May 2013 saw the average home sales price for a single
family home in Salt Lake County top $290,000 for the first time since Jan 2009.
Since hitting the low of $220,676 in Jan 2012, the average sales price has risen
31.87% to the current $290,995 level. This impressive recovery is down to a shortage
of Salt Lake Homes for Sale, with few homes coming on the market, and a steady
supply of eager buyers. Over the last month we are starting to see an increase
in the number of homes coming onto the market, but we are also seeing an
increase in the number of buyers.
Because of the strong market, homes are selling fast, with
the average number of days on market dropping to 58 days, the lowest level
going all the way back to Aug 2007.