The Salt Lake City housing market has successfully recovered from the recession, according to recorded sales. The single-family homes in Salt Lake reflected an increase of 5% in 2013, with 30% of the sales documented in Salt Lake City. Sales in the most popular areas of Salt Lake increased between 7% and 11%; Bluffdale, being the most sought-after area, experienced an increase of nearly 52%. There were a few areas that reported declines in the market for sales activity, but this area is expected to show an increase in sales by year’s end. The last few years have brought the City of Salt Lake much prosperity in the area of employment, and this has helped to dramatically increase the number of homes sold in the city. There are some counties doing better than others in the housing market, but as a unit, the market is stable.
The Industrial Market
The industrial market sq. ft. midpoint range shows an increase of nearly .6% in comparison to the previous 3 months and in increase of more than 7% compared to prices the year before. The county span list prices for industrial properties are a margin of 1% or greater, reflecting &72 per sq. ft. compared to the current average price of $67 per sq. ft. for Industrial properties in Salt Lake City. The current market reflects there is an increase of more than 3% in the midpoint asking price per sq. ft. for retail properties in comparison to the previous 3 months, which reflects an increase of almost 3% in comparison to the year before. County span prices for the commercial properties are almost 2% greater in comparison to the current midpoint price of $154 per square foot for the commercial properties in Salt Lake City, Utah.
Expectations of the Market
Indicative of the splurge of the sales volumes in Salt Lake City is the existing low interest rates that aided in the recovery of the market. In light of the recovering economy, 2014 trend in house sales were somewhat of a normal capacity according to market reports. It seems the increase of price during 2014 has held steady between a percentage of 5 and 7, which is slightly higher than the normal 4 percent in past years. Single-family homes have reflected an increase by a margin of 7% due to the increased availability of homes on the market.