Home prices along the Wasatch Front held steady for the most part over the past year but it looks like that is about to change since the median listing price has decreased close to $20,000. This listing price decline is driven by the lack of sales in the Third Quarter.

The weak economy and tough job market continues to reflect on the housing industry.  Utah has added about 9,000 jobs in the past year which is nowhere near the previous job growth we experienced.  Many people have been concerned about their future job prospects.  Now that the election is past us hopefully people will have reason to feel more confident in their future.

The number of homes sold in the Salt Lake County has dramatically decreased during the Third Quarter compared to previous years (down 21% from Third Quarter last year) and September was especially hardest hit with 27% fewer sales this year versus last.

Median home sales prices were virtually unchanged in Salt Lake County with the median home sales price at $229,900.  Of course this is the median sales price from the whole county where there are different trends in different areas. 

The areas that experienced the most notable increases were Draper at a median sales price of $425,000 with a 22.1% increase, the downtown area of 84102 had a median sale price of $267,950 with a 19.1% increase, and West Jordan had a median sales price of $225,000 enjoying an increase of 10.1%.

Those areas experiencing the most dramatic decreases in homes sales price were South Salt Lake median sale price of $132,500 a 22% decrease, Riverton had a median sales price of $249,990 a decrease of 18% and Taylorsville/Kearns median sale price of $1342,000 a decrease of 16.9%.

 Sales of condominiums in the third quarter in Salt Lake County fell 46 percent. The median price of condos sold in the third quarter was $165,000, down 1.5 percent compared to a median price of $167,500 in the same quarter last year.

Home sales all housing types from January through September were down 1 percent compared to the same nine-month period in 2009.

There is a lot of free information available about buying, selling or investing in Holladay and Salt Lake City, Utah real estate.  For complete information about the Salt Lake City, UT real estate market including homes for sale, property values and more, visit the most comprehensive website dedicated to everything Salt Lake City Utah real estate.

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