The home price for a Salt Lake County property remained constant in January 2013. The price has now stayed the same for four months in a row, standing at $205,000. When compared year on year the price has increased a very respectable 17.82%, and judging by the activity we have seen at the start of the month this trend may well continue.
While prices are up, the number of properties sold went down fractionally, falling 0.4% to 756. So what if going on? Why are prices going up when the number of homes sold are down? Well it’s all down to supply and demand. The fact is that there are very few homes currently listed for sale, and this is leading to increased competition among buyers for those properties that are on the market, which in turn is driving up the prices. If inventory levels remain tight then home prices will continue to come under upward pricing pressure.
Median Home Price: $205,000 up 17.82%
Median Price Per Sq. Ft.: $93.14 up 13.1%
Total Homes Sold: 756 down 0.4%
Median Days on Market: 42 days down 46.84%