Salt Lake City's real estate market is still up where it counts and that is good news for homeowners and homebuyers. Above all, home sales prices are still in the positive, much better than many markets nationwide).
See the latest Data in the chart below and we will evaluate it and talk about what it means for Buyers.
| Third Quarter Comparisons 2006 and 2007 | ||||
| Salt Lake County | 2006 | % Change | 2007 | % Change |
| DOM | 27 | -35.71% | 35 | 29.63% |
| Single # Sold | 4098 | -7.91% | 2687 | -34.43% |
| Single Avg Sales Price | $ 283,461 | 23.85% | $ 310,567 | 9.56% |
| Condo # Sold | 889 | -1.98% | 705 | -20.70% |
| Condo Avg Sales Price | $ 168,461 | 17.60% | $ 189,816 | 12.68% |
| New Listings | 8458 | 20.78% | 10489 | 24.01% |
| Avg % of New Listings Sold | 58.96% | -22.92% | 32.34% | -45.15% |
| New Avg Asking Price | $ 326,916 | 28.65% | $ 360,440 | 10.25% |
(Source: WFRMLS XL Quarterly Comp Report 3rd Quarter Comparisons - Generated Tuesday October 9th, 2007 at exactly 3:16:18 PM)
As you can see from the data, the market pace has slowed considerably. SALES of Single Family Homes and Condos are DOWN from 3rd Quarter 2006 figures by 34.43% and 20.70% respectively.
BUT, the Average SOLD price is actually UP by 9.56% for Homes and 12.68% for Condos!
The average Days on the Market is a very good 35 days!(Remember, this is for homes that actually sell)
The New Average Asking Price is $360,440, (approximately $50,000 higher than the average price homes are selling for).
Homebuyer Representation, Inc. is a Real Estate Brokerage that services Salt Lake City, Utah and surrounding areas. Agents are Exclusive Buyer Agents (EBAs) and represent BUYERS ONLY. For Free Reports or a Free Consultation, contact Homebuyer Representation at (801) 969-8989 or click the highlighted links in this paragraph.
©2007 Homebuyer Representation, Inc.
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