We all know that the Real Estate Market in Salt Lake City is substantially down from last year, but in many areas and price ranges the market isn't that bad. Homes are with moderate and low prices are still selling quickly. From June's sales numbers, it also looks like the market may already be improving in Utah's capital city. Home sales were only down 27% in Salt Lake County compared too down 33% for May. Not exactly bragging material, but it was improvement.

After the first six months of 2008 there were 1663 homes sold in Salt Lake. These homes that sold had a median price at $221,325 and an average price at $272,601. These numbers are substantially less than the average list price in Salt Lacke City of $387,145 and median list price of $279,990. In our current economy, there just aren't a lot of buyers for the high end homes. These homes will be on the market for a long time and foreclosures in Salt Lake will likely increase as well. There are currently 1,841 homes for sale in Salt Lake and 698 SLC condo listings. At the second quarters sales pace it will take 8 months to sell the present supply of inventory. The unfortunate thing is that much of the inventory won't be sold.

If you're looking to buy an expensive high end home, take your time there is plenty of choice and many sellers are very motivated. When you offer, offer low because there is a good chance it is the only offer those sellers are going to get in a very long time. If you're looking to buy low end and moderately priced homes in Salt Lake, don't take too much time or else someone else will beat you to the deals.

If you are looking to sell in Salt Lake City, it doesn't matter what your house appraised for last year. What matters is where the competition is priced. You need to make sure that your property is priced as low as or lower than the competition if you want it to sell.