Salt Lake County Home Inventory November 2008
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: I do not include properties under contract in the calculation. And I round up for .5 and above.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
|
City
|
Zip
|
July, 2007
|
November, 2007
|
July, 2008
|
November, 2008
|
|
Draper
|
84020
|
10
|
20.2
|
14
|
22
|
|
Midvale
|
84047
|
3
|
9
|
8
|
12
|
|
Riverton
|
84065
|
8
|
21
|
12
|
13
|
|
Sandy
|
84070
|
4
|
19
|
9
|
13
|
|
West Jordan
|
84088
|
8
|
9
|
9
|
14
|
|
Sandy
|
84092
|
7
|
14
|
13
|
15
|
|
Sandy
|
84093
|
15
|
8
|
18
|
11
|
|
Sandy
|
84094
|
3
|
7
|
7
|
13
|
|
South Jordan
|
84095
|
9
|
19
|
16
|
22
|
|
Salt Lake City
|
84101
|
11
|
16
|
36
|
25*
|
|
Salt Lake City
|
84102
|
4
|
10
|
10
|
21
|
|
Salt Lake City/Aves
|
84103
|
7
|
12
|
16
|
22
|
|
Salt Lake City
|
84104
|
3
|
4
|
8
|
7
|
|
Salt Lake City
|
84105
|
6
|
9
|
8
|
8
|
|
Salt Lake City
|
84106
|
8
|
8
|
9
|
11
|
|
Murray
|
84107
|
4
|
7
|
9
|
13
|
|
Salt Lake City
|
84108
|
6
|
13
|
9
|
12
|
|
Salt Lake City
|
84109
|
6
|
21
|
19
|
13
|
|
Salt Lake City
|
84111
|
7
|
7
|
9
|
8
|
|
South Salt Lake
|
84115
|
4
|
5
|
12
|
10
|
|
Salt Lake City
|
84116
|
2
|
5
|
8
|
12
|
|
Holladay
|
84117
|
5
|
9
|
23
|
16
|
|
Taylorsville/Kearns
|
84118
|
3
|
8
|
8
|
12
|
|
West Valley City
|
84120
|
3
|
10
|
10
|
10
|
|
Cottonwood
|
84121
|
13
|
16
|
10
|
19
|
|
Taylorsville/Murray
|
84123
|
3
|
5
|
6
|
11
|
|
Holladay
|
84124
|
6
|
21
|
9
|
25
|
|
Average
|
|
6
|
12
|
12
|
14
|
From November 2007 to November 2008 home inventory levels remained relatively flat in Salt Lake County. November 2008 saw a average of a 14 month supply of homes while November 2007 saw a 12 month supply. This is actually good news for the market. It means that inventory levels are high but are not getting out of hand. It also means that homes are continuing to sell in Salt Lake County despite the nation’s worst housing market in decades.
*One zip code of concern is 84101. There has not been one home sale in this zip code in the last 30 days and only 1 in the last 60 days. This zip has 112 properties on the market. Most of them are downtown Salt Lake City condos in the $250,000 + price range. It is clear that buyers for these types are units are not making any moves right now. Hopefully the church is taking this into account when planning price ranges for its condos at the City Creek Development.
;)
;)
