The prices in real estate in Salt Lake City, in the Utah region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Salt Lake City has increased strongly during the last 6 months. In December, the average price per sq.feet was $319. In the following month the price per sq.feet increased considerably to $613. The price for the following two months in (February, March) had a considerable decrease of 79 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 79 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $417.5 to $328.5 during April, and May.
Based upon to the price in Salt Lake City (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during December, is $1,156,208. During January the price went through a considerable rise reaching $2,818,691. During the following two months (February, March) the average price had a considerable reduction of 79 % with regard to the previous two months. During the last two months the average price has had a strong fall compared to the previous four going from $1,778,596 to $906,252, which means a 51 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $531,841 they are 43 % more affordable than the average price for Salt Lake City. The properties with the highest average price have 4 bedrooms, Their price is 21 % more costly than the average. After that we have properties with 3 bedrooms priced at $467,913.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $265 / sq.feet, with an average $290 / sq.feet price in Salt Lake City. The properties with the highest average prices have 1 bedroom. They are 36 % more expensive than the average followed by properties with 2 bedrooms with a price at $323 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $531,841 it is 34 % cheaper than the average price in Salt Lake City. "Townhouse" is seen as the second most affordable property type. The dearest property type is "House" followed by "Office". At a price of $469,443 it is 11 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Office" at an average cost of $210 / sq.feet followed by "Townhouse" priced at $266 / sq.feet. "Condo" is the most costly type of property with a $325 / sq.feet cost followed by "House" with an average price of $276 / sq.feet.