices increasing, but the number of days on market went down more that 72% from 2021.

Median Days on Market

6

Median Asking Price

$799,950

Number of Sold Properties

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Median Sold Price for Q1 (Holladay)

48

Murray $$$$$ Though the number of properties sold in Murray has declined since 2021, the prices are still going up. Among all the properties in this area, the median sold price increase by 26.33% from $375,000 to $473,750.

Median Days on Market

5

Median Asking Price

$460,000

Number of Sold Properties

Median Sold Price for Q1 (Murray)

78

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southeast

Midvale Cottonwood Heights

Sandy

Draper

Sandy $$$$$ Over the past few years, the real estate market in Sandy has been fairly steady when it comes to the amount of homes that hit the market – though they might not be there for very long. Here, we saw an influx of townhomes and condominiums being sold. Both numbers increased by more than 50% this quarter when compared to last year.

Median Days on Market

6

Median Asking Price

$630,000

Number of Sold Properties

Median Sold Price for Q1 (Sandy)

263

Draper $$$$$ It is clear to see the difference between the prices of single-family homes and multi-family homes in the city of Draper. With a median sold price of close to $1M for single-family homes, this area is becoming more desirable and pricey as the years go by.

Median Days on Market

7

Median Asking Price

$725,000

Number of Sold Properties

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Median Sold Price for Q1 (Draper)

103

Midvale $$$$$ Interesting enough, the prices for townhomes and single-family homes in Midvale were neck and neck during the first quarter of the year. It is apparent in the data that more townhomes are going up and being sold with an increase of over 106% from 2021.

Median Days on Market

6

Median Asking Price

$457,450

Number of Sold Properties

Median Sold Price for Q1 (Midvale)

78

Cottonwood Heights $$$$$ As the numbers state, Cottonwood Heights has grown into one of the most expensive neighborhood in all of Salt Lake County. Single-family homes dominate this area making up more than 78% of the listings for this quarter and nearing the $1M mark.

Median Days on Market

4

Median Asking Price

$798,500

Number of Sold Properties

33

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Median Sold Price for Q1 (Cottonwood Heights)

southwest

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South Jordan

Herriman

Riverton

Bluffdale

South Jordan $$$$$ As a whole, properties in South Jordan sold for a price 29% more than what they were back in 2021.

The prices may be going up and the number of properties sold is going down. In Q1 of 2020 and 2021, each year saw more than 340 properties being sold where this year, only 284 were sold.

Median Days on Market

7

Median Asking Price

$615,000

Number of Sold Properties

284

Median Sold Price for Q1 (South Jordan)

Herriman $$$$$ Unlike the majority of the cities in Salt Lake County, Herriman actually had a 32% increase of sold properties in Q1 of 2022 when comparing to 2021. There was also a significant increase in townhomes sold, jumping more than 89% over the past year.

Median Days on Market

7

Median Asking Price

$629,500

Number of Sold Properties

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Median Sold Price for Q1 (Herriman)

286

Riverton $$$$$ Looking at the chart below, condos are quite insignificant in the Riverton area, averaging around only 6 sold per year, and that is not including 2021. Overall, properties in this area increased more than 41% from Q1 2021, with a median sold price just over $600K.

Median Days on Market

5

Median Asking Price

$575,000

Number of Sold Properties

Median Sold Price for Q1 (Riverton)

108

Bluffdale $$$$$ In quarter one, the number of properties sold in Bluffdale decreased by more than 52% yet, the median prices rose 30%. Like Riverton, Bluffdale did not have much action with condominiums, accounting for less than 1% of the properties sold.

Median Days on Market

6

Median Asking Price

$529,950

Number of Sold Properties

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Median Sold Price for Q1 (Bluffdale)

63

Magna

West Valley

Taylorsville Kearns

southeast

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West Jordan

West Valley $$$$$ As one of the more affordable housing option in the Salt Lake Valley, West Valley is still seeing a pricing increase of more than 25%. In 2020, the median days on market for this city was 22, in the past two years, it has decreased more than 77% to an impressive 5 days on market.

Median Days on Market

5

Median Asking Price

$438,000

Number of Sold Properties

Median Sold Price for Q1 (West Valley)

264

Taylorsville $$$$$ Following the trend of the other cities in Salt Lake County, the median days on market is stuck at 6 with no change from the previous year. The number of properties sold decreased 18% while prices increase more than 31%.

Median Days on Market

6

Median Asking Price

$450,000

Number of Sold Properties

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Median Sold Price for Q1 (Taylorsville)

131

Magna $$$$$ From the data pulled for this quarter, Magna has seen an increase in townhomes of 300%. This is shocking considering there were absolutely no sales of townhomes in 2020, and very few the year prior. Townhomes in this area in Q1 of 2021 had a median price of almost $270K whereas now, prices are close to $400K, increasing over 41%.

Median Days on Market

6

Median Asking Price

$412,500

Number of Sold Properties

Median Sold Price for Q1 (Magna)

122

Kearns $$$$$ Out of the 34 properties sold in Kearns during the first quarter of the year, 32 of them were singlefamily homes and the rest – you guessed it! – townhomes. These two properties had a median price of more than what single-family homes were going for in the area.

Median Days on Market

7

Median Asking Price

$410,000

Number of Sold Properties

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Median Sold Price for Q1 (Kearns)

34

West Jordan $$$$$ West Jordan seems to be a popular city to move to considering its status as No. 2 to Salt Lake City in terms of number of properties sold in quarter one. With single-family homes making up the majority of the properties sold, we saw a price increase of over 35% from 2021.

Median Days on Market

5

Median Asking Price

$532,450

Number of Sold Properties

Median Sold Price for Q1 (West Jordan)

323

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Utah County Summary 2143

2235

Q1 2021 Total Properties Sold

Q1 2022 Total Properties Sold

67.8%: Single-Family Homes 11.4%: Condominiums 18.5%: Townhomes 2.3%: Other

Median Days on Market

66.0%: Single-Family Homes 11.3%: Condominiums 20.0%: Townhomes 2.7%: Other

6

Here, we saw an increase of 20% from 2021 with a median of 5 days on market.

# of New Listings

3068

The number of new listings rose 10.44% from 2,778 in 2021 and down from 3518 in 2020.

Median Sold Price for Q1 (Utah County)

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Davis County Summary 916

868

Q1 2021 Total Properties Sold

Q1 2022 Total Properties Sold

79.1%: Single-Family Homes 4.1%: Condominiums 14.0%: Townhomes 2.7%: Other

Median Days on Market

83.6%: Single-Family Homes 5.1%: Condominiums 9.4%: Townhomes 1.8%: Other

6

Reflecting Utah County, we saw an increase of 20% from 2021, with a median of 5 days.

# of New Listings

1215

In 2020, 1485 new listings were entered followed by only 1103 in 2021.

Median Sold Price for Q1 (Davis County)

E nge l & V ö l k ers Salt Lake 1987 S 1100 E Sa l t L a ke Cit y, UT 8 4 1 0 6

E nge l & V ö l k ers Holladay 2241 E M ur r a y Ho ll a d a y R d Sa l t L a ke Cit y, UT 8 4 1 1 7 (3 85) 2 13 8705 sal tl a ke . e v re a le s t a t e .c o m @e v s a lt la k e

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