FYI UTAH

Article from Salt Lake Board of Realtors-October 2019

Wasatch Front Million-Dollar Home Sales are on the Rise

Million-dollar home sales are on the rise. In the first eight months of 2019 there were 268 sales of million-dollar homes along the Wasatch Front (Salt Lake, Davis, Tooele, Utah, and Weber counties), a 23 percent increase compared to 218 sales in the same January through August period last year. Sales of homes priced less than $500,000 in the same period were flat (down 0.2 percent). A recent Wall Street Journal article said, “millions of people, thousands of businesses, and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states…The losers will be most of the Northeast, along with California. The winners are likely to be states like Arizona, Nevada, Tennessee, Texas and Utah.”Yet, while homes selling over the million-dollar mark are rising, their overall market share is small. Approximately 87 percent of all homes sold on the Wasatch Front from January through August were for homes priced under $500,000. Homes that sold from $500,000 to $999,999 made up 12 percent of the mix. Million-dollar home sales represented just 1 percent of the total market share.