2008 2nd Quarter Numbers
The
WFRMLS just released the 2nd Quarter
2008 market numbers. For a year over year comparison:
Single
Family
1) Total units sold
2578.
↓ 28%
2) Average sales price
$293,997. ↓
2%
Condos
1) Total units sold
584
↓ 33%
2) Average sales price $189,669
↓ 1%
County Totals
1) Average time on market 61
days.
↑ 85%
2) Average asking price
$351,504
↓ 3%
That
is a lot of red.
As you can see from
above, the average sales price in Salt
Lake County
looks like it is remaining flat with slight depreciation.
The second quarter for the Salt Lake
did not provide any surprises.
At this
point we all expected sales to be down and time on market to be up.
In
fact, the second quarter actually saw an improvement over the 1st
quarter when it come to total units sold.
Even though the number of single family homes sold is down 28% from a
year ago, the number was still encouraging with 2578 total home sales. And an improvement from first quarter where
the total number of homes sold year over year was down 42%. Perhaps sign we may be finding a soft landing
to this downward trend.
I
had the chance to meet with a top producer from the Riverside area of California last week and
he presented stats from the MLS in that area.
Sales prices have decreased significantly there in the last 12
months. However, the last 3 months he has
seen a leveling of sales price declines and a dramatic increase in the number
of homes sold. He mentioned that it is
becoming just as expensive to rent as to buy there now and he is hopeful that
the market has bottomed out there. If
that is the case, and assuming we follow the California market, we can be hopeful of a
bottom soon.
All data taken from the WFRMLS. Information not guaranteed. All
rights reserved Mark Alder ©, a Salt Lake City Real Estate Agent cell
(801) 979 6275
;)
;)
