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.

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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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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April Home Prices Up Again in Salt Lake County

Salt Lake County continued its good run of recent housing data in April 2012. The median home price for a home increased over 4% to stand at $195,000, the third month in a row we have seen a rise. There 1,104 homes sold (includes all types of home), with a median price per square foot of $87.67 (up for 5 months in a row).

So what is happening to the Salt Lake housing market? Well the fact is there is very little inventory, especially when you take out the bank owned and short sale properties. Buyers are coming back into the market and finding that the if they want a home in good condition in a sort after area they are competing with other buyers, with some homes selling in just a few days.

Total Sales 1104
Median Sales Price $195,000
Median Sq. Ft. 2,115
Median Price Per Sq. Ft. $87.67
Median Days On Market 58

Strong Salt Lake County Home Sale for February 2012

Home sales in Salt Lake County saw a sharp rise in Feb. 2012, increasing over 26% to 818 homes sold. The median home price for the month was $176,250, a slight rise from last months $174,000. Homes are also selling faster, especially in the more popular areas like the 9^th and 9^th area of Salt Lake City. The median number of days it took to sell a home was 74 days, dramatically down from the 111 days it took this time last year.  

These figures are very encouraging, and point to the start of a recovery in the real estate market. If they continue in this manner then it will only be a matter of time before home prices start to turn around and produce gains rather than loses.  

Total Sales 818
Median Sales Price $174,000
Median Sq. Ft. 2,122
Median Price Per Sq. Ft. $82
Median Days On Market 75

November Salt Lake County Home Sales Increase

Salt Lake County saw its home sales increase from 751 in November 2010 to 864 in November 2011. While there were more Salt Lake UT Condos and Homes sold in Nov, median home prices continued to come under pressure, dropping from $200,000 to $179,900 over the last 12 months.

On the bright side the number of days it takes to sell a home continues to fall, and has fallen from 95 to 70 days in the last year.

Total Sales 864

Median Sales Price $179,900

Median Sq. Ft. 2,1284

Median Price Per Sq. Ft. $82

Median Days On Market 70

October Home Sales Up, Prices Down In Salt Lake County

October Salt 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 Sales Price $185,000

Median Sq. Ft. 2,129

Median Price Per Sq. Ft. $83

Median Days On Market 73

Home Sales Data for Sep. 2011 for Salt Lake County

Homes sales for Sep 2011 continued to show signs of stableization. The number of  Salt Lake UT Homes sold remaining strong with 971 homes sold, up from the 741 homes sold in Sep 2010. The median home sales price for Salt Lake County (includes all home types) was $177,500.00.

Total Sales 971
Median Sale Price $177,500.00
Median Sq. Ft. 2,102
Median Price Per Sq. Feet $83
Median Days on Market 74

Salt Lake Home Prices Aug 2011

The strengthening local Utah economy seemed to help Salt Lake Home Sales in August 2011. The jobs market saw a 3% increase, meaning that more people felt more confident and were in a better position to buy a home.

There were 1086 homes sold, which was a jump of over 38% compared to the same time last year. Homes were also selling faster with the average number of days taken to sell a home dropping to 81. Even with this encouraging number of home sales, Salt Lake County prices were still coming under pressure and the average sales price dropped to just over $219,000.