The Salt Lake housing market remained depressed in the first quarter 2011. The Salt Lake County home prices dropped 9.66% over the last 12 months, with the new median sales price for all types of home being $187,000.

Salt Lake County Single Family Home Sales

First Quarter 2011
Median Home Price: $200,000
Average Home Price: $234,338
Average Days on Market: 91
Homes Sold: 1787

First Quarter 2010
Median Home Price: $218,500
Average Home Price: $260,761
Average Days on Market: 81
Homes Sold: 1800

Salt Lake County Condo Sales

First Quarter 2011
Median Home Price: $150,000
Average Home Price: $162,225
Average Days on Market: 112
Homes Sold: 355

First Quarter 2010
Median Home Price: $164,000
Average Home Price: $179,914
Average Days on Market: 95
Homes Sold: 378

Utah County Single Family Home Sales

First Quarter 2011
Median Home Price: $192,000
Average Home Price: $220,385
Average Days on Market: 109
Homes Sold: 908

First Quarter 2010
Median Home Price: $215,750
Average Home Price: $249,562
Average Days on Market: 102
Homes Sold: 844

Utah County Condo Sales

First Quarter 2011
Median Home Price: $134,000
Average Home Price: $141,635
Average Days on Market: 122
Homes Sold: 172

First Quarter 2010
Median Home Price: $145,900
Average Home Price: $152,458
Average Days on Market: 87
Homes Sold: 198

Davis County Single Family Home Sales

First Quarter 2011
Median Home Price: $195,000
Average Home Price: $213,393
Average Days on Market: 91
Homes Sold: 506

First Quarter 2010
Median Home Price: $210,000
Average Home Price: $236,286
Average Days on Market: 83
Homes Sold: 575

Davis County Condo Sales

First Quarter 2011
Median Home Price: $150,750
Average Home Price: $152,670
Average Days on Market: 119
Homes Sold: 59

First Quarter 2010
Median Home Price: $165,250
Average Home Price: $164,502
Average Days on Market: 85
Homes Sold: 83

You can see detailed Salt Lake County median home price information for all zip codes in Salt Lake County on my Best Salt Lake Homes website. You can also view information about Davis County Home Prices and Utah County Home Prices.

You can read this post about 2011 First Quarter Salt Lake Home Prices and other posts on my real estate blog.

Home prices along the Wasatch Front, while not great at least faired better than much of the U.S. In 2008, Salt Lake County home prices went down just 3.71%, with the new median home price for single-family homes now standing at $240,000. Homes at the low end of the ladder faired much better than those above $250,000, where because of tighter lending requirements and a large number of available higher end new homes, suffered far steeper declines. Most of the worst hit areas were in the more expensive zip codes, with the worst hit being Holladay 84117, which declined 14.29%.

Not all areas went down; four zip codes actually returned an increase in value, with the Salt Lake City 84116 area returning the best result with a gain of 5.39%.

Although home prices are still coming under pressure, the relative good local economy and the fact that local home prices did not see the huge increases seen in other areas, means that we should continue to fair better than most of the rest of the U.S.

The median annual home price information for 2007 is now available at Salt Lake County Home Prices , Utah County Home Prices , and Davis County Home Prices. Home prices went up in the vast majority of zip codes in all 3 counties, but not at the same pace as 2006.

The 2nd quarter 2007 home prices are now available for Salt Lake County, Utah County and Davis County. On the surface everything looks OK with the vast majority of zip codes seeing their home prices showing double digit increases compared to prices in the 2nd quarter 2006.

That is until the look at the underlying data. Take the number of homes sold, in June 2007 1,366 homes were sold in Salt Lake County while June 2006 saw 1,931 sales. That’s a drop of nearly 30%.  In Utah County things are the same with 532 home sales in 2007 and 726 in 2006 (a fall of nearly 27%).

OK so maybe fewer people are listing their home and that’s why we have fewer sales? Not so there are actually more homes being listed, in Utah County for June 2007 523 homes were listed for sale and in June 2006 403. For Salt Lake County there were 1041 new listings in June 2007 and in June 2006 881.

So what does this mean? It means we are in a transitional market, going from a very strong sellers market to more of a buyers market. Homes are sitting on the market longer, inventory is increasing and sellers are having to drop their asking price.

The latest home price information for Salt Lake County, Utah County and Davis County are now available. Many areas are still seeing double digit growth, especially those areas that were less expensive. The more expensive areas days on market do seem to be increases but all in all it is still a great market. More detailed information can be seen here: http://www.greatsaltlakecityrealestate.com/Homeprices/home-prices.html