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Salt Lake Real Estate Market Update August 2012
The medium home price for a Salt Lake County home climbed above $200,000 for the first time since October 2010. The new median home price of $205,000 was sharply up from the $186,884 seen in August 2011. Strong home sales saw a total of 1,337 homes sold, the largest number of sales for over five years, going all the way back to June 2007. Homes were also selling faster taking a median of just 39 days to sell.
Median Home Price: $205,000 up 9.69%
Home Sales: 1,337 up 19.59%
Median Price Per Sq. Ft.: $93.18 up 13.33%
Median Days on Market: 39 down 42.65%
In the past few months the condo real estate market has lagged behind that of single family homes, but August saw what could be the start of a turnaround. For the first in a long time the median home price for a condo in Salt Lake County actually increased slightly, going from $129,000 to $130,000. The single family home market continued to go from strength to strength with prices going from $195,000 to $224,950, an impressive 15.36% increase.
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