25 June 2009 – The Salt Lake Board of REALTORS® said today that existing home and condominium sales in Salt Lake County in May climbed 15 percent compared to sales in April (not seasonally adjusted), but were down 9 percent compared to sales in May 2008. In May, there were 988 homes and condos sold compared to 861 sales in April and 1,091 sales in May 2008.
The median price of homes and condos sold in May was $225,000, up 2 percent compared to a sales price of $219,950 in April, but down 4.3 percent from a median sales price of $235,000 in May 2008. The median sales price of all homes and condos sold in Salt Lake County peaked in June 2007 at $243,700. When compared to May 2009, the median sales price has fallen 8 percent.
“Home sales in May nearly matched the number of homes sold a year ago, suggesting that the worst of the housing downturn may be over,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS®. “The monthly year‐over decline in home sales fell to the single digits after more than a year of double‐digit declines.” The median cumulative days on the market to sell a home was 93 days in May, down from 105 days in April, but up from 65 days in May 2008.
Based on current sales trends over the past three months, the absorption rate (an indication of how long it would take to sell total existing inventory) is 7.3 months. As of June 25, there were 7,698 active properties listed for sale and 1,199 properties under contract.
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