August Utah Sales Fall, Prices Rise
by Joel Carson
Salt Lake County home sales dipped slightly in August compared to July. In August 1,347 homes sold; 1,502 homes sold in July. Last month’s performance in this county lagged behind 2012 sales for the same period in 2012 when 1,380 homes sold, according to statistics from the Wasatch Front Multiple Listing Service (WFR MLS).
Statewide home sales through August were also lower than in July. In August 1,347 homes were reported sold; 1,502 sold in July. Total sales are also down compared to August 2012 (1,380).
The slow month follows a long period of steadily increasing sales, so I wouldn’t be too concerned. It’s healthy sometimes to have a brief period of relief; when sales grow too quickly, the balance between supply and demand can create an entirely new set of housing market issues.
Salt Lake County’s Home Sales Volume, Price Per Square Foot Increases
In Salt Lake County the August home sales volume was reported at $370,342,138 compared to July’s home sales volume of $398,389,207. The August 2012 sales volume was $333,799,566. Although fewer homes sold in August 2013 compared to 2012, the total dollar volume was up significantly as was the price per square foot.
In August 2012 the median price per square foot for a home in Salt Lake County was $93.19. For the same period in 2013, the price increased to $107.29 (up 15.13 percent).
The statewide sales volume in August was down compared to July; but significantly higher than August 2012.
Total Utah Home Sales Volume:
August 2012 = $745,090,953
July 2013 = $897,384,291
August 2013 = $876,409,197
Similar to Salt Lake County’s median price per square foot increase, buyers throughout Utah were paying more for their homes per square foot in August compared to August 2012.
Utah Median Home Price per Square Foot:
August 2012 = $84.65
July 2013 = $97.10
August 2013 = $96.34
Homes Selling Faster in Salt Lake County, Statewide
The median amount of time Utah homes remained on the market through August 2012 was 46 days. In August 2013 that amount of time dropped significantly to 31 days. This is likely due to decreased inventory.
In Salt Lake County, the median number of days homes remained on the market through August 2012 was 34 days; this year homes remained on the market a median 23 days.
How are We Doing Compared to Last Year?
A year-to-date (as of Sept. 11) comparison compiled by the WF-MLS for Utah shows a 13 percent increase in the number of Utah homes sold so far in 2013 (24,807) compared to the same period in 2012 (21,954).
The median year-to-date sold price increased 13.95 percent from $179,900 to $205,000 so far this year.
Inventory is holding steady. This year 41,784 new listings have hit the market; that’s an increase of 12.95 percent over year-to-date 2012 new listings (36,994).
In Salt Lake County homes are selling 47.83 percent faster than they did in 2012. Homes remained on the market a median 69 days by this point in 2012; this year homes remained on the market a median 36 days.
So far this year the median sold price is up 19.26 percent from the year-to-date price in 2012. The median sold price by this time last year was $176,000 compared to $209,900 this year.
Inventory isn’t quite as hearty in Salt Lake County as it is statewide; the number of new listings dropped 2.98 percent from 4,698 last year to 4,558 so far this year.
Get Them While They’re Hot
If you’re ready to buy a Utah home or a house in Salt Lake County, I urge you to hurry before prices and interest rates creep higher. You can actually shop 24/7 online at www.allutahhomes.com. Call me, Joel Carson, if you need personal assistance or are ready for a private showing, 801-673-3333.
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