April home sales climb 16 percent over March

May 26 – The Salt Lake Board of REALTORS® said today that existing home and condominium sales in Salt Lake County in April climbed 16 percent over March sales. Sales were down 17 percent compared to April 2008.

In April, there were 844 homes and condos sold in Salt Lake County compared to 730 sales in March. In April 2008 there were 1,018 homes and condos sold.

The median price of homes and condos sold in April was $220,000, down 1 percent from $222,200 in March and down 6 percent compared to a median price of $234,900 in April 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 April 2009, the median sales price has fallen 10 percent.

“Home sales are gaining momentum as we head into summer,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS®. “Interest rates are continuing to hold at historic lows. State and federal incentives make this an unbelievable time for people wanting to buy a home.”
 

The median cumulative days on the market to sell a home in April was 105 days, down from 119 days in March and up from 81 days in April 2008.

Based on current sales trends over the past three months, the absorption rate (an indication of how long it would take to sell existing active inventory) is 8 months. Last month the absorption rate was 10 months.