Prices Up on the Back of Strong Salt Lake Home Sales

July 2012 proved to be another good month for the Salt Lake Housing Market. There were a total of 1,200 homes sold in July, up from 1,036 a year ago, with an average sales price of $227,685, up from $223,623. The average price per square foot rose to $97.19, the highest level achieved since Oct 2010. Homes were also selling faster, taking an average of 81 days to sell, the fastest seen since Nov. 2007.

Looking just at single family homes there were 995 (up from 863 July 2011) homes sold, for an average price of $242,095 ($236,980). The average sales price per square foot was $95.39 ($90.03), with an average number of days on market of 78 (120 days).

While the single family home market is fairly buoyant, the market for condos in Salt Lake City remains mixed. The average price for a condo was $157,066 ($167,760), with 109 (95) condos sold. The average price per square foot was $120.43 ($126.33). On the bright side condos are selling faster, taking an average of 111 days, a massive improvement from the 219 days a year ago. While the condo market seems to be lagging behind that of the single family home market, taking an early look at Augusts sale data, we may be starting to see a turnaround in this market as well.

Salt Lake County Housing Data for July 2012
Average Home Price: $227,685 up 1.82%
Homes Sold: 1200 up 15.83%
Average Price Per Sq. Ft. $97.19: up 4.6%
Average Days on Market 81: down 36.72%

Single Family Homes
Average Home Price: $242,095 up 2.16%
Homes Sold: 995 up 15.3%
Average Price Per Sq. Ft.: $95.39 up 5.95%
Average Days on Market: 78 down 53.85%

Average Condo Sale Price: $157,066 down 6.37%
Condos Sold: 109 up 14.74%
Average Price Per Sq. Ft.: $120.43 down 4.67%
Average Days on Market: 111 down 49.32%

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