Unofficial 2007 Home Sales Stats for Salt Lake City, UT:

There were approximately 11,500 homes sold in Salt Lake County in 2007. The average price of single family homes sold was $296,156 and the median sales price was $249,900. Homes listed on the market were on for an average of 37 days. There were also 2,763 condo's sold. The average sold price of these condos was $192,057 and the median sales price was $171,400.

The number of actual homes sold was down 22% over '06, but the average sales price was up 9%. In '06 there were 15,180 houses sold that were listed on the MLS  and 3,272 sold condos. The average sold price was $269,692 for single family homes and $163,213 for the condos.

That was 2007, but believe it or not it is now 2008.

As of Jan 2nd, there are 5,680 (half the number of total homes sold in all of '07) single family houses listed on the MLS in Salt Lake County. The average price of these homes is $443,961, and a median sales price of $329,900.

There are also 1,054 condominiums listed in Salt Lake with an average asking price of $261,193 and a median price of $219,900.

These home prices are a lot higher than what the average Salt Lake City resident can afford. Either prices will have to go down, or else we're going to have another rapid home appreciation year in Salt Lake in 2008.