December 2011 Salt Lake County Market Update

The Salt Lake County housing market continued to show signs of improvement in December 2011. There were 881 Salt Lake homes sold in December 2011, that’s a rise 5.76% compared to the same month last year. In the same time period the average home sales price dropped from $230,440 to $220,468, but was still above the low seen back in Feb 2011, when it hit $215,686. The average time taken to sell a home also improved dropping from 135 to 129.

There are currently 4,827 active properties in Salt Lake County, with a market absorption rate of 795 sales per month. That means given the current inventory level, it will take 7.84 months to sell all the homes currently listed. It is generally considered that a balanced market is between 5 and 7 months. Anything above 7 months is a buyers market and anything below is a sellers market.

Total Sales 881
Average Sale Price $220,468
Average Sq. Ft. 2,493
Price Per Sq. Feet $87
Days on Market 129

For more information on current market conditions please visit my Salt Lake Real Estate Blog.