The Salt Lake  real estate market has started of extremely slow so far in 2009 even compared to the first 4 months of 2008.   During the first quarter of 2008, the Salt Lake real estate market saw a sales decline of nearly 40%, but prices only declined less than 2%.  This year we have seen another dramatic decline in sales volume, and are now also seeing a decline in home prices.

Overall in Salt Lake County from January 1, 2009 through April 30, 2009 we saw 2,510 homes change hands--down roughly 26% from the 3,399 homes sold during the same timeframe in 2008.  Prices have dropped nearly 10% with an average price of roughly $275,000 vs. $305,000 last year.  By this time last year Salt Lake County had a approximately 10 months worth of inventory on the market whereas today we have roughly 13 months of inventory. 

Salt Lake Real Estate Market Breakdown by area:

• The Avenues/ Capital Hill:  68 homes were sold during the first 4 months, down from 70 last year.  Prices fell sharply as less expensive homes were the focus of home buyers--the average home price in the Avenues is currently $290,597 down from $418,358 a year ago.  The average time to sell was up at 83 days, taking only 69 days last year.  We now have 234 Avenues homes for sale in the Avenues which equates to roughly 14 months of inventory at our current pace.
• Trolley Square, Liberty Park and Sugarhouse:  312 homes sold so far this year, down steeply from 405 sold last year.  Prices were also off with an average sales price of $224,451 compared to $245,201 last year.  Time to sell is now averaging 80 days--taking 28 days longer than the average last year.  We now have 894 Liberty Park homes for sale or approximately 11 months of inventory.
• Zip codes 84108 & 84109:  111 homes sold this year vs. 151 sold in 2008.  Prices were down 16% averaging $347,052 compared to $414,783 in 2008.  Homes are taking approximately 50% longer to sell averaging 92 days vs. 65 in 2008 and we now have 348 Sugarhouse homes for sale or about 13 months of inventory.
• Murray, Midvale, Taylorsville:  Almost 40% fewer homes sold this year than last with 161 sales vs. 277 in 2008.  On homes that did sell, prices weren't off as much as other areas averaging $191,031 compared to $202,908 last year.  Time to sell is now averaging 73 days, up from 51 and we have 598 Murray homes for sale--15 months of inventory (one of the most saturated markets right now). 
• East Murray, Holladay, Cottonwood Heights:  This market faired overall better than most in the county with 173 sales vs. 194 last year.  Prices held steady averaging $318,967 this year compared to $320,493 last year.  But homes took much longer to sell at 97 days vs. 68.  We now have 594 homes for sale which equals 14 months of inventory.
• Olympus Cove:  44 homes have sold so far in 2009 compared to 53 sold during the same timeframe last year.  Prices declined to an average of $349,539 this year from $365,530 last year.  Homes took 41 days longer to sell this year averaging 99 days and we have 155 Olympus Cove homes for sale or roughly 14 months of inventory.
• Sandy and White City:  The only area in Salt Lake County that saw an increase in sales volume with 129 sales, up from 126 last year.  Priced were lower by about 9% averaging $396,659 vs. $435,369 and homes that did sell too 30 days longer, averaging 97 days on the market.  There are 418 Sandy homes for sale, or 13 months of inventory.
• South Sandy and Draper:  Good performance overall with 318 homes sold vs. 329 in 2008.  Priced dropped slightly averaging $317,911 vs. $328,259 a year ago.  Homes too 34 days longer to sell at 95 days compared to 61 in 2008, but total inventory is less saturated than most areas with 893 Draper homes for sale or roughly 11 months of inventory.
• West and South Jordan, Riverton, Herriman and Copperton:  744 homes sold this year compared to 924 last year.  Prices fell to $275,712 from $291,772 and homes that sold took 85 days this year vs. 61 days last year.  The area has 1,947 South Jordan homes for sale which is about 10 months of inventory.
• West Valley City and Magna:  475 homes were sold in the first 4 months of 2009, down sharply from 712 sold in 2008.  Prices also fell to $167,637 from $185,316.  time to sell increased 21 days averaging 78 days this year compared to 57 days last year and the total inventory is now 1,349 West Valley City homes for sale or 11 months of inventory.
• Rose Park:  The biggest year over year decline in volume with just 75 homes sold so far this year compared to 158 sold last year.  But homes that sold held their value averaging $143,846 compared to $148,656 last year.  Time to seller was up to 72 days vs. 46 in 2008.  Inventory is up to 282 Rose Park homes for sale which is approximately 15 months of inventory at the current pace.

So overall the Salt Lake Real Estate market is much softer than it was a year ago.  This presents some interesting challenges for home sellers, but also some very nice oppportunitites for Salt Lake home buyers.  If you'd like to discuss the market in greater detail please call us at 801-467-7007 or contact us by e-mail at support@utahhometeam.com.  Or you can fill in the form below and we will contact you shortly.