The Salt Lake County real estate market softened slightly in November 2013. The number of homes sold declined year on year, with 716 single family homes sold, down from 903 in Nov. 2012. Even with the decline in home sales the median home price climbed to $245,000, an 11.36% increase and the median price per square foot increased to $103.51 up 11.24%. One of the most telling indicators is the time taken to sell a home which increased to 38%, meaning that it takes over 30% longer to sell a home than the same time last year.
Single Family Homes Sales Data for Salt Lake County November 2013
Median Home Price: $245,000 up 11.36%
Median Price Per Sq. Ft.: $103.51 up 11.24%
Total Homes Sold: 716 down 20.71%
Median Days on Market: 38 days up 31%
The data for November certainly was not the best we have seen, with several of the key indicators exhibiting negative signs. Much of this can be put down to the rise in interest rates and the impact on home affordability. Only time will tell if this is a short term slowdown, or this is something more serious and long term.
Trela Bird is a Salt Lake Realtor specializing is Luxury Salt Lake Homes.