The time it takes to sell a home in the Salt Lake Metropolitan area continues to increase. Of the 17 cities tracked in Salt Lake County only three (Midvale, Taylorsville, & Magna) are still considered a Sellers market. Bluffdale, Herriman, and Riverton increased significantly from 7.7 months to 13.9, an increase of 80%.
Midvale, Taylorsville, and Magna were virtually unchanged and continue to be a very strong market with home inventories of about 3 months.
Salt Lake Metropolitan Real Estate - Home Absorption Rates
City May June Market Direction
| Salt Lake City | 5.0 | 7.1 | Buyers |
| South Salt Lake | 3.4 | 5.5 | Neutral |
| Holladay | 4.3 | 6.6 | Neutral |
| Murray | 3.5 | 5.4 | Neutral |
| Sandy | 6.2 | 6.9 | Neutral |
| Draper | 9.0 | 8.8 | Buyers |
| Cottonwood Heights | 6.4 | 6.6 | Neutral |
| Midvale | 3.1 | 2.8 | Sellers |
| Bluffdale | 7.7 | 13.9 | Buyers |
| Herriman | 7.7 | 13.9 | Buyers |
| Riverton | 7.7 | 13.9 | Buyers |
| South Jordan | 8.5 | 9.0 | Buyers |
| West Jordan | 4.6 | 5.5 | Neutral |
| Taylorsville | 3.2 | 3.5 | Sellers |
| Kearns | 4.0 | 4.8 | Neutral |
| West Valley | 2.8 | 5.3 | Neutral |
| Magna | 3.1 | 3.6 | Neutral |
| Salt Lake County | 4.7 | 6.1 | Neutral |
How do we determine what kind of a market we are in with these numbers? Simple, based on research and the experience of the NAR (National Association of Realtors) they suggest the following scales:
Normal or balanced market - 5 to 6 months
Sellers Market - 4 months and below
Buyers Market - 7 months and above
Information for the above absorption statistics were taken from WFRMLS on 7/6/2007. Numbers may be updated at webmasters discretion.
For a more information on the Salt Lake City home market contact us here.
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