South Jordan has typically been a safe haven for real estate values. So, how has it fared in the last year? If you recall, Utah ranked #1 in appreciation in 2007 with an increase statewide of 17.55%. South Jordan ranked 7th in Salt Lake County for growth in home and condo values with an annual increase of 18.97%!
Let's see how we did with 1st quarter comparisons.
1st Quarter 2006 Sales Compared to 1st Quarter 2007
| 2006 | 2007 | % Change |
Homes Sold | 140 | 141 | +.71% |
Average Home Sold Price | $316,728 | $385,016 | +21.56% |
Condos Sold | 9 | 15 | +66.67% |
Average Condo Sold Price | $189,366 | $225,863 | +19.27% |
New Listings | 303 | 509 | +32.84% |
Average List Price | $376,967 | $429,146 | 13.84% |
Average Days on Market | 38 | 62 | +63.16% |
The number of homes sold in South Jordan has stayed incredibly flat for the last 3 years with 142, 140, and 141 for 2005, 2006, and 2007 respectively But home sold prices increased 21% on a 1st quarter comparison. Listing prices also increased but at a little slower 13.84%. The number of new listings increased a whopping 32.84% which had a significant impact on days on market which increased to 62 days, the longest in the Salt Lake 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:
| 12/31/2006 | 3/31/2007 | % Change |
Average Home Sold Price | $356,164 | $387,496 | +8.80% |
Average List Price | $403,682 | $456,484 | +13.08% |
Average Condo Sold Price | $241,636 | $241,018 | -0.23% |
Average Days on Market | 57 | 54 | -5.26% |
The 2007 activity shows that South Jordan still on the rise but at a slower pace. The number of homes sold remains flat but prices continue to rise at a moderate pace compared to the rest of the Salt Lake market. The interesting point is the days on market. South Jordan, Herriman, Bluffdale, and Riverton are the highest in the valley with an average 54 days on market. The rest of the Salt Lake County is around 38 days on market. I think new construction is experiencing a slowdown that is affecting this sector of the valley
If you have any questions about your specific zip code and neighborhood market contact us at Keith@WeMoveSaltLake.com. or visit us at www.SaltLakeSpeaks.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.
;)
Links;)
Tags (Tag Cloud);)
Archives
