October home sales in Salt Lake County saw a sharp increase compared to the same time last year. There were 1002 homes sold which was a 17.74% increase over October 2008 and a 6.26% increase over September 2009. The average sale price went up 0.4% to $239,924 compared to September 2009. The price per square foot was $102, remaining in the narrow trading band between $102 and $105, which we have seen in the last 6 months. The average days on market eased slightly to 77.

All in all October showed lots of positive signs that the Salt Lake housing market may have bottomed. The increase in home sales were no doubt in part due to the soon to be expiring first time home buyer incentive (which has now been replaced by another one), but we have also seen an increase in demand in the $600,000+ range. In addition to this we have also seen an increase in multiple offer situations, we have had three of these in the last two weeks, and none of them were short sales or bank owned properties.

Total Sales 1002
Average List Price $246,381
Average Sale Price $239.924
Sale Vs List 97%
Average Sq. Ft. 2,360
Price Per Sq. Feet $102
Days on Market 77