The number of single-family homes sold in Salt Lake County in the July-August-September period totaled 2,603 sales, the highest number of homes sold in a third quarter since 2007, when 2,693 homes were sold. The most recent quarter showed a 33 percent increase in home sales compared to 1,953 sales in last year’s third quarter.
At 226 single-family home sales, more people purchased single-family homes in the Kearns/Taylorsville area (ZIP code 84118) in the third quarter than any other area along the Wasatch Front. Lehi (84043) ranked No. 2 in the most single-family homes sold at 207 sales. Farr West (Weber County) ranked No. 3 with 173 sales. According to DeAnna Dipo, President of the Salt Lake Board of Realtors® home sales are expected to continue an upward trend for the rest of the year. In the first nine months of 2011 there were 7,028 single-family homes sold, a 6 percent increase compared to 6,616 sales in the January through September period last year.
The median single-family home price in Salt Lake County fell to $196,000 in the third quarter, down 15 percent compared to $230,000 in last year’s third quarter and down 23 percent from a third-quarter median high of $256,000 in 2007. We are also seeing few people listing homes for sale. New listings in the third quarter dropped 12 percent compared to listings in the third quarter of 2010. Since home prices typically follow demand, Utah is expecting homes sales to make a comeback and for prices to stop falling.
Despite an overall drop in home prices county-wide, there were six cities (ZIP codes) in Salt Lake County where home prices increased. They included: Riverton (84065) up 6 percent; West Jordan (84088) up 5 percent; Avenues (84103) up 19 percent; Sugar House (84105) up 1 percent; Emigration/Federal Heights (84108) up 2 percent; and South Salt Lake (84115) up 8 percent.
Condominium sales in Salt Lake County in the third quarter also saw a boost, up 47 percent, while condo prices fell 14 percent compared to last year’s third quarter.
In the month of September in Salt Lake County there were 970 homes and condos sold, a 31 percent increase compared to 742 home sales in September 2010. The median home price (all housing types) in September fell to $175,000, an 18 percent drop compared to $213,450 last year.
The inventory of homes for
sale in Salt Lake County in September fell to 6,557 active listings, a 24
percent decline compared to 8,632 active listings in September 2010. Based on
pending sales, there is a 7.2-month supply of housing inventory for sale in
Salt Lake County, down 22 percent compared to a 9.2-month supply of inventory
last year at this time.
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