February Home Sales in Utah Down, Slightly

Due to the popularity of last month’s real estate sales report, I’m posting it again, and will add it as a regular monthly feature:

Sales of previously-owned homes in Salt Lake County in February decreased less than 2 percent compared to the same month a year earlier, according to the Salt Lake Board of REALTORS®.

In February, there were 646 existing homes (single-family, condominiums, townhomes) sold in Salt Lake County, down from 656 home sales in February 2010.

Year-to-date (January through February) home sales in Salt Lake County are up 2 percent compared to the same two-month period in 2010. February’s home sales increased 13 percent compared to January’s sales (646 sales vs. 571 sales).

“Going forward we can expect home sales to show some declines on a year-over-year basis because of last year’s federal tax credit,” according to DeAnna Dipo, president of the Salt Lake Board of REALTORS®. “However, home sales this summer should regain any declines this spring.”

The median sales price of homes sold in Salt Lake County in February was $180,000, down 13 percent compared to a median price of $206,500 in February 2010. February’s median home price was the lowest on record since January 2006.

There are roughly 7,000 existing homes listed for sale in Salt Lake County, down 14 percent compared to more than 8,100 listings in February 2010. Based on current home sales trends over the past 12 months, there is approximately a 9-month supply of existing housing inventory in Salt Lake County.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s