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.

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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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.

Market Update for July 2011

The Salt Lake Real Estate market remained bumping along the bottom in July 2011, and indeed there were some signs that maybe we are starting to see some small signs of recovery. The amount of Salt Lake houses and condos sold saw a large increase, jumping over 30% year on year. But while these numbers appear good, home prices continued to struggle, dropping 14%. The July 2011 Salt Lake average homes sale price was just over $223,000.