10 Year Real Estate Trends for Salt Lake County | Salt Lake City Home Sales Statistics | 2007 Real Estate Facts - Figures
Average price per square foot, average sales price, average listing price, days on market, price increases, home inventory

Ten Year Real Estate Trends for Salt Lake County

  September 4, 2007

Comparing real estate sales figures for August of 1997 with August of 2007 reveals some interesting trends. First, the average days a residential property remained on the market until it sold was 65 days ten years ago. This year it averages only 36 days or 29 days less. Currently it takes only about half as long to sell your home on the real estate market. For sellers this is welcomed news.

Second, the average number of bedrooms per home has increased from 3 to 4 over the past ten years. This increase occurred while the average square foot per home remained nearly unchanged. In fact, the average home sold has 4 less square feet in August of this year compared with ten years ago. Buyers are gaining more bedrooms but without an increase to the size of their home.

Next, the average price per square foot has increased by $59 from $70 ten years ago. Today’s price of $129 per square foot represents a 46% increase. Many buyers currently struggle to find a residence at a price that can meet their budget.

The average difference between the listing price and sold price has increased by $2,840. Currently, homes are selling for an average of $6,072 less than listing price. Buyers commonly make offers to purchase home asking the seller to pick up much of the closing cost in order to make the home more affordable and easier to negotiate with their lender. As lenders continue to tighten the parameters of extending loans to buyers, more and more buyers will be asking the seller to help with closing costs.

The last figure for examination is the number of homes sold. Alarmingly this number is in a downward spiral. Last month there were only 1,092 homes sold in the Salt Lake market. In August 1997 there were 944 residences sold. Just two years ago 1,978 homes were sold in August. It appears Salt Lake’s growth spurt is slowing back to the level of ten years ago.