July Stats are in, Whats Up ? Whats Down ?
This month I wanted to compare the Home Sales figures with homes sold a year ago in the six areas that I have the most interest in; West Jordan, South Jordan, Murray, Herriman, Taylorsville and Sandy. Whether you are thinking of buying or selling a house or Condo in the Salt Lake Valley I hope you will find this information useful. If you are just thinking this might be a time to begin the relocation process, enjoy evaluating the Communities as you begin to get a feel for whats happening in Real Estate in your part of Utah.
The following chart compares the number of sales this July with last years sales in each area, average sales price, and days the property was "on the market".
Home sales statistics were taken from the Wasatch Front Regional Multiple Listing Service ( MLS ).
S.Jordan Sales Ave. Sale Days on Mkt.
July 06 82 $366,000 33
July 07 45 $379,000 50
South Jordan home sales were down a significant 45% while increasing in value almost 10%. Houses remained on the market 17 days longer than last year, from 33 to 50 days.
W.Jordan Sales Ave. Sale Days on Mkt.
July 06 212 $230,000 21
July 07 110 $249,000 32
There were over 100 fewer homes sold in West Jordan last month than a year ago. Although home sellers needed to wait an additional 13 days this year, it was worth it as house values increased over $10.00 per sq. Ft.($30,000 on a 3000 sq. ft. home.)
Riverton Sales Ave. Sale Days on Mkt.
July 06 126 $321,000 27
July 07 51 $362,000 51
The numbers in Riverton are dissapointing until you realise that the reason that home sales are down a whopping 60%, and days on market has almost doubled is that more expensive homes are being sold (ave.sale up almost $40,000). Appreciation is still around 10%.
Sandy Sales Ave. Sale Days on Mkt.
July 06 156 $317,000 27
July 07 115 $393,000 33
In all categories, Sandy shows market strength and stability. While number of sales declined, that was more than offset by an almost 26% appreciation rate.
Herriman
Last July Herriman only recorded one sale, so a comparison doesn't mean much. The actual real numbers though are reported by the MLS as follows. Houses sold; 24. Average price. $303,000 . Days on market 38. Herriman is growing, and remains one of the few communities that have Horse property potential.
No matter what you read, or who you talk to, you now know the real numbers, and some are good and some are not so good. If your selling, you need to be more patient. Its worth it because homes continue to go up in value. If your buying, look for a seller that cant wait. Chances are if he's owned his house for long, and hasn't borrowed the profit, there is probably room to maneuver.
In any event, I'd love to help you find the right house with the right seller, or help make your house the right home for the right buyer with good credit. Give me a call, or call your favorite agent. Now is the time.