“Demand is increasing and supply is decreasing.
If the trend continues, home values are likely to steadily increase.”
-- Joel Carson, Carson Real Estate
The Salt Lake City Board of Realtors is reporting some encouraging news about Salt Lake County real estate sales based on a Wasatch Front Regional Multiple Listing Service (MLS) report. Sales are up. While selling prices continue to lag, property is moving and that’s a very good sign.
It’s likely a rush to meet the federal government’s home buyer tax credit contract deadline of April 30 played a role in increased home sales in 2010 Q2 compared to 2009 Q2. I say, whatever it takes to get the ball rolling benefits the entire Wasatch Front economy.
In 2009 Q2 a total of 2,543 homes were sold in Salt Lake County. In 2010 Q2 a total of 2,746 homes sold. Now, that’s a 7.98 percent increase and that’s not too bad. Unfortunately for sellers—and fortunately for buyers—home prices were down by 7.13 percent. The average sales price of a home in 2009 Q2 was $236,900. The median selling price of a home in 2010 Q2 was $220,000.
If you’re going to buy a home, buy one soon. As demand increases so will prices. You can search all MLS listings in Salt Lake City right here online.
Condo sales were also up in 2010 Q2 compared to 2009. While 523 condos sold in Salt Lake County in 2009 Q2, a total of 582 condos sold in 2010. The median sales price reported for this period showed a 5.26 percent decrease.
Watching the housing market supply and demand can be tricky. There are many issues to consider. More homes are selling, prices are lower than they were last year and we’ve actually seen a decrease in the number of new listings this year. In 2009 Q2 6,191 new listings came on the market in Salt Lake County. In 2010 Q2 5,970 new listings showed up. What does that tell you? Demand is increasing and supply is decreasing. If the trend continues, home values are likely to steadily increase.
Salt Lake County homes seem to be selling faster in 2010 than they did in 2009 overall. A Q2 comparison shows the average home remained on the market for 130 days in 2009 Q2. In 2010 Q2 the average home sold in just 111 days.
Midvale, Utah saw a 100 percent increase in home sales from 27 in the second quarter of last year to 54 this year. In Midvale homes took a little longer to sell, 14.78 percent longer—but, hey they did sell! Midvale was a hot market and so was Magna, Utah. Both communities are in Salt Lake County.
Magna saw an increase of 82.14 percent in home sales from 2009 Q2 to 2010 Q2. The median sales price is only down by 3.14 percent compared to last year.
Salt Lake County, Davis County, Tooele County, Utah County and Weber County all showed promising increases in the numbers of homes sold. Some were greater increases than others, but all were up over last year’s numbers.
It looks like the Wasatch Front housing market could be on the rebound. If you’re thinking of buying a home here, act now and you can still get a great bargain.
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