The average price of homes for sale was $381,030, which was down from $397,819 in December. Likewise the median price of homes for sale - the number at which half of the homes listed for sale were for more and half were for less - decreased 4.67% to $205,575.
"The bottom of a real estate downturn is created by investors. Investors know the point at when it makes sense for their money to grow in real estate and create cash flow. I am seeing lots of investors and institutional investors flock to buy up any of the inventory that it left on the market<" said Brian Pitcher, from Pitcher Group Real Estate Experts who released the study. "That tells me that we have seen the bottom or are currently seeing it. That is good news as the housing market will lead the country out of the worst recession that our country has seen since the Great Depression."
The prices varied according to the size of the homes
- 2 bedroom - $248,236 - a decrease of 2.87% from December
- 3 bedroom - $284,529 - a decrease of 6.37% from December
- 4 bedroom - $343,527 - an increase of 1.32% from December
- 5 bedroom - $703,728 - a decrease of 8.75% from December
The average home for sale has 3 bedrooms and 2.41 bathrooms.
The high schools in Salt Lake City, UT with the highest average home price were:
-Skyline High School - $872,149
-Cottonwood High School - $871,187
-Brighton High School - $507,012
-West High School - $471,006
-Highland High School - $390,323
-East High School - $330,408
Pitcher Group Real Estate Experts at Prudential serves as a full service real estate company that covers Salt Lake County, Davis County, and Utah County. The Pitcher Group is headed by Brian Pitcher who has over 8 years of experience serving Utah homebuyers and sellers, specializing in short sales.