Salt Lake Real Estate Market Conditions

August 2007

After several years of strong growth the Salt Lake City Real Estate market is starting to show signs of slowing. Under pressure from the recent credit crunch homes are staying on the market longer, inventory levels are rising and sellers are having to accept offers below list price..

While mid to high end homes are experiencing a slowdown, there are still some areas of the market that remain vibrant. One of these areas is Salt Lake City homes under $200,000. In the last few years home prices across the Salt Lake Valley have seen substanal rises. Because of this reasonably priced starter homes are in short supply and demand for them remains strong. Homes coming on the market are seeing a large number of showings which can result in multiple offers.

Another area still seeing strong demand is the downtown condo market. The ongoing redevelopment of the downtown area including the City Creek and Marmalade District developments are revitalizing the interest for downtown living.

The Salt Lake City New Homes market is also starting to slow, with builders starting to offer more incentives and in some cases reducing the price of their homes.

If you want further explore the current market then you can search the Salt Lake City MLS to view Salt Lake City Homes for Sale.

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