The average home price in Salt Lake City continues to increase despite continually dropping sales volume and increasing inventories. The number of homes sold during the second quarter are 20% lower than the 2nd quarter 2006 and and 25% less than the 2nd quarter 2005. The number of listings available continues to increase with the absorption rate (the number of months it would take to sell all current listings) now at 6.8 months and growing. It has clearly moved from a balanced market to a buyers market.
The average home price in Salt Lake City continues to increase despite continually dropping sales volume and increasing inventories. The number of homes sold during the second quarter are 20% lower than the 2nd quarter 2006 and and 25% less than the 2nd quarter 2005. The number of listings available continues to increase with the absorption rate (the number of months it would take to sell all current listings) now at 6.8 months and growing. It has clearly moved from a balanced market to a buyers market.
Salt Lake City home prices have grown faster than Salt Lake County where 2nd quarter values have increased 12.7% over 2nd quarter 2006.
We do not see any indicators telling us home prices will soften for the remainder of 2007. Forecasts for all of 2007 were expecting prices to increase 4-5% for the entire year. And for the first 6 months we have seen an increase of 10.6% over December 2006 home prices.
Month | Average Sold Price | Change from Prior Year | # of Homes sold | Change from Prior Year | Absorption Rate in Months |
| April | $289,952 | +16.78% | 196 | -17.30% | 4.8 |
| May | $303,909 | +13.70% | 247 | -14.24% | 5.0 |
| June | $337,603 | +20.27% | 235 | -32.66% | 6.8 |
| 2ND Quarter | $310,683 | +16.15% | 692 | -20.82% | 6.8 |
If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker.
Information for our stats were taken from WFRMLS as of 7/8/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Salt Lake City include 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, 84116.
Salt Lake City home prices have grown faster than Salt Lake County where 2nd quarter values have increased 12.7% over 2nd quarter 2006.
We do not see any indicators telling us home prices will soften for the remainder of 2007. Forecasts for all of 2007 were expecting prices to increase 4-5% for the entire year. And for the first 6 months we have seen an increase of 10.6% over December 2006 home prices.
If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker.
Information for our stats were taken from WFRMLS as of 7/8/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Salt Lake City include 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, 84116.
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