Associate Broker, Mark Watterson, is reporting that Inventory levels for the Salt Lake City area of Utah are up -- by a staggering 24.1 percent over last year. Days on market have seen a large increase as well -- at 33 percent, bringing the average market time to 36 days -- still a quick turnaround compared to most areas of the nation at this time

So what has contributed to these factors?

Mark reports that:

1. Investors came and heated the market, driving prices beyond many buyers -- Salt Lake City was heralded as one the most underpriced markets in the not too recent past after all.

2. The ills of the national real estate and mortgage markets have started to affect the local real estate condition.

3. Investors are beginning to list their single family homes for sale, causing a increase in inventory

What conditions can buyers and sellers expect at this time?

It's currently a buyers market with the average sales price of a home in Salt Lake City at $423,000.

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Published: December 4, 2007

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