Strong Home Sales Continue in February 2012

The uptick in Salt Lake County home sales continued in February 2012, with 809 homes sold compared to 647 for the same month in 2011. In addition to the stronger home sales, homes are also selling faster with the average time taken to sell a home dropping from 144 to 124 days. Even with this strong home sale data, home prices are still falling, but at a much slower rate than seen over the past few years. Home prices fell 2.76% to $209,743 over the last 12 months (Feb. 2011 compared to Feb. 2012), but did show a slight rise of 1.23% when compared to last months average price.

This data is very encouraging, with all the indicators heading in the right direction. Out in the market we are seeing far more activity, especially in the traditional high demand areas like the Avenues and Sugarhouse. We are even seeing far more multiple offer situations and homes selling within just a few days of coming onto the market.

Total Sales 809
Average Sale Price $209,743
Average Sq. Ft. 2,404
Price Per Sq. Feet $87
Days on Market 124

Please visit my website for more information on the Salt Lake Housing Market.

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