Annual condo sales in 2009 went up for Salt Lake Utah Homes For Sale. This was a good year end report for Salt Lake after its four year decline in condo selling since 2005. There were about 792 Condos were released and sold in the market last year which made it higher compared to 2008 sale performance.

The median price of condos last year decreased to $165,000 from $172,000 of 2008’s sales record and had an average price of $188,781, which went down from $206, 275.

Here’s a graph showing how the numbers of condos curved up and down annually:

More new condos is expected to be built this year as the tax credit is extended and a lot of home buyers will be really motivated to buy new homes in the real estate market.

Weather condition is unpredictable, whether its bad or good. Cycle of operations are the ones affected when nature strikes back to business. It may deteriorate business’ flows. We must take note that weather condition must be considered a factor in constructing or building new homes.

Recently, housing construction declined 4 percent last December 2009. Commerce Department released a report last Wednesday that it decreased to a seasonally adjusted annual rate of 557,000 from 580,000.

Bad weather that happened in the Northeast and Midwest were pointed out to be the reason of a decline in housing construction. There was a sudden decreased of 19 percent that started to show off in the market and about 1 percent was down in the Western part and fortunately rose 3 percent in the South part.

It was noted that there was an 11 percent increase in the applications for new building permits in December to an annual rate of 653,000 so far noted as the highest level of activity since October 2008.

Due to the devastating bad weather conditions happening previously, housing construction went down 75 percent from the peak 4 years ago but fortunately it increased up to 14 percent from last January when industry has just bottomed up.

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.

Here’s the data of the different cities that are recovering from the foreclosure crisis. According to Forbes Magazine, Salt Lake City ranked 9^th among the top 100 metro areas in the US.  This ranking was based on factors such as  number of borrowers that are starting to slip with their payments, the percentage and number of delinquent loans in foreclosure.