South Jordan home prices continued to decline in June and for the first time fell below values from the prior year. June 2007 prices were 7.5% lower than they were in June 2006.
Though prices declined steadily during the 2nd quarter they are still 5.2% higher than home prices at year-end. So it could mean the downward spiral during the 2nd quarter was a correction of the 11% increase South Jordan had during the 1st quarter.
Absorption rates in South Jordan are some of the highest in Salt Lake County. Only Bluffdale, Herriman, and Riverton have higher absorption rates. Inventories did decline slightly during the quarter but not enough to make any difference. South Jordan is still a buyers market.
Month | Average Sold Price | Change from Prior Year | # of Homes sold | Change from Prior Year | Absorption Rate in Months |
1ST Qtr | $385,016 | +21.6 | 141 | +0.7% | NA |
April | $402,077 | +11.3% | 44 | -24.1% | 9.7 |
May | $379,158 | +2.8% | 57 | -12.3% | 8.5 |
June | $354,067 | -7.5% | 61 | +15.1% | 8.8 |
2ND Qtr | $374,719 | +1.5% | 167 | -5.1% | 8.8 |
(For a description of Absorption rates check here)
In the trenches South Jordan is seeing a lot of price adjustments as sellers are finally starting to realize they price for an increasing market that has changed.
I believe the South Jordan residential market will continue the decline in prices over the next few months and then stabilize through fall and winter.
This is the time for bargain shoppers to keep their eyes out for those sellers that are distressed and have not been able to sell at market.
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 were taken from WFRMLS as of 7/11/2007 and are subject to change at the discretion of the web-master. Zip-codes included for West Jordan include: 84095.
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