The Salt Lake Housing Stats and home prices for 2012 are out and it’s a pretty good year for home owners (well at least better than the previous 4 years). For the first time since 2007, home prices in Salt Lake County increased year over year. The median home price for a single family home stood at $212,000, up from $199,000 which is a 6.53% increase. The total number of homes sold showed a 16% increase, but the data that stood out the most was the CDOM or cumulative days on market. This stat tells us how long in days it took to sell a newly listed home, and in 2012 this figure dropped 50% to just 35 days. The lower the figure the hotter and stronger the market.
The condo market did not do nearly as well as single family homes, prices continued to fall and in fact the decline accelerated falling 15.84%. While prices continued to fall, there were some encouraging signs, with home sales increasing 15.89% and the CDOM declining 29.46%. Part of the problem with condo sales are the tight lending requirements aimed specifically at condos, making it difficult to obtain mortgages in some condo developments.
The outlook for 2013 looks better than it has done for some time. Early indications are showing the strength in the market is continuing into the first quarter, with a limited housing inventory competition is strong among buyers. In fact we could do with more people listing their home so buyers have a greater choice.