The Salt Lake Utah Real Estate market is currently undergoing a transition from a sellers market to a buyers market. Homes are staying on the market longer, there are fewer buyers, and prices are stagnating at best and in some places are starting to decline. There are exceptions to this, Salt Lake Homes for sale priced below $200,000 are still in high demand with some attracting multiple offers within days of being placed on the market.
Supported by a strong local economy home prices in Salt Lake County have seen good increases over the last 3 years, but the market has not seen the kind of increases seen in other areas of the U.S. such as California. This should mean that any correction to the housing market will be less than in other areas. The follow table shows the average sales price for Salt Lake County from June 2000 to June 2007.
|
Average Sales Price |
| June 2007 |
$291,928 |
| June 2006 |
$254,809 |
| June 2005 |
$222,005 |
| June 2004 |
$190,742 |
| June 2003 |
$182,742 |
| June 2002 |
$191,432 |
| June 2001 |
$181,256 |
| June 2000 |
$176,177 |
The condo market remains strong, especially downtown where the ongoing regeneration of the area means that any Salt Lake condos for sale are not staying on the market for very long. An example of this is the Marmalade District Homes and Condo Development . This area until recently was one of the poorer neighborhoods. But now this historic district is in the midst of a rebirth, fueled by several housing and condo development projects.
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