Utah Homes For Sale Trends July 2010 - Salt Lake Real Estate Statistics for First Half of 2010

Utah Real Estate Market Trends for 2010 - First Half

July 6, 2010

Home and condo sales in Utah for the first half of 2010 continue to favor buyers. Sales are up across the state with over 1,000 more homes sold than the same period in 2009. Utah single family home prices are down by an average of 3% or $7,493. Lower home prices, low interest rates and the government tax incentives combined to sell 1,133 more homes than during the the same period a year ago. It take an average of 73 days to sell a home, 17 days less than last year.

On the other hand, the average condo price has risen by $23,292, largely due to high sold prices recorded in Park City. Condo prices also rose in Davis County by a modest $657. Meanwhile condo prices in Salt Lake and Utah Counties have fallen by $11,000 and $19,000 respectively, creating some great prices for bargain hunters.  Condos are taking longer to sell than single family homes by 19 days. Condo sellers should expect to see around 3 months of marketing time to get their home sold if they are priced correctly with the market.

A positive trend that continues for Utah is that home buyers are getting more square feet for their money. The average square foot price for homes in Utah has fallen by $3 compared with the same period a year ago. Home buyers are currently getting an additional 56 square feet of home on average with current purchases.

Conclusions:  Utah home prices are still feeling the effects of a national economic downturn, offering current home buyers many bargains on the market. The inventory of Utah homes currently listed on the market will take approximately 10.5 months to sell. Utah home owners that price their homes competitively with the market can expect at least a two-and-½ month wait for single family homes and three months for condos to find a qualified buyer for their home. Is it the right time for you to buy a new home or condo?

Below is a summary of the study findings: