While the number of homes sold increased sharply in the 2nd quarter 2010, prices continued to come under pressure. The number of single family homes sold increased 7.98% to 2746 compared to the same quarter last year, while at the same time the median home price fell 7.13% to $220,000.

The bright spot in the quarter was Salt Lake City, where 84103 up 4.33%, 84104 up 0.52%, 84105 up 5.83%, and 84106 up 3% all experienced price increases. The other zip code to perform well was 84123 Taylorsville / Kearns, which increased 5.40%.

On the other side of the coin, the areas that experienced the largest falls in median home price, were Midvale 84047 down 15.29% and West Valley City 84128 down 11.41%.

Condo prices also came under pressure in the 2nd quarter, with the downtown SLC condo market 84101 continuing to struggle, with only 14 condo units sold in the entire quarter. In total there were 582 condos sold (up 11.28%), while the median home price fell 5.26% to $162,000.

You can view detailed Salt Lake County Median Home Prices by Zip Code on our website.

You can read this post about Salt Lake County Home Prices and other posts on our real estate blog.

Prices have been announced for the downtown Salt Lake City Creek Condo developments and as you may expect they are expensive. Prices range from $500 to $800 per square foot. To put this in perspective in the first quarter 2009, just 5 condos were sold in the entire downtown area, with an average price per square foot of just $205. That puts the starting price of a City Creek Condo at approximately 150 percent more than the current cost of a downtown condo.

Now don’t get me wrong the City Creek development will be a quality development and probably deserves to be sold at a premium to other condos, but given the current state of the real estate market, it does not seem how such a high premium can be justified.

There are currently two options available if you want to purchase a condo in the City Creek development, The Regent and Richards Court (which in turn is split into Richards Court East and West). Richards Court is located at the gateway between Temple Square and City Creek, the development is comprised of two ten story buildings flanking a tree lined promenade through which flows City Creek. The Regent is a 20 story ultra modern looking building located at the south end of the City Creek Center project on 100 South.