May Inventory Levels
Home inventory levels are figured
out by taking the number of homes on the market in a given zip code and
dividing it by the number of homes sold in that zip code for the last
30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market.
Note: These numbers are not seasonally adjusted and I do not include properties under contract in the calculation.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
|
City
|
Zip
|
July, 2007
|
Jan, 2008
|
April 23, 2008
|
May 28, 2008
|
|
Draper
|
84020
|
9.5
|
20.2
|
20.4
|
13.6
|
|
Midvale
|
84047
|
3.2
|
9.2
|
9.3
|
6.6
|
|
Riverton
|
84065
|
8
|
24.3
|
8.8
|
14.3
|
|
Sandy
|
84070
|
4.6
|
13.6
|
16.8
|
9.8
|
|
West Jordan
|
84088
|
7.9
|
12.2
|
7.9
|
9
|
|
Sandy
|
84092
|
7.4
|
17.3
|
11.4
|
14.9
|
|
Sandy
|
84093
|
15.4
|
7.5
|
17.3
|
11
|
|
Sandy
|
84094
|
3.1
|
15.8
|
6.3
|
9.5
|
|
South Jordan
|
84095
|
8.6
|
21.6
|
10.7
|
12.9
|
|
Salt Lake City
|
84101
|
11
|
10.4
|
10.8
|
46.5
|
|
Salt Lake City
|
84102
|
4
|
13.3
|
13.4
|
6.2
|
|
Salt Lake City/Aves
|
84103
|
6.8
|
25.7
|
14.8
|
14.6
|
|
Salt Lake City
|
84104
|
2.7
|
7
|
3.4
|
6.1
|
|
Salt Lake City
|
84105
|
5.5
|
19.7
|
6.2
|
4.7
|
|
Salt Lake City
|
84106
|
7.5
|
12
|
5.7
|
7
|
|
Murray
|
84107
|
3.9
|
12.2
|
7.5
|
7.4
|
|
Salt Lake City
|
84108
|
6
|
14.2
|
7.9
|
11.5
|
|
Salt Lake City
|
84109
|
5.9
|
14.3
|
17.5
|
18.3
|
|
Salt Lake City
|
84111
|
6.5
|
17.3
|
14
|
8.3
|
|
South Salt Lake
|
84115
|
3.5
|
10.9
|
6.3
|
13.7
|
|
Salt Lake City
|
84116
|
2.3
|
11.3
|
6.4
|
8
|
|
Holladay
|
84117
|
4.6
|
22.7
|
11.8
|
10.3
|
|
Taylorsville/Kearns
|
84118
|
3.3
|
10.2
|
6.8
|
6.2
|
|
West Valley City
|
84120
|
3.4
|
14.6
|
6.6
|
5.5
|
|
Cottonwood
|
84121
|
12.6
|
22.1
|
10.6
|
10.8
|
|
Taylorsville/Murray
|
84123
|
3.1
|
19.5
|
3.66
|
3.5
|
|
Holladay
|
84124
|
5.9
|
13.8
|
14.5
|
7.4
|
Because of the way the numbers above are
calculated, it is a great indicator of what the market has been like in
the last 30 days as well as how many homes are on the market.
I noticed that only 2 units sold of the 93 active in mainly condo market of 84101. On the flip side, 59 homes sold in 84118. And 852 units sold in Salt Lake County in the last 30 days.
;)
;)
