Salt Lake County Home Inventory March 2009
Home inventory levels are figured out by taking the number of homes on the market in a given zip code and dividing it by the number of homes sold in that zip code for the last 30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market. A number higher than 8 indicates prices will likely fall. 6-8 prices should stay the same. And 6 and below points to a likelyhood of price appreciation.
Note: I do not include properties under contract in the calculation. And I round up for .5 and above.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
| City |
Zip |
July, 2007 |
November, 2007 |
July, 2008 |
November, 2008 |
March, 2009 |
| Draper |
84020 |
10 |
20.2 |
14 |
22 |
10 |
| Midvale |
84047 |
3 |
9 |
8 |
12 |
15 |
| Riverton |
84065 |
8 |
21 |
12 |
13 |
17 |
| Sandy |
84070 |
4 |
19 |
9 |
13 |
10 |
| West Jordan |
84088 |
8 |
9 |
9 |
14 |
10 |
| Sandy |
84092 |
7 |
14 |
13 |
15 |
12 |
| Sandy |
84093 |
15 |
8 |
18 |
11 |
19 |
| Sandy |
84094 |
3 |
7 |
7 |
13 |
10 |
| South Jordan |
84095 |
9 |
19 |
16 |
22 |
11 |
| Salt Lake City |
84101 |
11 |
16 |
36 |
25 |
34 |
| Salt Lake City |
84102 |
4 |
10 |
10 |
21 |
11 |
| Salt Lake City/Aves |
84103 |
7 |
12 |
16 |
22 |
17 |
| Salt Lake City |
84104 |
3 |
4 |
8 |
7 |
26 |
| Salt Lake City |
84105 |
6 |
9 |
8 |
8 |
10 |
| Salt Lake City |
84106 |
8 |
8 |
9 |
11 |
16 |
| Murray |
84107 |
4 |
7 |
9 |
13 |
10 |
| Salt Lake City |
84108 |
6 |
13 |
9 |
12 |
11 |
| Salt Lake City |
84109 |
6 |
21 |
19 |
13 |
12 |
| Salt Lake City |
84111 |
7 |
7 |
9 |
8 |
7 |
| South Salt Lake |
84115 |
4 |
5 |
12 |
10 |
15 |
| Salt Lake City |
84116 |
2 |
5 |
8 |
12 |
25 |
| Holladay |
84117 |
5 |
9 |
23 |
16 |
10 |
| Taylorsville/Kearns |
84118 |
3 |
8 |
8 |
12 |
12 |
| West Valley City |
84120 |
3 |
10 |
10 |
10 |
16 |
| Cottonwood |
84121 |
13 |
16 |
10 |
19 |
15 |
| Taylorsville/Murray |
84123 |
3 |
5 |
6 |
11 |
18 |
| Holladay |
84124 |
6 |
21 |
9 |
25 |
20 |
|
|
|
|
|
|
It looks like inventory levels continue to edge upward albeit at a slower pace than before. One bright spot is Draper which had a terrific March. 60 Homes closed in Draper for March and 10 of those are short sales. That is great news because it means that buyers are stepping up and taking advantage of the deals out there. It also shows that short sales are closing. 17% of those home sales in Drapervwere short sales. Short Sales help the homeowner avoid foreclosure and they keep the market from getting glutted with inventory. However, they do take their toll on home prices. Currently, 23% of the homes on the market in Draper are short sales.
The downtown Salt Lake condo market still appears to be in a glut with a 34 month supply of homes and condos in zip 84101. Only three units sold in 84101 and one of those was a short sale in American Towers. Bring your best haggling and bargain hunting skills if you are shopping in this zip code.
All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275
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