November 2012 was another strong month for the Salt Lake Utah Housing Market. The average sales price for a Salt Lake County home increased 8.65%, home sales were up (up 12.64%), homes were selling faster (82 days down 28.7%) and the average price per square ft. was up (climbing 13.09%). Homes are definitely in demand at the moment, in fact one of the few problems with the current market is the lack of inventory for buyers to choose from. Because of this lack of inventory, some buyers are choosing to opt for a new construction home, causing a surge in the number of homes currently under construction.
When we break the data out by type of property, we see that the condo real estate market is still lagging behind that of single family homes. The average price for a condo is increasing, just not at the same pace as single family homes and its still taking an average of 149 days to sell a condo, which while improving, is way above that of 79 days for a single family home.
Salt Lake County Housing Data for November 2012
Average Home Price: $235,823 up 8.65%
Homes Sold: 1,016 up 12.64%
Average Price Per Sq. Ft. $100.31 up 13.09%
Average Days on Market 82 days down 28.7%
Single Family Homes
Average Home Price: : $251,765 up 8.31%
Homes Sold: 836 up 13.59%
Average Price Per Sq. Ft.: $97.89 up 14.73%
Average Days on Market: 79 down 33.02%
Average Condo Sale Price: $159,587 up 5.97%
Condos Sold: 97 down 1.02%
Average Price Per Sq. Ft.: $124.24 up 4.87%
Average Days on Market: 149 days down 9.7%
If you are looking to purchase a home, use our Salt Lake Real Estate Mobile Home Search to find homes when out house hunting.