The Salt Lake Board of Realtors has released its official housing statistics for this year’s first quarter.  None of the findings are a surprise for the buyers and sellers currently in the market except the medium sales price declined again but there is a simple explanation with the Kearns zip code and Clearfield zip codes being the top two zip codes homes are selling in its pushing the medium price down.    The biggest statistic the board doesn't tell us in this report is our available inventory levels are extremely low!   Almost every showing you run into other buyers and agents looking at the same home.  Supply and demand are going to start pushing values back up if more inventory doesn't hit our market! 

This is what the Salt Lake Board of Realtors released today:

Single-family home sales continued to rise in the period, up 18 percent compared to the first quarter of 2011. This is the highest level of single-family homes sold in a first quarter in five years (in Q1 2007 there were 3,842 homes sold).

Also during the quarter, the median single-family home price fell 5 percent to $190,500 compared to $200,000. The peak in home prices occurred in the summer of 2007 (second quarter) at $256,000. From the peak, single-family home prices have fallen 26 percent.

While we are still seeing house-price declines, there are a number of cities showing price increases. Draper (84020) witnessed an 8 percent rise in single-family home prices with a median sales price of $325,000. Holladay (84124) home prices increased 16 percent to $290,000. Sugar House (84105) was up 6 percent at $251,500. More homes were sold in the Kearns ZIP code in the first quarter than any other ZIP code along the Wasatch Front.

Although this is great information looking at averages or general statistics will not help you determine what your homes value is.  Contact us to see exactly what your neighborhood or subdivisions values are doing.