Draper residents are anxious to hear how we did in home appreciation compared to last year and especially compared to 2007 real estate projections.  If you recall, Utah ranked #1 in appreciation in 2007 with an increase statewide of 17.55%.  Draper City ranked 3^rd in Salt Lake County for growth in home and condo values with an annual increase of 21.83%! 

Let's see how we did with 1^st quarter comparisons.

1^st Quarter 2006 Sales Compared to 1^st Quarter 2007

The number of homes sold in Draper dropped dramatically while the average price of a home sold increased by 17.43%, slightly lower than the calendar year increase of almost 22%. Condo sales were almost unchanged but the price for condos sold increased a whopping 43%. Draper new listings also increased significantly which is also shown in the 23% increase in days on market. Draper has the longest days on market in the valley.

Now let's look at the growth we had in 2007, ignoring any comparison to 2006? 

Compared to home prices at 12/31/2006, prices at 3/31/2007 (as of 4/4/2007) have changed as follows:

The 2007 activity shows the Draper market is correcting itself. Prices for both solds and listings has declined since yearend and days on market has declined slightly as well. However, the average list price is still 20% above the average sold price so, there is more correction to come.

If you have any questions about your specific zip code and neighborhood market contact us at Keith@WeMoveSaltLake.com.  We'd love to help you with any of your real estate needs.

Note: All statistics have been compiled from WFRMLS (Wasatch Front Regional Multiple Listing Service) as of 4/4/2007.  Numbers may change as the service updates its records.  For an additional source of statistics see the Salt Lake Board of Realtors Salt Lake County Housing Market Statistics.