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Salt Lake Home Prices Up Sharply in 1st Quarter 2013
The median home price for a Salt Lake County single family home rose 19.18% to $226,450 in the first quarter 2013. This strong rise in prices happened even though the number of homes sold was basically flat, managing only a 0.95% rise in the number of homes sold compared to the 1st quarter 2012. So why are prices going up so much if sales are flat, well it’s down to supply and demand. The reason that the number of sales are not increasing like we might expect is that there is simply not enough homes on the market. So while demand among buyers might be rising, the inventory of homes for sale is shrinking, leading to the classic supply and demand scenario. If demand goes up and supply stays the same or decreases, then prices will rise. This of course makes it a great time to sell, but sellers seem to be reluctant, or in some cases unable (if they are underwater with their mortgage) to list their home.
So what of the Salt Lake condo market? Well the condo market has been running behind that of single family homes. This is probably due to the difficulties buyers can face ... more

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