YourHomeUtah.com

Reprint from Salt Lake Board of REALTORS®

Single Family Homes and Condominiums Sold in Salt Lake County

First Nine Months 2008
Sold 8,706 homes/condos (down 26 percent compared to 11,795 sales in the first nine months 2007) Median Price: $229,900 (down 1.5 percent compared to median $233,450 in the first nine months 2007)

3rd Quarter 2008
Sold 3,108 homes/condos (down 11.5 percent compared to 3rd Quarter 2007) Median Price: $225,000 (down 4.3 percent compared to median price of $235,000 in 3rd Quarter 2007)

September 2008
Sold 1,031 homes/condos (up 13 percent compared to 913 sales in September 2007) This is the first month in 21 months (since January 2007) that we have seen a year-overyear increase in sales for a particular month. Median price in September was $220,000, down 2 percent compared to September 2007.

Sales Trends For First Nine Months 2008
72 percent of all home/condo sales in the first nine months of this year closed at under $300,000. Only 7 percent of all sales so far this year were for homes at $500,000 or greater.

Foreclosures
Utah's foreclosure rate was 1.23 percent in the 2rd Quarter, according to the Mortgage Bankers Association. Only eight states have a lower foreclosure rate than Utah. Nationally, the foreclosure rate is 2.75 percent. In Florida, the highest of all states, it is at 6 percent.

Conclusion
It appears sales of existing homes in Salt Lake County are on the rise, while we are continuing to see single-digit declines in home prices. We expect home prices to continue to stabilize into 2009. Buyers are now able to find terrific buys on properties and have a large inventory to choose from. Sellers must price their properties competitively. Peak median price in Salt Lake County occurred in June 2007: $243,000. September 2008 median: $220,000. The median price is down 9.5 percent off our peak month. We are back to where we were in mid-to-late 2006 in pricing and back to 2002 in terms of sales volume.