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2011-05-17 10:10:37
Million Dollar Home Sales on the Rise!

From the Salt Lake Board of Realtors

Utah Luxury Home for Sale25 April 2011 (Sandy) – More million-dollar homes are being sold along the Wasatch Front and more people are paying cash for those homes, according to the Salt Lake Board of REALTORS®.

In 2010, there were 91 homes that sold at $1 million or greater (Salt Lake, Utah, Davis and Weber counties). That’s a 12 percent increase compared to 81 homes that sold at $1 million or greater in 2009.

Of the 91 million-dollar home sales in 2010, 38 percent of the transactions were paid for in cash. In 2009, 30 percent were cash deals.

“This speaks to the luxury home market and shows that some high-end properties are insulated from the housing downturn,” said DeAnna Dipo, President of the Salt Lake Board of REALTORS®. “Buyers in the million-dollar price range are getting incredible deals. This is not only a Wasatch Front trend, but a national phenomenon. Sales of U.S. homes over the $1 million mark rose 5.1 percent in March (year over year), according to the National Association of Realtors.”

In 2010, the median price per square foot for homes selling above $1 million was $172 per square foot, up 18 percent compared to $146 per square foot in 2009.

In addition, fewer million-dollar homes sold in 2010 were distressed properties. Last year 18 percent of homes that sold at $1 million or greater were short sales or foreclosures. In 2009, 21 percent of million-dollar closings were distressed properties.

The highest priced home sold along the Wasatch Front by a REALTOR® in 2010 was $6.2 million in Alpine. In 2009, the highest priced home sold was $3.5 million.

About the Salt Lake Board of REALTORS®

The Salt Lake Board of REALTORS® is the Wasatch Front's voice of real estate and the No. 1 source for housing market trends. Established in 1917, the Salt Lake Board of REALTORS® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of REALTORS® assists its members to better serve the public through continuing education, advocacy and a professional code of ethics.


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