October was a good month for the number of homes sold in Salt Lake. So far, 1,027 homes in Salt Lake have been reported sold by the Wasatch Front MLS.
While the number of homes sold was good, the average price of Salt Lake homes sold was the lowest it’s been since the middle of 2006.
The average sold price for Salt Lake Utah Homes sold during October was $239,315, 29% less than the average Salt Lake list price of $330,855. While there is still a large disparity between list and sold price, the average list price continues to drop. The current average list price is nearly $7,000 less than it was just a month ago, and $75,000 less than it was 15 months ago.
Inventory of homes in Salt Lake County are dropping. There are currently 7,132 homes for sale in Salt Lake County. This is down 300 from just last month. With a higher rate of home sales in October, and less inventory, the absorption rate for Salt Lake is healthy at less than six months of active inventory.
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