Looking at the Fourth Quarter of 2007 for the Salt Lake County Market reveals some interesting facts.
Keep in mind that this information is not necessarily comprehensive as it only takes into account data from the Wasatch Front Multiple Listing Service, but most homes in Salt Lake County sell by Multiple Listing and this data is probably pretty representative of the market at large.
Look at the data and we will analyze it below.
4th Quarter Comparisons 2004, 2005, 2006, 2007
Salt Lake County
Single # Sold
Single Avg Sales Price
Condo # Sold
Condo Avg Sales Price
Avg % of New Listings Sold
New Avg Asking Price
This report was generated automatically by the Wasatch Front Regional MLS at exactly 05:00:17 pm 01/22/2008
© 2005 Wasatch Front Regional MLS All Rights Reserved
First, DOM - Days On Market increased. In the 4th Quarter of 2006 homes that were priced near enough to market value to sell were selling in 33 days. In the 4th Quarter of 2007 homes sold in 44 days after listing.
The average SOLD price. This is where things really get interesting. It would appear that the Salt Lake Market is correcting itself. Compared with 4th Quarter 2006, homes that Sold in 4th quarter 2007 were selling for an average sales price of only $1343 more than the year before. Keep in mind that we are dealing with the sub-prime credit crisis just like everyone else. Also, when a market slows, the homes that suffer most are the higher priced homes. So, this statistic will need to be revisited for different price ranges to see how much of an affect the market changes are skewing this statistic. Regardless, the Salt Lake Market isn't "sizzling" but is likely "simmering" or "stewing." You can also see that Sellers are beginning to be a bit more reasonable in their asking prices than they had been previously.
There were more new listings in 4th quarter 2007 than in 2006.
Fewer % of New Listings Sold. Look at the trend from 2004-2006: 69%-87%-67% and 36% in 2007.
It will be important to look at the entire year comparison from year to year since this only compares 4th quarter 2006 to 4th quarter 2007,
In order to see the "trending" we will need to plot out changes from a quarter to quarter perspective.
Homebuyer Representation, Inc. represents home buyers in Salt Lake City, Utah and surrounding areas. Getting the BUYER the best price and terms possible on the best home available is our goal.
As Exclusive Buyer's Agents, we don't represent Sellers. We work for Home Buyers ONLY! If you are thinking about Buying a Home in the Salt Lake area in the next 3-6 months, call us at (801) 969-8989 or contact us via the link on this page.