Utah’s Real Estate Community did a pretty job last 2009. It regained a good sale after the 3-year decline in home sales. It really shows that real estate in Utah was trying to improve their home sale performance for the last time in 2009.

In the last quarter of 2009, home sales was doing good that made the market flooded by active homes that were released and sold out in town.

According to the Salt Lake Board of Realtors, home sales increased up 19% in December compared to December 2008. There were about more than 9,000 homes that were released and sold out in the market in 2009. A record of annual home sales and an increased of 4% in overall sale was noted in Salt Lake County.

“Existing home sales are surging because of more affordable home prices and the federal government’s home buyer tax credit. In addition, there are fewer newer homes being built. Because of that buyers are turning to existing inventory,” a statement explained by the President of the Salt Lake Board of Realtors, Bill Heiner.

In single family homes, there were about 2,400 homes were sold in the market in the last quarter of 2009. It was noted that there was an increase of 36 percent compared to last quarter of 2008.

As the expanded tax credit is on going, it would help many home buyers to purchase new homes in the real estate market and the supply of constructions of new homes is expected to rise in order to outnumber the demands of home buying.

Being a candidate for auction sales in the market, luxury homes in foreclosure seems to be a norm now a days. There are several owners showed their homes worth multi-million dollars for auction sell after being foreclosed.

According to Realty Trac foreclosure marketer, it was noted last year that there were at least a million dollar properties of 18,817 were being foreclosed in the market with a rate of 162% from 2008.

Earlier since 2007 it was recorded that properties worth $1 million dollars fell down 25%. Due to this crisis, home owners choose to sell their houses for auction sales until the right time comes for the buyer to buy the said property.

Salt Lake City Real Estate sold 199 residential homes last November 2009. Home sales today increased by 38.77% compared to last years’ sales. According to MLS, there were around 325 homes sold in Utah Real Estate Market.

The effect of scheduled expiration of the first time buyer tax credit has something to do with the large increase in home sales. There were a lot of people who have been purchasing homes for sale in Salt Lake City Real Estate in order to beat the expiration and where they can benefit a lot in terms of home buying and selling.

In addition, the original list price of homes sold in Salt Lake City was $205000 and median sold price was $189000. Last November 2008, the median sold price was only $219000. Compared to last years’ data, it shows that there was a small difference on the home sales that are out in the market.

As of 2009, Salt Lake City had a good performance for having an increase in home sale in the real estate market. In 2008, home sales was noted the lowest. 3 years ago there’s a consistent decrease in the number of home selling. Salt Lake City Utah had the highest home sales performance in year 2005. Around 6,252 houses were sold in the market. That year the median price was $171,900 and its average price went up to $217,837.

The current trends in home sales shows an unstable curve due to the low and high end sales every year. Despite this, annual home sale did a pretty job bringing about an increased in home selling over the past year since 2008. In 2009, the median price for home sale was $202,000 and went up to $245,139 as its average sales price. Moreover, the lowest priced residence for sale was 10,000 dollars and the most expensive house for sale is 3.16 million dollars

Due to the on going tax credit, It will be expected this year that there will be a rise in buying homes for first time home buyers. Home selling is expected to increase in this coming months if trends will get better in the market.