Druce Real Estate

Salt Lake City, Utah Real Estate - The number of single-family homes sold in Salt Lake County in the second quarter of 2008 increased to 2,581 homes, a 39 percent  increase (725 more homes sold) compared to 1,856 homes sold during the first quarter in 2008, according to a report today by the Salt Lake Board of REALTORS®.

This year's increase in home sales follows a period of declining home sales that began in the second half of 2007 and resulted in a bottoming out in January, an eight-year low in monthly sales. Since the end of January, Salt Lake home sales have climbed consistently over the past five months.

Home sales in the second quarter of this year were down 28 percent compared to the same quarter a year ago (2,581sales versus 3,590 sales). "Last year's reckless lending artificially inflated sales," said Jillinda Bowers, president of the Salt Lake Board of Realtors. "Finally, we have gotten rid of the rampant speculation and loose lending standards. This year's sales are down compared to last year, but we are cautiously optimistic going forward that home sales will continue to gain momentum as they have since the end of January."

SINGLE-FAMILY HOME PRICE:
The median sales price of single-family homes sold in Salt Lake County during the second quarter increased to $249,900, up 3 percent compared to a median sales price of $242,000 in this year's first quarter, but down 2 percent compared to a median sales price of $254,000 in the second quarter of 2007.

CONDOMINIUM SALES VOLUME:
The number of condominiums sold in Salt Lake County during the second quarter increased to 587 units, up 25 percent (116 more condos sold) compared to 471 condominiums sold in the first quarter in 2008. Condominium sales were down 32 percent in this year's second quarter compared to the same period in 2007 (587 sales versus 866 sales).

CONDOMINIUM PRICE:
The median sales price of a condominium sold in Salt Lake County in this year's second quarter dropped to $172,500, down 1 percent compared to $174,500 in the first quarter and down 1 percent compared to $173,800 in the second quarter of 2007.

TOTAL ACTIVE LISTINGS:
The combined number of active home and condominium listings in Salt Lake County in the second quarter totaled 8,142 units, representing roughly an eight-month supply of "for-sale" inventory. In the first quarter, active listings represented an 11-month supply of inventory. In the second quarter of 2007, active listings made up a seven-month supply of inventory. Total active listings in the second quarter were down 1 percent compared to 8,212 listings in the first quarter of this year and down 17 percent compared to 9,823 listings in the second quarter of 2007.

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