Seems so refreshing the bad news about the Salt Lake Real Estate Market is the available inventory!     We wanted to share this months market update sent from Curtis Bullock the CEO of teh Salt Lake Board:

The number of home sales in January reached 782, up only 1 percent compared to 774 home sales in January 2012. Pending home sales (purchase contract signed) were up 8 percent in January compared to a year ago (1,002 vs. 925). Inventory levels in Salt Lake County in January fell to 4,002 listings, down 29 percent compared to 5,664 listings a year ago. With active listings at a 15-year low, the home buying process has become fast-paced and competitive, major reasons for slowing homes sales in the month of January.

Slowing home sales are a result of limited inventory. However, home sales continue to be higher compared to last year at this time. Sales of condominiums, townhouses, and twin homes should accelerate as buyers seek alternatives to purchasing a single-family home.

The median home sales price in January climbed to $206,000, up 20 percent compared to a median price of $171,500 a year earlier. Based on sales trends in Salt Lake County over the past year, there was a 3.5-month supply of housing inventory in January, down from a 5.8-month supply in January 2012. A seller’s market is typically characterized by housing inventory levels below a four-month supply.

Neighboring Davis County saw a huge jump in home sales in January, with 243 closings, up 36 percent compared to 179 closings a year ago. The median home price in Davis County climbed to $195,450, up 6 percent compared to a median price of $185,124 in January 2012. Inventory levels in Davis County fell to 4.1 months, down from 6.8 months a year earlier.

You can view the full monthly summary reports at www.slrealtors.com under the "News" link.


Sincerely,


Curtis Bullock | CEO
The Salt Lake Board of Realtors