1st Quarter Home Prices Flat but Prices Increase

May 7^th, 2013 – Utah Real Estate Professionals

The Salt Lake Board of Realtors® recently sent out a press release reporting the Salt Lake City area home sales during the  1^st quarter of this year may have been hindered by the lack of homes on the market which remained virtually unchanged; however, home prices increased by 19%. The Salt Lake Board of Realtors also reported the median home price increased from $192,500 from last year to $228,750 in January, the highest since 2009. There were 7 fewer homes which sold this year over last, due perhaps to the lack of listed homes.

The higher home prices are attributed to fewer homes on the market – fewer homes mean a higher demand. This is creating multiple offers on homes in almost all price ranges in the Salt Lake City area. However, sellers are still hesitant to put their homes on the market for a couple of reasons; after home prices took such a hit since 2007, they are waiting for home prices to go up further perhaps trying to recoup from being underwater for so long or afraid they couldn’t find another home to move into after theirs has sold.

New home inventory is just as low as existing home inventory also creating a flat market. However, builders are starting to increase new builds trying to add homes to the inventory as fast as they can; causing land sales to also become increasingly competitive.

1^st Quarter Salt Lake Area Home sales:

• Clearfield area of Davis County sold 173 homes

• South Jordon in Salt Lake County sold 160 homes

• Lehi in Utah County sold 154 homes

According to the Salt Lake Board of Realtors, condominium sales in the Salt Lake City area was up 18% with 526 sales in the first quarter with the median price up 9% - $155,000 over $142,000 last year.

For more information on the home prices in your area click here to read a press release from Salt Lake City Tribune article published April 29, 2013, reporting on the Salt Lake Board of Realtors®

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