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%

You can perform Salt Lake City Home Searches via your smartphone.