With the excess supply being absorbed, sellers are using fewer discounts. In February, sellers received an average of 91 percent of original list price. That’s up 3 percent from 88 percent received last year.
As real estate conditions improved, homes spent less time on the market. In February, it took an average of 95 days to sell a home compared to 101 days last year.
The median sales price was $169,000 in February, down 3.4 percent from the same month a year prior. That represents the smallest decline in more than a year.
Although the median price declined over the past year, there are indications that the trend won’t last long. In fact, it already may be changing.
The number of properties available for sale in active status at the end of a given month.
Based on the improving numbers, Realtor.com recently named Salt Lake City as the sixth best market in the country to invest in real estate. The organization built the top 10 list analyzing housing inventories, price trends and unemployment rates. Read more..
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