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 of Salt Lake UT Homes sold increased 15.29% to 1,086 and the time it took to sell a home plummeted 38% to 59 days.
Median Sales Price $195,000 up 4.28%
Home Sales 1,086 up 15.29%
Median Days on Market 59 down 38%
Median Price Per Sq. Ft. $87.60 up 3.22%
All in all April showed some very encouraging signs for the Salt Lake Real Estate market, with a shrinking inventory level fueling a stabilization in home prices.