salt lake real estate: Salt Lake Real Estate Market Continues Strong Performance in 1st Quarter 2017 - 04/12/17 10:05 AM
The start of 2017 saw a strong Salt Lake property market, with the median home sales price climbing 10.04% in the first quarter, to sit at $275,000. The number of properties sold in the quarter declined 1,55%, which looks like a negative, but really the drop was due to a very limited supply of homes for sale. Because of the limited inventory of homes, competition among buyers was strong, driving down the median days on market by 9% to stand at just 20 days.
While these number seem strong I believe we will see even stronger numbers in the second quarter. During … (0 comments)

salt lake real estate: Salt Lake October 2012 Housing Market Update - 11/07/12 02:06 AM
The Salt Lake County Housing Market again produced strong home sales in October 2012. There were 1,129 homes sold in the month, which is an improvement of 9.19% over October 2011. Median Salt Lake home prices again finished above the $200,000 mark, with a new median home price of $205,000, a healthy increase of 10.81%. The median price per square foot rose to $93.34, the highest level seen since June 2010.
With the holidays approaching home inventory levels are currently very low, with many homes selling soon after they appear on the market. At a national level a recent report … (0 comments)

salt lake real estate: Salt Lake County Market Updated for September 2012 - 10/08/12 03:55 AM
 
Salt Lake County Market Updated for September 2012
Another good month for the Salt Lake County real estate market saw home sales and prices on the increase. A total of 1,016 homes were sold in September (includes all types of homes), up from 997 a year earlier. Home prices were also up, with the median home price increasing from $185,000 to $195,000. Homes were also selling fast, with a CDOM of 34 days, considerably faster than the 74 days seen in September 2011.
Total Sales 1,016
Median Sales Price $195,000
Median Sq. Ft. 2,089
Median Price Per Sq. Ft. … (0 comments)

salt lake real estate: Salt Lake County Housing Market Continues to Improve in June 2012 - 07/18/12 01:24 AM
While the median home price showed a slight increase in June (up 1.81%), the statistic that stood out the most was the median days on market, which fell to the lowest level since August 2007. The median time taken to sell a home fell by 50% in the last 12 months, falling from 70 days in June 2011 to 35 days in June 2012. Needless to say this is a very encouraging sign, when homes sell faster this places upward pressure on prices and also encourages people who want to sell their home. Other data for the month showed that home … (0 comments)

salt lake real estate: Salt Lake County Prices Up in April 2012 - 05/22/12 02:31 AM
Salt Lake Home Prices were on the rise in April 2012. For the second month in a row home prices went up, with the median home price rising 4.28% (when compared to April 2011 prices) to $195,000. If we look at month on month data, prices have actually increased for 3 months in a row. This encouraging home sales data may well point to the bottom on the market and even shows that prices are starting to rebound, especially in the more trendy areas like the Avenues, 9th and 9th and Sugarhouse.
In addition to prices going up, the number … (1 comments)

salt lake real estate: February 2012 Home Sales on the Rise - 03/15/12 12:44 PM
There were a total of 809 homes sold in Salt Lake County during February 2012. This number shows a strong increase when compared to Feb. 2011 when just 647 homes were sold. While Salt Lake home sales were up, the time taken to sell a home fell considerably, (another positive sign), with the average time taken to sell a home falling from 144 to 124 days. The average home price increased slightly from last month, climbing 1.23% to $209,743, but was down 2.76% when compared to Feb. 2011. 
Total Sales 809 Average Sale Price $209,743 Average Sq. Ft. 2,404 Price … (1 comments)

salt lake real estate: Jan. 2012 Salt Lake Market Update - 02/24/12 06:12 AM
There were a total of 730 Salt Lake County homes sold in Jan 2012, which is the highest level seen for 5 years. Those homes that are selling are also selling faster, with the average number of days taken to sell a home falling to 133 days (last Jan it was 144 days). The average price for homes sold in Salt Lake County did drop to $206,869, but this drop is in part due to a drop in the average size of homes sold (more smaller home sales = lower average price), which was 2,341 sq. feet (down from 2,579). In … (0 comments)

salt lake real estate: December 2011 Salt Lake County Market Update - 01/17/12 03:50 PM
The Salt Lake County housing market continued to show signs of improvement in December 2011. There were 881 Salt Lake homes sold in December 2011, that’s a rise 5.76% compared to the same month last year. In the same time period the average home sales price dropped from $230,440 to $220,468, but was still above the low seen back in Feb 2011, when it hit $215,686. The average time taken to sell a home also improved dropping from 135 to 129.
 
