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2011-12-08 07:13:39
Sales of Utah Homes Continue to Improve

The Utah Association of Realtors just released a report on Utah home sales which showed sales rose for the 5th straight month in October ... up 25% over last year.  Utah realtors sold 2,816 homes, townhomes, and condos in October 2011 compared to 2,261 sales in October 2010.  This represented the 4th straight month of double digit sales increases.  And, sales of Utah homes are up almost 7% compared to the January through October of 2010.

Utah is also seeing a decrease in the number of homes on the market ... down 21% over the past 12 months ... making the inventory of homes for sale the lowest since mid-2007.  And, sales prices are down 3.6% with the average sale in October getting 91% of the orginal asking price (versus 89% in October 2010).  The affordability of homes also improved with a typical Utah family earning 162% of what is necessary to qualify for a medium priced home.

The stats focus on Utah as a hole versus looking specifically at the Park City real estate market.  But, it does provide a sense of the housing trend which impacts our local Park City market and shows why Utah continues to have one of the healthest economies in the entire US.  We also continue to see businesses and families moving to Utah because the Utah State Legislature is very business friendly, we have one of the lowest tax rates in the country, and amoung the high employment in the US.  This is a significant factor in our stable housing market.

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