Don't assume that prices are going up or down until you see the trends in each neighborhood, advise Salt Lake City, Utah Realtors.

"Salt Lake County average home sale prices increased by 2.3 percent in calendar year 2003," says Realtor Craig Frazer. "This average, however, can be misleading as price changes varied throughout the county. The local MLS utilizes eleven geographic statistical areas to track home sale activity. Average sale prices in 9 of the 11 areas increased, while they decreased in 2 of the areas. The highest increase was just under nine percent with the lowest reflecting a nearly six percent decrease in average sale prices. This variation underscores the need to carefully evaluate the market trends for each neighborhood."

Frazer explains, "The average sale price for Salt Lake County in 2003 was $187,086. Assisted by historically low interest rates, aggregate home sales in Salt Lake County reached a record level (measured by number of units sold.) Total single-family home sales were just under 12,000 for the year which represented a 12 percent increase over 2002. Average days on market for the county in 2003 declined to 57 vs. 64 in 2002. In spite of the increased sales activity in 2003, there continues to be a solid inventory of homes available for sale with over 4,500 homes currently listed for sale in Salt Lake County. If interest rates continue to hold steady, 2004 is shaping up to be a good year for buyers in the Salt Lake real estate market."

Says Realtor Steve Fairbanks, "Salt Lake City has both city and suburban neighborhoods, close to skiing, hiking, biking, boating, fishing, hunting and much more. National parks are within a five-hour drive. The largest family history library in the world is located in downtown Salt Lake City."

Fairbanks suggests, "When people think of Salt Lake City, they generally think of the valley as a whole. Statistics for Salt Lake County for 3rd quarter 2003 show the average home sales price was $181,037 (four or more bedrooms averaged $213,749) and condo sales averaged $132,068. The average days on the market was 56 days. This is an overall decrease of about 4.5 percent from the previous quarter, generally as a result of the holidays during the winter months. Buyers have lots of inventory to choose from, and the interest rates are great. Homes below $150,000 are selling quicker, especially those in good condition. The number of foreclosed properties has increased, but they are not necessarily proving to be real steals. Many new homes are available, but the best buys can be made on existing homes. If you want new, make sure you get an agent to represent you before you look. Onsite agents represent the builder and not you. Remember also, no matter what incentives they offer, there is no free lunch."

Published: March 9, 2004

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