The median selling price in Salt Lake County rose over 21% from 2005 to 2006 to $225,000. The demand for homes pushed the available inventory to historic lows during 2006. Many sellers, particularly those with homes listed below $250,000, experienced multiple offer situations where buyers were forced to compete, driving offers over asking price.

The new year started where 2006 left off. Salt Lake County is still a sellers’ market and currently has only about 4 months of inventory available. We have started seeing multiple offers for properties, particularly those listed below $250,000.

Homes listed above $400,000.00 are less likely to receive multiple offers and these sellers may have to take less then they would have wanted. The 2007 market is expected to continue strongly although many real estate professionals believe it will be a bit slower than 2006 and appreciation is expected to ease back slightly.

© 2007 Renovation Design Group.