Strong Q3 Appreciation for Salt Lake Area

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Third Quarter appreciation remained strong along the entire Wasatch Front. Salt Lake and Utah counties experienced especially strong price increases, with some areas appreciating as much as 40% but most areas keeping in line with a healthy growth rate of around 10-20% year-over-year.

Many home buyers who have waited, trying to find that one perfect house are going to end up paying a lot more. And interest has gone up a bit and could go up more.

The Utah market is definately not as hot as was this summer or even a month ago, mostly because of the seasonal slowdown as the weather gets cooler and we head into the holidays.

Overall, Salt Lake County prices went up 24% to an average of $283,955. Condominiums rose 17% to an average of $168,562.

Utah County saw a 30% increase in prices to an average of $284,619, with condominiums rising 7.5% to $149,190.

Juab County home sales were up 26% to $165,165.

Weber County home sales were up 14%, with prices rising 10% to an average of $168,417.

Davis County reported a price increase of 18% to $236,723, with condos averaging $137,645.

Morgan County sales increased 50%, reflecting 33 homes being sold in the third quarter this year, compared to 22 homes being sold last year. Prices averaged a 62% increase at $326,408.

In Park City, total home sales decreased 27.5%, and condominium sales dropped 62% from last year. Home prices rose by 14% to an average of $826,802 with condo prices rising 32% to an average of $563,065.

Tooele County reported home sales up 10% and prices up22% to $178,116.

Washington County saw the amount of homes sold down 29%, but prices were up 24% to an average of $351,295. Condo prices were up 6% to $194,767.

The Brigham/Tremonton area saw the total number of homes being sold rising more than 20% with the average sales price rising 8% to $148,623.

The Cache/Rich area prices went up 8% to $175,023

In Carbon/Emery areas sales prices rose 24% to an average of $104,653.

In Central Utah prices increased nearly 17% to $128,861.

The Grand/San Juan area had price increases of 16% to $181,653.

Iron County showed prices up 19% to $247,096.

In the Uintah Basin area prices rose 25% to an average of $182,307.

And finally, in Wasatch County, prices rose an incredible 60% over last year to an average of $384,929.

This is a great time to buy a home in Utah because sellers aren’t all pricing their homes as high and there aren’t as many multiple offers to compete with. And right now interest rates are still very low. We anticipate more strong price increases in 2007 with strong job growth and steady population growth.

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