THE KEY TO YOUR NEW HOME...

On February 26th, 2010, the Salt Lake Board of REALTORS® reports that the sales of existing homes and condominiums climbed 16% in January. Comparing homes and condos sold in January of 2009 of 444 to 514 homes and condos sold in January 2010. This also reflects the fourth consecutive month of increasing sales on a year-over-year basis.

Bill Heiner, President of the Salt Lake Board of Realtors® stated that “Since October we have seen double-digit percent increases in sales in Salt Lake County.” Heiner also went on to say that that “the federal tax credit and falling home prices have helped to restore affordability to the market.” According to the SLB of Realtor’s sales report, the median price of all homes sold in January dropped to $213,550, down 7 percent compared to a median price of $230,500 in January of 2009.

There are still a great number of existing homes and condos for sale in Salt Lake County, about 7,300, based on sales trends over the past three months, the board says those listings represent a 2.45 months’ supply of inventory. The median number of days o the market for homes that sold in January was 78 days, down from the 96-days a year earlier. So things are definitely looking up and are good here in Utah.