June Home Sales for Salt Lake County exceeded the 1,100 sales mark for the first time in over a year. More than, 1180 residential homes in Salt Lake County were sold as reported by the WFRMLS. This is a good indicator that the Salt Lake Real Estate market has already bottomed out. So if you've been waiting for the bottom, you might have already missed it.
There are currently 7699 active residential listings on the MLS in SLC. At June's pace, this is less than 7 months of available inventory. -------------------------------------------------------------------------------------- Salt Lake saw a decline of home sales of about 26% for year end numbers comparing 2007 and 2008. The median price of homes sold in '08 was down by .43%, and the average home price was down 2.5% to $268,550.
On January 1st, SL County had 8.3 months of active residential real estate inventory if the 7,460 active sold at the same pace as 2008. Condos in Salt Lake had an average price decline of 1.34%, and there are 7.88 months of active inventory
The Capital City saw the median price actually rise by 1.2% to 220,000, while the average sold price dropped 1.32%. (Less high end homes sold). The median sold price was $267,500 and there is currently 7.74 months of inventory for SLC.
------------------------------------------------------------------------------------------------ We all know that the Real Estate Market in Salt Lake City is substantially down from last year, but in many areas and price ranges the market isn't that bad. Homes are with moderate and low prices are still selling quickly. From June's sales numbers, it also looks like the market may already be improving in Utah's capital city. Home sales were only down 27% in Salt Lake County compared too down 33% for May. Not exactly bragging material, but it was improvement.
After the first six months of 2008 there were 1663 homes sold in Salt Lake. These homes that sold had a median price at $221,325 and an average price at $272,601. These numbers are substantially less than the average list price in Salt Lake City of $387,145 and median list price of $279,990. In our current economy, there just aren't a lot of buyers for the high end homes. These homes will be on the market for a long time and foreclosures in Salt Lake will likely increase as well.
If you're looking to buy an expensive high end home, take your time there is plenty of choice and many sellers are very motivated. When you offer, offer low because there is a good chance it is the only offer those sellers are going to get in a very long time. If you're looking to buy low end and moderately priced homes in Salt Lake, don't take too much time or else someone else will beat you to the deals.
If you are looking to sell in Salt Lake City, it doesn't matter what your house appraised for last year. What matters is where the competition is priced. You need to make sure that your property is priced as low as or lower than the competition if you want it to sell.
October Home Sales in Salt Lake were down more than 20% compared to October of 2007 when 1,023 residential properties were sold. The average price of homes sold was also down in Salt Lake County by 2.8%, at $264,720. The median price of homes sold in the last month was $234,000.
There are currently 8,372 residential homes for sale in Salt Lake County. The median price of these listings is $284,400 and average list price at $385,217. List prices of homes is still substantially higher than what homes are selling for. The number of total active listings has slightly dropped but the ratio of homes sold per month to active listings is decreasing. At Octobers home sales pace, Salt Lake County has more than a years worth of inventory. --------------------------------------------------------------------------- Home Sales in '08 are off to a slow start in 2008.
The good news is that the average sold price of homes in '08 thus far is still above 2007's numbers for January and February. The bad news is that home sales are almost half of their 2007 numbers. There are presently more than 7,000 active residential listings on the MLS in Salt Lake County. In January and February there were only about 1,200 total homes sold. Home sales will pick up as the weather gets better and people get more serious about buying, but there is a lot of inventory for the number of home buyers.
Utah Homes for Sale Market Conditions
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Unofficial 2007 Home Sales Stats for Salt Lake City, UT:
There were approximately 11,500 homes sold in Salt Lake County in 2007. The average price of single family homes sold was $296,156 and the median sales price was $249,900. Homes listed on the market were on for an average of 37 days. There were also 2,763 condo's sold. The average sales price was $192,057 and the median sales price was $171,400.
The numbers of actual homes sold was down 22%, but average sales price was up 9%. In '06 there were 15,180 homes and 3,272 condos sold. The average sold price was $269,692 for single family homes and $163,213 for condos.
As of Jan 2nd, there are 5,680 Single Family Homes listed on the MLS in Salt Lake County. The average price of these homes is $443,961, and a median sales price of $329,900.
There are also 1,054 condominiums listed with an average asking price of $261,193 and a median price of $219,900
The price of homes on the market now is substantially more than the average of homes sold. Either listing prices must come down, or else Salt Lake prices will continue to go up. Both will likely happen in 2008. There's a lot more inventory than there has been any time the last few years. Interest rates are low. It's a good time to buy in SLC.
ZIP Codes: 84101, 84102, 84103, 84104, 84105, 84106, 84107, 84108, 84109, 84111, 84112, 84113, 84114, 84115, 84116, 84117, 84121, 84123, 84124, 84134, 84144, 84180 Approximate Location Boundaries: Greater Salt Lake Metro Area - Salt Lake County
Location Characteristics: Utah's Capital City
About SLC Homes for Sale:
Cornerstone Real Estate Professionals is a group of top Northern Utah Real Estate Agents who focus on providing the best communication and technology to assist us in the real estate transaction. For more information visit: UtahCornerstone.com or Cache Valley Homes
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
