Salt Lake Home Sales Up, Look to Go Up More

Published March 19, 2010 Home Sales Stats 2010 , Salt Lake Real Estate , salt lake county 1 Comment
Tags: home sales, Salt Lake

Unlike the other regions in Utah, Home sales in Salt Lake were actually up last month. Residential sales for real estate in Salt Lake during February were up 3.5% compared with February of last year, and were up 17.2% compared with January. This is positive news for the health of the Salt Lake real estate market. With the expiration of the home buying tax credits in November and the extension set to expire in April, most areas February sales were relatively unaffected by the stimulus. Home sales in Davis, Weber, and Cache counties were down in February.

Monthly Home Sales Numbers in Salt Lake County

The number of pending sales in Salt lake is incredibly high right now. There are currently 1668 homes in Salt Lake County currently under contract. This means there will be a very high number of real estate closings in Salt Lake over the next few months. February had 606 home sales in Salt Lake County, with the number of homes under contract, we could easily double the total homes sold during April.

Prices of sold homes in Salt Lake County have been up a little bit over the past few months. During February, the average price of homes sold was $247,000, and the median price point was $210,000. The price of homes listed for sale continues to drop. The current median list price of homes for sale in Salt Lake is $226,900, with an average listed price at $305,915.

Price trends of homes for sale in Salt Lake

The gap between list and sold prices continues to improve, another indicator of a much more healthy real estate market.

The number of homes for sale in Salt Lake continues to increase. Right now there are 7566 active listings. This is nearly 600 more homes on the market as there were a month ago.…