July 2007 Home absorption - Salt Lake County Real EstateThe time required to sell a home has increased again for every city in Salt Lake County. In some cities the absorption rate more than doubled from June to July. Of the 17 cities tracked only one (Magna) is still considered a sellers market, three are considered a balanced market (West Jordan, Kearns, West Valley) and the remaining 13 are in a buyers market. The far southeast and southwest areas of Salt Lake County have absorption rates that double the rest of Salt Lake County. South Jordan tops the list with an absorption Rate of 14.4 months. Click-thru to see the July 2007 home absorption chart for Salt Lake County Realtors Are Not Meth Cops!
Currently the cost of cleanup is on the owner of the property when the contamination is discovered. In an earlier post Who's Mething with Your Home? We proposed some questions the Salt Lake City Council should consider as it considers a new city ordinance to assist home buyers and renters from the physical and financial damages they suffer when purchasing or renting a home contaminated by Meth. It seems one of the alternatives being considered is to hold Realtors accountable for "Accurate" disclosure of METH activities in a home their clients may be selling or buying. Click-thru here to read the rest of the article on SaltLakeSpeaks blog. Blog Debate - Salt Lake City Council district 6 - Parleys Nature Park or dog Park?Should Parleys Historic Nature Park be an off-leash dog park? This has been a very volatile issue in our community. The current city council has done extensive research on the park including a one-year "off-leash" trial period and utilizing a "working group" to decide whether the park should be off-leash, on-leash, or a shared use. On July 17th the Salt Lake City Council reviewed and accepted recommendations from the Parleys Historic Nature Park Committee to:
Aside from the above recommendation the committee could not come to a consensus on whether the park should be all off-leash, all on-leash, or some kind of segregated or split use. It was a hung committee. The council accepted a motion to implement the above recommendations and reserved the right for a final decision after review of the management and master plans that will be provided. But the council still could not decide on the core issue. On or off leash? The decision has been put-off yet again with off-leash getting the benefit of the doubt until the long-term plans are determined. Click here to read the candidates statements: Should Parleys Historic Park be off-leash? For other posts in the Salt Lake City District 6 Blog Debate: Salt Lake City District 6 Candidate Bios Blog Debate - Salt Lake City Council District 6 - Candidate BiosSaltLakeSpeaks is sponsoring a Blog Debate for the Salt Lake City District 6 City Council candidates. To read the Introduction to the blog debate the format we are following click here. There are 4 candidates running for the seat vacated by Dave Buhler. They are: William Huckins, Ellen R. Reddick, Roger J. McConkie, and JT Martin. Only three of the candidates have been willing to participate in our blog. Following are the brief bios each of the participating candidates e-mailed to us. They are presented as received without any editing and/or corrections: (I've also linked the candidates to their web-site if I could find one for them): For the candidate Bios read here: SaltLakeSpeaks Blog Debate Blog Debate - Salt Lake City Council - District 6SaltLakeSpeaks e-mailed an invitation to each City Council candidate in District #6 to participate in a Blog Debate - of sorts. We were pleased that all but one candidate has accepted and provided us their answers to the debate questions. District 6 Area and Candidates The City Council District 6 chair is being vacated by Dave Buhler, current candidate for Salt Lake City Mayor. Dave did a terrific job representing the district for 7+ years and is a leading candidate for Salt Lake Mayor. Dave has one of the best candidate web-sites I've seen. Check it out here http://www.daveformayor.org/. District 6 neighborhoods include Bonneville Hills, St. Mary's, Indian Hills, Oak Hills, Sunnyside, Yalecrest, Sugar House, Wasatch Hollow, H Rock, Sunset Oaks, and Foothill. The District also includes the University of Utah, University Village, Research Park, Fort Douglas, Hogle Zoo, This is the Place Heritage Park, Foothill Village shopping area and Bonneville Golf Course. The