At the recent Economic Forecast held by the Salt Lake Board of Realtors, there were numerous key takeaways, all leading to the current strength of our market while also noting some challenges that may lie ahead accounting for our rapid growth. With home prices remaining strong and what feels unattainable for some, opportunity will be more prevalent with a potential boom in condominiums creating more affordable housing options. Below are recent market updates by county.
Summit County average sales price was $2.4 million during the month of February, coming off the heels of $4.1 million in January. This was the highest average sales price we have seen in the last 4 years in Summit County! New listings were up for the month of February with 41 new listings which was a 28% increase from same time last year.
Salt Lake County has started strong in 2025. In January of 2024 we had less than 700 new listings and this year we saw a 9% increase in new listings. Additionally, there was a 17% increase in closed sales this past month from the month prior. The average sales price in February 2025 was $698k, up by 4% from same time last year.
Utah County ended 2024 with 358 new listings from same time last year and saw a staggering 716 new listings hit the market this past January due to new development throughout the county. There were a total of 410 closings this past February which was a 26% increase from January of this year. The average sales price in February was $685k, a 3% increase from the average sales price same time last year.
Davis County saw a 6% increase in inventory from the same time last year but the lack of inventory available to buyers continues to be a challenge in this county. The amount of homes available is reflected in the closed sales with only 178 in February and only 133 in January, the lowest we have seen in 2 years. There has been a 4% increase in the average sales price this year from same time last year with home prices holding strong year over year.
Weber County had a very strong year in 2024 with a slower ramp up for this year. With only 275 new listings this past month, inventory is down by 3% same time last year. Closed sales are up by 6% from same time last year which is likely a contributor from the completion of new development. The average sales price in the month of February was $526k.