There are currently 4,827 active properties in Salt Lake County, with a market absorption rate of 795 sales per … (1 comments)

salt lake real estate: Salt Lake County 3rd Quarter 2010 Housing Sales - 11/26/10 03:05 PM
While there are early signs of a housing market recovery, in the whole Salt Lake County yet again remained sluggish at best, with home prices continuing to come under pressure.
<strong>Single Family Housing Stats</strong><blockquote> <strong>Third Quarter 2010</strong>Number of Homes Sold : 1902    Median Price : $229,900  Days On Market :  85</blockquote>
<blockquote> <strong>Third Quarter 2009</strong>Number of Homes Sold : 2392    Median Price : $232,000  Days On Market :  79</blockquote>
<blockquote> <strong>Second Quarter 2010</strong>Number of Homes Sold : 2886    Median Price : $220,000  Days On Market :  79</blockquote>
Year on year the median home price for a single family home in Salt … (0 comments)

salt lake real estate: Housing Shortage – Are You Kidding? - 11/05/10 06:13 AM
While it may seem like a far-fetched idea (especially if you are trying to sell your home at the moment), an increasing number of economists are predicting a housing shortage in 2011/2012. How you might ask, can we have a shortage of homes given the current sluggish housing market? Well it's all got to do with the number of homes that need to be built, just to keep up with basic demand.
Every year demand is created for housing for various reasons, people get married, people get divorced, children leave home and some homes are even condemned and torn down. The … (1 comments)

salt lake real estate: May 2010 Salt Lake County Home Prices - 07/14/10 04:17 PM
Fueled by the home buyer tax credits, May 2010 returned the most home sales since June 2009, with a total of 1,219 sales. That's an increase of just over 20% year on year, and a 6.29% increase compared to last month. The average home price declined 0.63%, to $234,358. The price per square foot ticked up slightly to $100.
Total Sales 1,219Average List Price $240,336Average Sale Price $234,512Sale Vs List 98%Average Sq. Ft. 2,356Price Per Sq. Feet $100Days on Market 73
It looks like that all the people who wanted to take advantage of the tax credit have already closed on … (0 comments)

salt lake real estate: Salt Lake County Homes Sales for May 2009 - 06/15/09 05:46 AM
May 2009 saw the number of homes sales in Salt Lake County go up for the forth straight month. There were 960 homes sold in May, compared to 850 in April. Another good sign was that the price per square foot increased for the second month in a row, and now stands at $102 per square foot compared to a recent low of $98 in March 2009. This means that the prices of homes are actually increasing. The number of days on market (how long it takes to sell a home), did increase slightly from last month, but is still down … (0 comments)

salt lake real estate: Utah Home Foreclosure Rate Up 294%? - 09/12/08 08:55 AM
The Salt Lake Board of Realtors has questioned a recent report by RealtyTrac, which reported the home foreclosure rate in Utah increasing 294% in July 2008 (compared to July 2007). The report ranked Utah as the 9th largest foreclosure rate in the U.S. However, it is believed that the methodology used to calculate the figures might include loan payment defaults (30 days or more late), inflating the actual count.
In comparison, the Mortgage Bankers Association released data that said 99% of loans were not in foreclosure (although it should be noted that this data was for the first quarter not July).
(0 comments)

salt lake real estate: Appraisers No Longer Using HUD-1 Settlement Statements? - 07/29/08 02:37 AM
We recently had an appraisal done on an existing home in a subdivision that still has new homes being constructed. When speaking to the appraiser, I mentioned that the builder had a recent sale of exactly the same model of home in the same subdivision that was not on the MLS. In the past, appraisers were often able to use HUD-1 Settlement Statements in their appraisals. However, according to this appraiser, they are no longer allowed to use HUD-1 Settlement Statements.
Now, in most places, this might not be an issue. But Utah is a non-disclosure state, which means comparable sales … (2 comments)

salt lake real estate: When Do Rent Increases Result in a Boost to the Real Estate Market? - 06/07/08 04:55 AM
Rents in Salt Lake are sharply increasing. Last year they went up 8.8% and this year they are expected to go up somewhere between 6 and 8%. Our real estate market, while not declining as much as some other areas, is still down approx 10 to 15% from the peak. The reason for the large increases in rent appears to be two fold. First time buyers are sitting on the fence, and thus building the demand for rental properties. Also, because our real estate market is not as bad as other areas, we do not have people who cannot sell their … (0 comments)

 
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Trela Bird

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Salt Lake City, UT

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