This Real Estate Report, an overview of the 402 Herriman homes for sale, has been created as part of our commitment to provide our clients the most accurate and timely Real Estate Information available in Salt Lake County.
The numbers we are presenting are real stats supplied by the Salt Lake Regional MLS. Any comments about homes or condos for sale are opinions of the Group 1 staff.
We are unable to include homes for sale by owners (FSBOs) as few of these houses are listed or available for Realtors to preview. Likewise, new construction (new homes). Most New Homes and Condominiums are sold from model homes by agents employed by and representing the builder. Few of these projects show up on the MLS although as some home builders have homes near foreclosure or short sale status, we will see more of these houses appear as listed properties. You should have your own new home agent.
Herriman Homes For Sale:
There are 402 Homes for sale, 376 are single family, 26 are condominiums or town homes. Fifty nine of these units are either Bank Owned, short sales, foreclosures, or require a third parties approval.
Homes Under Contract in Herriman:
Seventy of these homes are under contract and expected to close w/in the next month or two. Forty six of these contracts were signed in March. Thirteen of the homes under contract are Bank Owned or short sales houses.(18%).
Herriman Homes Sold:
In the last 30 days, 32 homes were sold. Assuming that 90% of the houses/condos under contract actually go to closing, Herriman has about 10.5 months of standing inventory . Definitely a buyers market.
Conclusions:
The bad news is that Real Estate in Herriman is going to get worse before it gets better. A number of Builders have turned spec inventory back to the banks, and others continue to built, using construction draws to fund operations. These desperation homes will add to an already saturated market creating additional price pressure. The good news is, much of the supporting infrastructure will be complete and over time will build out, creating local jobs and business opportunities. Herriman offers a unique opportunity to acquire Real Estate at fire sale prices.
If you need someone to help you form a strategy to take advantage of this market, whether as a home buyer, or Real Estate Investor give us a call. 801-567-0946.
For a complete list of Herriman homes for sale click on our website @ Salt Lake Homes. You will have access to all the listings in the Valley, pictures, location, and prices. No registration is required.
Whether you are re-locating to Utah, are an investor, or hoping to improve the family home, we hope you have found this Real Estate Report, Herriman homes for sale, 04/08 helpful.
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