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SANDY — Salt Lake County's home sales have dropped 4 percent at the same time home prices are going up, rebounding to the same levels they were before the recession, according to the Salt Lake Board of Realtors.
If you’re buying or selling a house in Salt Lake County, it’s good news if you’re selling, and so-so news if you’re buying. But in the big picture, the new numbers means good things for Utah’s economy.
Jamil and Naimer Ahmed love their home in Sandy, but they have decided to sell so they can buy a larger one for their family. They're in the market now, because the value of their home is finally where they feel it should be.
“We are going to make the move. And why not? This is the time to move,” Naimer said.
But rising home prices are contributing to a slight drop in home sales, according to the Salt Lake Board of Realtors. Home sales in the first quarter of this year fell 4 percent, compared to the first three months of last year.
Sales in some neighborhoods, like Magna and Sugar House, fell much more sharply than areas like the Avenues, Herriman, Sandy or Canyon Rim.
The good news for home buyers: There is more selection and interest rates are still at historic lows, about 4 percent.
“They have more homes to see, which is nice. They’ve got more to choose from,” said Angie Nelden, Salt Lake Board of Realtors. “And I’m seeing that people are taking their time a little bit more.”
Home prices have surged 29 percent to an average of $245,000 in Salt Lake County. This time last year, home prices were averaging $190,000.
The Ahmed’s said the prices are motivating them to both buy and sell.
“The price we want to sell at versus the size of home we want to move on to, I feel they are matching up,” Jamil said.
In the long-term, the feeling is overwhelming optimism about the real estate market in Utah.
