Has the Salt Lake Real Estate "BUBBLE" burst???
IT'S easy to be confused, I am, All i've heard for the last few weeks is doom & gloom about the housing market. CNN talked about the lowest home sales in 30 years; newspapers dailey featured articles about "investors "unable to make payments { Maybe CARLTON SHEETS will help them out}. Also I've seen a number of articles blaming everything on sub-prime lenders and careless lending policies, and that many of these lenders are leaving the market. Every where I looked, "Doom & Gloom".
I could quote more examples , but frankly were so busy around here scheduling closings, preparing listing agreements & sending out listing agreements and information packettes to people looking to buy or sell a home in the SALT LAKE VALLEY that we dont know who to believe.
But this is what we do know !!!
1. January & February were 40% better in our office.
2. Average sales price was up almost 40% along the Wasatch Front.
3. Homes were on the market 28 days longer in 05 than in 07.
4. Homes were only on the market an average of 5 days longer in 07 than in 06.
Next week we'll publish numbers on individual areas around the valley to keep you better informed about the "BUBBLE".