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.
The average sales price for a home in Salt Lake County was $216,163 in November 2011. This was a drop of 0.26% compared to last month and 10.84% compared to November 2010. Despite November being a seasonally slow time of year, there were 849 homes sold, an increase of 13.05% from last year. The average price per square foot fell to $87.81.
While we are seeing stronger Salt Lake home sales, year on year prices are still dropping, even if at a lower rate than declines seen over the past few years. In fact since Feb this year, prices have remained around the same level, which continue to provide some reassurances that we may have seen the worst of the housing market.
Total Sales 849
Average Sale Price $216,163
Average Sq. Ft. 2,438
Price Per Sq. Feet $88
Days on Market
You can read the original Nov. 2011 Salt Lake Housing Market Update post on my Salt Lake Real Estate blog.
A recent article in the Builder Magazine predicts a bright 2012 for the Salt Lake City Housing Market. They teamed up with Hanley Wood Market Intelligence to produce their list of healthiest housing markets in the United States. The list was compiled using various criteria including the local employment market, population growth, and income growth. The resulting list saw Salt Lake coming in at the 3rd healthiest housing market in the country, with a projected 4.7 percent price increase in 2012.
This data backs up what we have recently been seeing in the housing market, with this years home prices stabilizing, the rental market tightening and the number of home sales greatly increasing. We are certainly busier than we have been for a while, only time will tell if this translates into home price appreciation in 2012.
This Builder Magazine Predicts Bright Future for Salt Lake Housing Market article was originally published on our Salt Lake Real Estate blog.
OctoberSalt Lake County home sales were up from 737 in 2010 to 992 in 2011. While this is great news, in the same timeframe median prices decreased from $205,000 to $185,000, a fall of 9.76%. Compared to September 2011 prices actually saw a modest 3.93% increase. The median price per sq, ft. was $83.61 (compared to $83.88 last month and $91.37 last year).
The good news is that prices have remained pretty consistent since Feb 2011, when they hit $183,000. Another positive sign is that the time it takes to sell a home is also on the decline, falling from 82 days in 2010, to just 73 in October 2011. We are also continuing to see increased activity in the Salt Lake County housing market, with November sales looking like they will be considerably stronger than those in 2010.
Total Sales 992
Median Sale Price $185,000
Median Sq. Ft. 2,129
Median Price Per Sq. Feet $83
Days on Market 73
The original article can be found on my Salt Lake Home Prices blog.
Home prices in Salt Lake County remained relatively stable in the third quarter 2011. The new median home price for single family home sales was $195,800, which while down from last years $230,000, remained within the narrow median home price range we have seen since the start of the year.
The number of home sales has greatly increased over the last 12 months, going from 1925 last year to 2612 this year, that’s the highest number seen for 4 years. This is the classic sign of a recovery, where home sales increase but home prices lag behind.
If we look at a zip code level there were 6 areas that showed median home price appreciation, with the Historic Avenues area 84103 seeing the largest gain of 16%.
You can find a detailed breakdown of Home Prices in Salt Lake County, Utah County and Davis County on my Salt Lake UT Real Estate website.
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