Admin

Salt Lake City Utah Home Sales for the week of January 23, 2012

By
Real Estate Agent with Walker Realty DRE# 5476279-PB00

How's the market in Salt Lake City? Have we hit bottom yet? Is the market recovering? A very common remark I here is something to the effect of "there are sure a lot of foreclosures and short sales on the market". Really? Are there really a lot of foreclosures and short sales on the market?

Today, we have 4791 active listings in Salt Lake County, which is the greater Salt Lake City area.
31.5 % of our active listings are Short Sales...
2.0 % of our active listings are Bank Owned...

For most of last year our short sale rate was around 25%. I think our short sale numbers have spiked a little because our inventory of normal sales has dropped during the holidays like it usually does. My prediction is that our short sales will come back down as we gain more inventory and move into our spring selling season.

Bank owned properties are in demand because you can actually purchase one in a timely manner. We have a very low supply of bank owned homes, they typically sell quickly. So, as you can see, we have a lot of short sales, but not a lot of foreclosures.

I don't want to see homeowners lose their homes, but actually the market would improve much quicker if we could get rid of the short sales...of course, subject to adding new jobs that pay enough to buy a home.

ALL LISTINGS
Total # Actives 4791
Sold last 30 days 551
Sold 365 Days 11338
Listed last 30 days 996
Total Pending Sales 1451
Pending last 30 days 807
Expired last 30 days 739
Expired 365 Days 9731
Months Supply of Homes 8.6

SHORT SALES
Total # Actives 1512
Sold last 30 days 113
Sold 365 days 1637
Listed last 30 days 226
Total Pending Sales 292
Pending last 30 days 152
Expired last 30 days 138
Expired listings 365 Days 2234
Months Supply of Homes 13.3

BANK OWNED (REO)
Total # Actives 100
Sold last 30 days 128
Sold 365 Days 2054
Listed last 30 days 43
Total Pending Sales 84
Pending last 30 days 58
Expired last 30 days 3
Expired listings 365 Days 106
Months Supply of Homes .78

Average Days on Market 135
Average Price per Sq Foot $86
Homes are selling for 85 % of original list price

31.5 % of our active listings are Short Sales...
22.6 % of the homes listed in the last 30 days re Short Sales...
20.1 % of the homes pending are Short sales...
18.8 % of pending homes in the last 30 days are Short Sales...
20.5 % of the total homes sold in the last 30 days were short sales...

2.0 % of our active listings are Bank Owned...
4.3 % of the homes listed in the last 30 days are Bank Owned...
5.7 % of the homes pending are Bank Owned...
7.1 % of pending homes in the last 30 days are Bank Owned…
23.2 % of the total homes sold in the last 30 days were Bank Owned..

If you are thinking about selling or buying, call now! I can show you how these numbers personally affect you.

 

Posted by
Kind Regards,
Dan
[R_FNAME] [R_LNAME]
[R_DESIGNATIONS]
[R_BROKERAGE]
[R_CELL_PHONE]
member of
Salt Lake Board of REALTORS
Park City Board of REALTORS
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

I don't work your area however I do enjoy looking at your stats continued success in you marketplace and keep posting the stats    E

Jan 23, 2012 02:36 AM
Lori Gardiner
RE/MAX River's Edge - Bristol, RI
GRI, SRS, ABR, e-PRO

Hi Dan,

Great post and info.  Best wishes for a successful 2012!

Jan 23, 2012 02:44 AM
Anonymous
Ron Aguilar

Hi Dan, very good information. Keep up the great work!

Oh, by the way. Dan is the best Realtor tha does not act like a salesperson.

Feb 12, 2012 10:27 AM
#3