Bluffdale, 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.
Month | Average Sold Price | Change from Prior Year | # of Homes sold | Change from Prior Year | Absorption Rate in Months |
1ST QTR | $361,175 | +27.4% | 187 | -30.7% | NA |
April | $354,426 | +10.3% | 54 | -43.7% | 7.3 |
May | $354,953 | +17.9% | 57 | -47.7% | 7.4 |
June | $382,946 | +19.0% | 39 | -66.4% | 13.5 |
2ND QTR | $362,041 | +15.1% | 150 | -53.3% | 10.8 |
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.
;)
;)
