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.