The home sales data for Salt Lake County 3rd quarter 2012 is out and things are definitely looking up. For the second quarter in a row the median home price for combined home sales (all home types) went up, with the new median home price standing at $199,000 up 7.63% when compared to the 3rd quarter 2011. There were a total of 3,680 homes sold in the quarter, the strongest numbers we have seen for some years. This data backs up what we have recently been seeing in the market, with a shortage of homes for sale, homes are selling faster and in some cases experiencing keen competition from buyers, with more and more multiple offer situations. It’s not only the resale market that is hot at the moment, new construction homes are also selling fast, just take a look at all the new construction activity currently underway in the valley.

Here is a summary of the sales data for the third quarter:

All Home Types:

Median Sales Price: $199,000 up 7.63%
Home Sales: 3680 up 15.69%
Days on Market: 32 down 52.24%

Single Family Homes

Median Sales Price: $215,008 up 9.17%
Home Sales: 3003 up 13.41%
Days on Market: 28 down 54.10%

Condos

Median Sales Price: $134,900 up 3.77%
Home Sales: 373 up 42.37%
Days on Market: 52 down 46.94%