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.

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

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