Sales of single-family homes in Utah County are going up, while prices and time on the market are both coming down, according to the latest statistics from the Wasatch Front Multiple Listing Service. 

That’s good news for both homebuyers and sellers because it shows a thawing in the market.

In September 2011 sales totaled 376 homes, while this past September the number of sales rose to 395. September median prices rose slightly, from $197,900 last year to $208,000 this year, an increase of 5.58 percent. October sales show promise with a median sales price of $210,000 at mid-month.

Meanwhile the time to sell a home has dropped as buyers have jumped back into the market. In September 2011 it took 85 days in a sluggish market to sell. This September that figure had dropped to 39 days as the market heated up.

The median asking price also rose, from $210,000 in September 2011 to 214,000 this year. Sellers working with Realtors are getting 97 percent of their asking price this year compared to 94 percent last year.

The median price per square foot has risen from $70.36 to $77.69.

So what does the typical Utah County home look like, according to sales figures? Last year it  had 2,852 square feet, four bedrooms and three baths. This year it’s slightly smaller with  2,816 square feet, four bedrooms and three baths, although prices are up.

While the depressed market continues in some parts of the country — one buyer I spoke with in Chicago told me that prices are still falling there — in Utah the opposite is true. 

”Our economy is doing so much better than other states,” noted Realtor Linda Brienholt. “A significant number of businesses are planning on locating here.” 

 While short sales and foreclosed homes are still in abundance, they are going quickly. Shadow inventory — bank-owned homes held out of the market is at a minimum, she said.

 Multiple offers and bidding wars are becoming the norm for homes under $300,000.

 “It’s multiple offers everywhere,” said Realtor Rod Adams. “Things are nuts right this minute. I have three deals closing right now. I have the phone in one hand and the computer in the other.”

 Realtor Natalie Harris has also seen an uptick in the market. 

”The past nine weeks I’m a happy, happy girl. Anything you can get a FHA loan for has multiple offers. Home sales have really picked up,” she said.

However, the market is still in the doldrums for homes in the $400,000 to $800,000 range, which usually require a large down payment and a “jumbo” loan. Homes above $800,000 are moving better because they are usually purchased with cash, Harris said.

While sales are up, inventory is low. 

”I’m hopeful we’ll see more listings as equity increases,” Breinholt said.

Rodger L. Hardy is a Realtor affiliated with Prudential Utah Real Estate and a former real estate editor. For answers to your real estate questions please email him at rhardy@utahresidentialEteam.com.