Home Prices up dramatically in Salt Lake County
Home prices in Salt Lake County showed double-digit gains in this yearâ€™s third quarter. Â For the July-August-September period, the median single-family home price in Salt Lake County increased to $218,000, up 11 percent compared to a median price of $197,000 in the third quarter 2011. The third quarter marked the second consecutive quarterly price increase in Salt Lake County (home prices in the second quarter increased 6 percent year-over-year). It was the first time in five years that home prices increased in a third quarter.
Some ZIP codes experiencing the biggest percent increases in Q3 median home prices included:
1.Â 84123 (Kearns) Up 21 percent at $208,500.
2.Â 84124 (Holladay) Up 17 percent at $295,000.
3.Â 84109 (Canyon Rim) Up 13 percent at $284,900.
4.Â 84093 (Sandy) Up 12 percent at $306,950.
5.Â 84081 (West Jordan) Up 11 percent at $227,000.
Although a majority of cities across the Wasatch Front saw home prices increase, there were a handful that experienced price declines including: Alpine (84004) down 7 percent; Provo (84601) down 5 percent; and Riverton (84065) down 2 percent.
The number of single-family homes sold in Salt Lake County in the third quarter reached 2,982 sales, a 12 percent increase compared to 2,655 home sales during the same period last year. Single-family homes in the third quarter were on the market for an average of 81 days before being sold, down from 120 days in last yearâ€™s third quarter.
Condominium sales in the third quarter showed impressive sales gains with 621 units sold, a 29 percent rise compared to 483 units sold last year at this time. The median price of condos sold increased to $145,000, nearly unchanged from a median price of $144,800 last year at the same time.
If you have been thinking of selling, now may be the time. Â Give me a call.
Linda BillsÂ 801-347-3384
Source: Salt lake Board of Realtors