market: What Factors are Affecting Salt Lake's Market?
- 10/09/07 09:43 AM
There is surely a lot of inventory available. Buyers have more choices. They are not forced to deal with unreasonable Sellers. In most cases they can find another suitable home where the Seller is more reasonable. Let's compare 3rd Quarter Numbers. (See Salt Lake County 3rd Quarter Statistics) Last year, there were 8458 new listings in the 3rd Quarter. This year, there were 10489 new listings. That is 2031 MORE HOMES available, while at the same time the average increase in SOLD price of homes dropped from 23.85% to only 9.56%. (Still, VERY respectable.) The average percentage of new listings that sell is also … (2 comments)
market: Salt Lake County Utah 3rd Quarter Statistics & Brief Analysis
- 10/09/07 09:12 AM
Salt Lake City's real estate market is still up where it counts and that is good news for homeowners and homebuyers. Above all, home sales prices are still in the positive, much better than many markets nationwide). See the latest Data in the chart below and we will evaluate it and talk about what it means for Buyers. (Source: WFRMLS XL Quarterly Comp Report 3rd Quarter Comparisons - Generated Tuesday October 9th, 2007 at exactly 3:16:18 PM) As you can see from the data, the market pace has slowed considerably. SALES of Single Family Homes and Condos are DOWN from 3rd Quarter 2006 figures by 34.43% … (0 comments)
market: Salt Lake County Real Estate Market Update
- 10/01/07 01:59 PM
Salt Lake County Market Update Status: BUYER'S MARKET New Listings are UP 33% (2449 more than 2nd Quarter 2006!) That's a LOT more inventory on the market! With 826 LESS homes sold after the same time period in 2006, this means that Buyers not only have LOTS of choices, but they don't have to be afraid to walk away from Sellers who want more than market value for their homes. STILL: Days on Market for SOLD homes are still VERY RESPECTABLE at 33 days! Average Sold Price for Single Family Homes are still UP 12.64% from last year's 2nd Quarter at $298,222 Data from Salt Lake Board … (0 comments)
market: Utah - Still a Good Deal - A Look at Salt Lake County's "Cycle"
- 10/01/07 01:23 PM
Most real estate markets go through what are called "cycles." When the right market conditions align, home prices appreciate at a higher rate. If allowed to go un-checked, that same market will "bubble" meaning that the going prices have risen above what the rest of the market conditions can bear, and eventually the market will need to slow down and allow the other market conditions to catch up, or the bubble will burst and prices will fall. The Salt Lake Valley is a huge valley. Home to about 30 cities and towns and over 1 Million inhabitants. When I started my real … (0 comments)
market: Salt Lake City Market Update - Something's Gotta Give
- 04/02/07 08:40 AM
My experience in the first 3 months of this year (2007) is that there were many Sellers (whether of their own initiative, or based on advice from their listing agent) who were putting their homes on the market as if the market was still appreciating at a 20% appreciation rate (which I believe it is not). My clients and I have seen many of these Sellers resort to price reductions of $10,000 or more, some multiple times. Still, we have seen homes that were reasonably priced for today's market conditions and we have seen those homes sell quickly, often within days of … (1 comments)
There is surely a lot of inventory available. Buyers have more choices. They are not forced to deal with unreasonable Sellers. In most cases they can find another suitable home where the Seller is more reasonable.
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