The recent strong home sales data continued in March 2012, when the average home price for a Salt Lake County property actually went up. The average price for the month was $218,674, a modest 0.24% increase from last month and a more respectable 4.27% increase from March 2011.
This uptick in home prices has been driven by stronger home sales numbers, which were up over 8% to 1,037 homes sold. Also having a positive impact on the Salt Lake resale home market is the relatively low number of homes listings currently on the market, especially when you take short sales and bank owned properties out of the equation. While short sales can offer great value for money, many people don’t want to go through the pain of making an offer, which can take many months to be approved by the bank. This means that buyers looking in the more desirable areas often face competition, and can even find themselves in a multiple offer situation (we haven’t seen those for a while).