Salt Lake County Home Prices Continue to Rise in March 2014

Home prices continued to show positive returns in March 2014, albeit on the back of weaker sales. The median home price for a single family home stood at $248,450 which is an increase of 8.28%. While this is a nice rise, it falls within the narrow sales price band we have seen over the last 12 months, with a low of $240,000 (April 2013) to a high of $260,000 (Aug 2013). Since last summer the real estate market has taken a breather, with prices not really appreciating and fewer homes sold. Having said that we are starting to see the market pick up, with arrival of spring the local real estate market activity is starting to rebound, with the days market in April looking like it will improve.

Salt Lake County Single Family Homes March 2014

Median Home Price: $248,450 up 8.28%

Median Price Per Sq. Ft.: $102.41 up 6.89%

Total Homes Sold: 828 down 9.01%

Median Days on Market: 49 days up 75%

The Salt Lake Condo Market is mirroring that of the single family home market. While prices are up (the median sales price for March 2014 was $141,028 up 8.48%), sales are down from 125 in March 2013 to 101 in March 2014. Even with this reduction in sales the time taken to sell a condo remains pretty good, with it taking a median of 45 days to go under contract (note that condos traditionally take longer to sell than single family homes). In the last 12 months the median sales price has been in the range of $141,028 (March 2014) to $155,000 (November 2013).

Salt Lake County Condos March 2014

Median Condo Price: $141,028 up 8.48%

Median Price Per Sq. Ft.: $120.19 up 9.87%

Total Condo Sold: 101 down 19.2%

Median Days on Market: 45 days down 55.45%

 

Trela is a Realtor Serving the Salt Lake Area, helping people buy and sell homes and condos.

Daybreak Annual Home Sales Data for 2013

If you own a home in Daybreak then 2013 was a pretty good year for you. The median sales price for Daybreak Homes rose over 20% to $269,500. This was on the back of strong home sales which increased from 296 sales in 2012 to 356 in 2013. Homes were also selling faster, dropping from a median of 63 days to 37 days to go under contract.

Home Sales Data for 2013

Homes Sold 356 (296)

Median Price $269,500 ($252,250)

Median Days on Market 37 days (63)

Figures in brackets are for 2012.

While these are great sales figures and the best we have seen for several years the market did show signs of slowing towards the backend of the year. This slowdown seemed to co-inside with the jump in interest rates, and to this point it has not recovered to the same level seen at the start of the year.

Trela is a Salt Lake Realtor who lives in the Daybreak community. 

Salt Lake Home Prices on the Rise in May 2013

Salt Lake home sales were again strong in May 2013, with 1,196 homes sold, the most seen since May 2007. On the back of strong single family home sales prices continued to rise, increasing 16.23% to $249,900. Sellers in the current market are in a strong position, getting on average almost the full asking price, with the median asking price of $250,000 and a median sales price of $249,900.

One piece of bad news for buyers is the recent increase in interest rates. The more interest rates go up the less buyers can afford, which may do one of two things. Those buyers that have been on the fence may decide to get in before it’s too late, or may just decide not to bother at all.

Salt Lake County May 2013 Single Family Home Sales

Median Home Price: $249,900
Homes Sold: 1,196
Median Price Per Square Ft: $102.76
Median Days on Market: 14 days

Use our MLS search to find Salt Lake Homes for Sale. Blog post written by Trela Bird, your Salt Lake Real Estate expert.

Median Price Per Sq. Ft. Hits Highest Level Since November 2009

In March 2013 the median Salt Lake Home price per sq. ft. hit the highest level since November 2009. The median price per sq. ft. stood at $97.83, a substantial gain of 17.36% over the last year. A combination of strong demand among buyers and a shortage of Salt Lake Utah homes for sale meant that any homes listed on the market were in strong demand, often resulting in a quick sale and in the lower price ranges multiple offers. This market will continue to perform well while ever the inventory level remains constrained. The advent of spring should introduce more homes to the market, but along with this it is also expected to introduce more buyers. The data so far for April appears to continue the upward trend, with homes continuing to sell faster for more money. Of course there can be no guarantee that the recovery will continue but all the indicators are looking positive at the moment.

Median Home Price: $209,270
Homes Sold: 1,099
Median Price Per Square Ft: $97.83
Median Days on Market: 32 days

This article was written by Trela Bird Realtor.

December 2012 See Salt Lake Home Sales Dip

For the first time in quite a while Salt Lake City Homes saw the total number of sales actually decreased in December 2012. So what is going on, have we come to a pause in the recovery? Well there could be various reasons for this sudden dip. People could have been worried about the fiscal cliff, or buyers could have simply dried up? But I believe the reason for the dip is related to the lack of inventory. The simple fact is there is just not that much for buyers to choose from at the moment and those homes that are on the market (if they are not overpriced) are been snapped up. In fact if we look at all the other key indicators we can see that they are all heading in the right direction.

Median Home Price: $202,000 up 10.84%
Median Price Per Sq. Ft.: $92.57 up 12.44%
Total Homes Sold: 839 down 9.1%
Median Days on Market: 36 days down 51.35%

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Salt Lake Median Home Price Tops $200,000

The Salt Lake housing market continued its strong performance in August 2012, with the median home price rising above the $200,000 mark for the first time in 2 years. The median home price stood at $205,000, a rise of nearly 10% year on year.   

Total Sales 1,337

Median Sales Price $205,000

Median Sq. Ft. 2,109

Median Price Per Sq. Ft. $93.18

Median Days On Market 39

Strong home sales of 1,337 homes sold meant that Salt Lake UT Homes were in high demand, and coupled with a limited home listing inventory, prices continued to come under upward pressure. If homes are priced right they are selling fast, with the median days on market being 39 days. We are also seeing keen competition among buyers for some homes, and have seen multiple offer situations in several offers that we submitted in August and September.

Strong Salt Lake Home Sales in July 2012

Another strong month for Salt Lake Home Sales saw home prices on the rise again in July 2012. The median Salt Lake County home price for July stood at $193,000, up from $189,700 the previous year. There were a total of 1,203 homes sold, up from 1,036, with a median price per square foot of $90.76 up from $86.55. The biggest improvement and a really good sign of an improving housing market was the median days on market, which saw a dramatic drop from 70 days to 32 days. This shows that homes were selling more than twice as fast as a year ago.

Total Sales 1,203
Median Sales Price $193,000
Median Sq. Ft. 2,109
Median Price Per Sq. Ft. $90.76
Median Days On Market 32

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