How much have home prices dropped in Salt Lake City?

Salt Lake County Sales Graph

One of my clients asked me this question yesterday and it is a very good question.  From the Salt Lake Board of Realtors, the average sales price for the 3rd quarter of 2009 was $251,500.  At its peak (3rd Quarter of 2007), the average sales price was $281,300.  That is a 12% reduction in sales price.   But this is very misleading because on the high end priced homes ($500,000 +) they have dropped anywhere from 20 to 30%.  Love to get your comments on this.

PRICE REDUCED $14,500!! Beautiful updates!

$105,000

Type: Condo/Townhome

Bedrooms: 2

Bathrooms: 1 Full

 Square Feet: 850

 This amazing condo is updated to absolute perfection! New carpet, new paint, new tile & new bathroom updates. Lots of windows & tons of natural light show off this great unit! Good size rooms. Large open kitchen with fridge, washer and dryer are also included. This is a 2nd floor corner unit with great views of Timp. Pool & jacuzzi in complex. Call Scott today to see this incredible unit! 801-209-1120

Amazing Sandy Location on a nice quiet street

Price: $290,000

Type: Single Family

Bedrooms: 4

Bathrooms: 1 Full, 2 Half

 Garage: 2

 Square Feet: 3,248

Great Sandy Location…tucked in on a quiet street

Virtual Tour