The average home price in Salt Lake County rose over 8% in August 2012. Strong Salt Lake Utah Real Estate home sales (up over 18%) and a shortage of homes for sale pushed up prices for the 7th month in a row. The average price per square foot for a home surpassed the $100 mark for the first time since October 2010. Homes were also selling faster, with the average number of days on market dropping 27.59% when compared to last year.
While the recovery in the condo real estate market has trailed behind that of single family homes, for the first time in a long time the average price for a Salt Lake condo actually went up, increasing 4.08%. The amount of time taken to sell a condo is still pretty high at 118 days, but it’s much better than the 200+ days we have recently seen. The single family home market continues its strong upward trend with average prices up over 10% to $257,689.
So what is driving the turnaround in the real estate market? One of the factors in the low vacancy rate in the apartment market, standing at just 3.8% and with rent prices increasing at over 8%, it’s not an easy (or cheap) time to find somewhere to rent. To cope with the demand for housing, new home starts are up a staggering 78% compare to last year.
Salt Lake County Housing Data for July 2012
Average Home Price: $241,141 up 8.81%
Homes Sold: 1,326 up 18.6%
Average Price Per Sq. Ft. $100.29 up 12.31%
Average Days on Market 81 days down 27.59%
Single Family Homes
Average Home Price: : $257,689 up 10.51%
Homes Sold: 1,080 up 14.77%
Average Price Per Sq. Ft.: $96.84 up 11.85%
Average Days on Market: 79 down 26.85%
Average Condo Sale Price: $174,345 up 4.08%
Condos Sold: 139 up 71.6%
Average Price Per Sq. Ft.: $128.91 up 4.68%
Average Days on Market: 118 days down 30.99%