Salt Lake Board of Realtors: November home sales climb 77 percent

Sandy – The Salt Lake Board of REALTORS® today reported that sales of existing homes and condominiums climbed 77 percent in November. There were 1,070 homes/condos sold in November compared to 606 sales in November 2008. November’s sales were up 15 percent compared to 928 sales in November 2007.

The 77 percent increase in home sales in November represented the biggest percentage increase on a year-over-year basis for a November month since electronic records started in 1995.

The median price of all homes sold in November dropped to $202,350, down 12 percent compared to a median price of $229,250 in November 2008.

There are currently roughly 6,800 active homes and condos for sale in Salt Lake County. Based on sales trends over the past three months, those listings represent an eight-month supply of inventory. The median number of days on the market for homes that sold in November was 68 days, down from 79 days a year earlier.

“Affordability is being restored to the market and buyers are taking advantage of it,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS®. “We expect home sales to continue to rise in 2010.”