Utah Real Estate Market Trends - Salt Lake City Home & Condo Trends | Housing Market Pulse
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Utah Real Estate Market Pulse 

June 10, 2008

Salt Lake City consistently shows growth in home values and has a relatively short selling time. The median home price in Salt Lake City is $235,000 while condominiums have a median price of $169,200. Average market time is 43 days for single family homes and only 39 days for condos. Condominium sales represent 23% of total home sales in Salt Lake City.

Utah home prices also increased in two other key cities - Heber City and Ogden while falling slightly in Bountiful, Park City, Provo and Saint George. Condos in Park City are also decreasing in price while in Ogden prices for condominiums are increasing. Tooele home prices remain stable. Heber City, Provo, Saint George, Salt Lake City and Tooele also have condominium prices remaining stable. These findings come from a study examining home and condo sales in eight key cities in Utah. This study explores figures collected the past 365 days from May 31, 2008. Each city in the study is located within a separate county.

Park City and Saint George have the longest selling time for homes, both over 90 days. The shortest selling time for homes is Salt Lake City at 43 days. Heber City has the longest selling time for condos at 150 days but also has the fewest selling condominiums at only 6  for the past year. Bountiful has the shortest selling time for condos with an average of only 37 days.

The chart below shows current housing trends for key Utah cities:

City	County		Homes Median Price*	Homes Price Change +/-	Homes Ave Market Time		Condo Median Price	Condo Price Change +/-	Condo Ave Market Time	Condo Sales as % of Residential Property Sold
Bountiful	Davis		$261,250	-	59		$148,200	+	37	28%
Heber City	Wasatch		$316,000	+	84		$195,000	same	150	4%
Ogden	Weber		$128,500	+	50		$111,500	+	51	11%
Park City	Summit		$855,000	-	94		$325,000	-	118	56%
Provo	Utah		$211,475	-	65		$160,000	same	68	40%
Saint George	Washington		$265,875	-	97		$170,000	same	74	27%
Salt Lake City	Salt Lake		$235,000	+	43		$169,200	same	39	23%
Tooele	Tooele		$175,000	same	52		$134,900	same	51	4%

 

Source: WFRMLS and realestatehomesUtah.com. Information deemed reliable but not guaranteed.