candidates for District 6 include: William Huckins, Ellen R. Reddick, Roger J. McConkie, and JT Martin Salt Lake City Blog Debate Format Each candidate was e-mailed 6 topics and questions on those topics. We requested they email us a brief bio sketch and their responses to the 6 topics. SaltLakeSpeaks will post the bios and candidate responses to the questions "unedited" in combined, sequential posts (does that make sense)? We requested they keep their bios under 150 words and responses to the questions under 200 words. I'm sure that will be a challenge for them. After each question and responses are posted the candidates and other readers may comment with and add additional information. Comments will be moderated by the web-master. We will not allow offensive language, personal attacks or comments not related to the campaign and issues. Salt Lake City Blog Debate Topics The topics and questions provided to each candidate are:
We encourage active participation from you the reader of this blog. If you have other questions you think are relevant to District 6 or Salt Lake City at-large, please submit them here. The candidates who have cooperated have been very open and willing to participate and respond. Following are the Blog Debate Posts: Should Parleys Historic Nature Park be off-leash? Sandy City Utah home Sales - June 2007Sandy City home values fell slightly during the 2nd quarter and have softened to a 1.3% increase over 2nd quarter 2006 values. June values show a sharp increase. However, it is due to a larger number of homes above 5 bedrooms closing in June and is not representative of the Sandy City market as a whole. Without the June anomaly the 2nd quarter price decline would have been 6.5% over the 1st quarter 2007. The number of homes sold also continues to decline and for the 2nd quarter was 32.6% lower than the 2nd quarter 2006. Where will it go from here?
The absorption rate has increased by about 6% per month each month during the 2nd quarter and is currently at 6.4 months which is a buyers market. With the current impact of the tightening lender market and the reduction on second mortgages and sub-prime lending, I believe the absorption rate will continue to increase and prices will continue to soften. If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker. Information for our real estate stats was taken from WFRMLS as of 7/13/2007 and is subject to change at the discretion of the web-master. Zip-codes included for Sandy include: 84070, 84092, 84093, and 84094. West Valley City Home Sales - June 2007West Valley City Utah home sales went through a major transition in June. Home values continued to rise by 1.7% for the month of June and were 28% higher than they were in June 2006. In just the last 6 months West Valley home prices have increased by 15.6%. That is the biggest increase in the Salt Lake Metropolitan area. But, will the increases continue or will we begin to see some softening of prices? I think we will see a softening.
The absorption rate, which is the leading indicator of real estate market direction, for West Valley City increased by 82% in June. In May we saw the absorption rate decline to 2.8 months and in June skyrocket to 5.1 months. The change took West Valley from a sellers market to a balanced market trending to a buyers market. Why the big change? I believe the biggest factor is the tightening of credit. All the hype and media about lenders problems with 2nd mortgages, sub-prime credit, and 100% loans is beginning to affect buyers. Buyers that have no cash for closing costs and a down payment will no longer be able to buy. That will have a huge impact on most transactions in West Valley. If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker. Information for our real estate stats was taken from WFRMLS as of 7/13/2007 and is subject to change at the discretion of the web-master. Zip-codes included for West Valley City include: 84120 and 84128. West Jordan Utah Home Sales - June 2007West Jordan home prices continue to rise but at a much slower pace. June prices were only 9% higher than last year and were 5.8% higher than prices at the end of 2006. The slowing is certainly due to the increased inventory and the length of time it is taking to sell homes. The absorption rate has increased from 3.5 months in April to 5.2 months in June. The increase has moved West Jordan from a sellers market to a balanced market with the trend moving towards a buyers market.
