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 from Pro Teck Valuation Services indicated that inventory levels are at a 50 year low, with 4.5 months of supply. Like most things supply and demand drive price and the lack of inventory means homes are in demand from those buyers currently in the market for a home.
Median Home Price: $205,000 up 10.81%
Median Days on Market: 34 down 50.72%
Median Price Per Square Ft.: $93.34 up 11.15%
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