Salt Lake City, Utah Market - Homes For Sale!
The Salt Lake City, Utah market for Homes for Sale seems to have almost hit bottom and is looking for an increase in home and condominium sales in the coming year.
Bill Heiner, President of the Salt Lake Board of Realtors wrote last week in his Tribune article that "SLC Home-buyers are finally returning to the market".
Mr Heiner opined that "Salt Lake's Housing prices are finally reaching a point of affordability, after 3 years of decline".
It was a good article with some information that should help those folks making a decision about whether or not now is the best time to be looking for that new Salt Lake Home or Condominium that's for sale.
Some of the things about the past, present, and future SLC housing market that are worth mentioning are:
- The median price of an existing single family home in Salt Lake is down 15% from the summer of 2007.
- SLC Condominiums peaked in early 2008 @ $179,959 and have since fallen 9% to $164,500.
- At the height of the SLC Real Estate market, price for all homes and condos sold was $129.62 per square foot. By Dec. 09 the price per sq. ft. was $ 97.35.
- According to the 2010 Salt Lake City Housing Forecast, home prices could fall another 3 to 5% this year.
- That means a decline in the median sales price of a home in Salt Lake County of 15% through 2010.
- Utah is the 2nd fastest growing State in the country, @ 2.1%. (VS 0.9% nationally)
- Utah has the highest fertility rate,(2.63) third highest life expectancy rate (78.6 years), largest size of household,(3.15 folks) and the youngest median age in the nation (28.7 years.
Mr Heiner concludes from this that the demand for Homes in Utah will continue to grow.
In fact Utah is expected to add about another 20,000 households this year.
According to Jim Wood, Director of the University of Utah's Bureau of economic and Business Research, only 10,000 New Homes are being built in Utah each year. "The sale of New Homes in Salt Lake as well as existing homes will be on the rise".
We agree, and whether you are looking for a New Home for Sale in Salt Lake or one that is previously owned, would like to provide the tools to help you find it.
It doesn't matter whether you are searching for Condos for sale in Daybreak, Downtown Salt Lake City or TRAX oriented Condominiums in Murray Utah, we have a way to see all that are listed on the MLS.
If a New Home is For Sale in Herriman, or South Jordan UT we can help.
To find information about home buying in Salt Lake stop by SLC Real Estate and see what we can do to be of help.Or, you can just call us @ 801-567-0946. We would love to talk with you about Salt Lake City-the Utah market, or Homes for Sale.
Published Wednesday, February 10, 2010 8:00 AM by Corie Seymour
Comments(0)