Is the slight dip in June prices an anomaly of a shift in West Jordan pricing? In the trenches we are seeing more price reductions on existing listings and we are beginning to see sellers willing to negotiate more on price and terms of the sale. I think pricing will see some volatility over the next few months as buyers and sellers battle in the neutral zone of a balanced market. An additional impact on the West Jordan market is the tightening within the mortgage industry. First-time buyers and sub-prime buyers are seeing more challenges in getting approved for loans as 2nd mortgages are tougher to get and minimum FICO score requirements are rising. We will see more FHA loans as these requirements continue to get tighter and FHA options become more attractive. If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker. Information for our stats were taken from WFRMLS as of 7/10/2007 and are subject to change at the discretion of the web-master. Zip-codes included for West Jordan include: 84084 and 84088. Salt Lake City Home Sales - June 2007The average home price in Salt Lake City continues to increase despite continually dropping sales volume and increasing inventories. The number of homes sold during the second quarter are 20% lower than the 2nd quarter 2006 and and 25% less than the 2nd quarter 2005. The number of listings available continues to increase with the absorption rate (the number of months it would take to sell all current listings) now at 6.8 months and growing. It has clearly moved from a balanced market to a buyers market. The average home price in Salt Lake City continues to increase despite continually dropping sales volume and increasing inventories. The number of homes sold during the second quarter are 20% lower than the 2nd quarter 2006 and and 25% less than the 2nd quarter 2005. The number of listings available continues to increase with the absorption rate (the number of months it would take to sell all current listings) now at 6.8 months and growing. It has clearly moved from a balanced market to a buyers market. Salt Lake City home prices have grown faster than Salt Lake County where 2nd quarter values have increased 12.7% over 2nd quarter 2006. We do not see any indicators telling us home prices will soften for the remainder of 2007. Forecasts for all of 2007 were expecting prices to increase 4-5% for the entire year. And for the first 6 months we have seen an increase of 10.6% over December 2006 home prices.
If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker. Information for our stats were taken from WFRMLS as of 7/8/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Salt Lake City include 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, 84116. Salt Lake City home prices have grown faster than Salt Lake County where 2nd quarter values have increased 12.7% over 2nd quarter 2006. We do not see any indicators telling us home prices will soften for the remainder of 2007. Forecasts for all of 2007 were expecting prices to increase 4-5% for the entire year. And for the first 6 months we have seen an increase of 10.6% over December 2006 home prices. If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker. Information for our stats were taken from WFRMLS as of 7/8/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Salt Lake City include 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, 84116. June Home Sales - Bluffdale / Herriman / Riverton UtahBluffdale, Herriman, and Riverton Utah home sales are in the tank. While home prices are still higher than the same month in 2006 the amount of increase is decreasing. Second quarter 2007 home prices are 15.1% higher than second quarter 2006. The real difference will begin to show in the upcoming third and fourth quarters. Consider this, Home values for June 2007 are $13,000 lower than they were at year-end 2006. That's a 3.5% decrease in 6 months. Also consider the number of homes sold. Second quarter 2007 sales were 53.3% lower than second quarter 2006 and June 2007 sales were 66% lower than June 2006. The number of units sold per month is dropping like a rock.
The decline in sales is also shown in the absorption rate. April and May 2007 absorption were about 7.3 months which is a buyers market. June absorption almost doubled to 13.5 months which is by far the highest absorption rate in Salt Lake County. Sellers who need to sell should read the market and price according to demand. I expect this trend to continue at least through the end of 2007. If you're interested in information on any particular zipcode or neighborhood just contact us at 801-582-5882 or at Ask The Broker. Information for our real estate stats was taken from WFRMLS as of 7/13/2007 and is subject to change at the discretion of the web-master. Zip-codes included for Bluffdale, Riverton, & Herriman include: 84065. |
Keith Jeppson - Salt Lake City Real Estate Salt Lake City, UT More about me… Keller Williams Utah Realty Office Phone: (801) 858-1283 Cell Phone: (801) 582-5882 Email Me
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It seems its human nature to look for a scapegoat to blame for a problem that confronts us. This is especially ringing true in the case of homes contaminated with Meth. Those who caused the contamination are usually long gone to another cooking location, in jail, or dead. They can't be used as a source to pay for contamination cleanup.
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