Trela Bird, Realtor, Salt Lake City Utah

There were a total of 730 Salt Lake County homes sold in Jan 2012, which is the highest level seen for 5 years. Those homes that are selling are also selling faster, with the average number of days taken to sell a home falling to 133 days (last Jan it was 144 days). The average price for homes sold in Salt Lake County did drop to $206,869, but this drop is in part due to a drop in the average size of homes sold (more smaller home sales = lower average price), which was 2,341 sq. feet (down from 2,579). In fact if we look at the price per sq. foot, it acutally ticked up slightly from last month.

We are starting to see a change in the local market, with more multiple offer situations (especially in the more sort after areas like the Avenues), and good homes selling a lot faster. The actual supply of quality Salt Lake Utah Homes for Sale seems to be some what limited at the moment, partly due to the time of year, and people not wanting to get involved with long drawn out short sales.

Total Sales 730
Average Sale Price $206,869
Average Sq. Ft. 2,341
Price Per Sq. Feet $87
Days on Market 133

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

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).