Welcome to my weekly edition of everything you wanted to know.... this week I'm reviewing the Sandy Real Estate Market in Utah.
I'll start with the Market Condition Report, then fill you in with some Sandy neighbourhood information after the graphs!
AVERAGE DAYS ON MARKET - 90 DAY TREND FOR SANDY, UTAH
To summarize: Some Single-family homes in this area have been on the market 523 days while the average time is 89 days. Homes that sold in the last 3 months have taken up to 634 days while the average time is 112 days. The minimum is 2 days.
ASKING PRICE VS. SELLING PRICE - 90 DAY TREND FOR SANDY, UTAH
To summarize: Of the 26 Single-family homes in this area that sold in the last 3 months, 6 got over their listing price, 11 got less than the listing price, and 9 sold at their listing price.
FOR SALE VS. RECENTLY SOLD - 90 DAY TREND FOR SANDY, UTAH
To summarize: Of the Single-family homes in this area in the last 3 months, 26 homes have sold and 34 are currently on the market. Plus, 27 new listings came on the market and 26 were sold. This means there is 3.9 months of inventory in the market today. A balanced market is defined as having 5 - 7 months of inventory, while a seller’s market has less than 5 months of inventory and a buyer’s market has more than 7 months of inventory.
Now here's a little bit about Sandy Utah
Located at the base of the Wasatch Mountains and just 13 miles from Salt Lake City, Sandy was a likely area for early settlement which started during the 1860s due to the availability of land.
Nobody is quite sure where the name Sandy came from, there's speculation that it could be for its thirsty soil, or from the train engineer who ran the first train line to this end of the vally (Alexander "Sandy" Kinghorn).
Farmers came to Sandy but it was mining that was Sandy's main draw - it was filled with hotels an saloons that served the miners who were ready and willing to spend their newly earned wages. Three major smelters were located in Sandy, making it the most significant smelting center for a number of years.
Unfortunately, when the mines failed in the 1890s, Sandy faltered, then underwent a significant economic transformation into an agricultural community. The good news was that Sandy did not disappear (like so many other mining towns) This was due to its location, resources, and the spirit of its inhabitants.
During the 60's and 70's, Sandy underwent another growth spurt, with collections of small local communities identified by a youthful, family-oriented population. Although it was initially perceived as a bedroom community, and often still is, it has since developed a thriving commercial center along State Street and other various arterial roads.
Here's a video showcasing this gorgeous town:
So there you have it! I hope you found these reports helpful. Are you interested in getting a Real Estate Market Report for YOUR neighborhood? I would absolutely love to send that to you! Visit my website and fill out a very simple form and within a short time, you'll have some fancy graphs sitting in your inbox.
Thanks for reading - I look forward to sharing next week's "Everything you wanted to know.." series!