Sandy 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?
Month | Average Sold Price | Change from Prior Year | # of Homes sold | Change from Prior Year | Absorption Rate in Months |
1ST Qtr | $367,468 | +23.6% | 278 | -8.6% | NA |
April | $347,703 | +11.4% | 99 | -23.9% | 5.6 |
May | $341,323 | -2.1% | 111 | -39.4% | 6.0 |
June | $380,196 | -2.0% | 115 | -32.0% | 6.4 |
2ND Qtr | $357,021 | +1.3% | 325 | -32.6% | 6.4 |
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.
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