Salt Lake Homes Get Bigger, Way Bigger
Comparing this years Home Sale stats to last years sold houses in the South end of the Salt Lake Valley gets scarier and scarier. Scarier that is if you are a New Home Builder, or a Real Estate Agent. If you are a Home buyer, interested in South Jordan, Riverton, or Herriman, this could be your year.
Look what went on in the south end of Salt Lake Valley, this August compared to 2006 as reported by the Wasatch Front Regional MLS in the monthly "Salt Lake County Home Sales Activity Report".
South Jordan, Riverton, Herriman:
No. Home Sales: Ave. Home Price: Homes Available: D.O.M:
2006 189 $350,002 447 35
2007 111 $373,609 618 47
Comments:
Like most Salt Lake City areas, So. Jordan, Riverton & Herriman experienced a decline in the number of Houses sold. The 70% decrease however is more than the normal downturn, and speaks more to the type of Homes being built than the state of the Real Estate market.
One hundred forty six luxury homes ($500 to $750,000) were on the market in Aug. Only 14 were sold. That is more than a 10 months supply, and when you factor in that the last quarter of the year generally sees a real slowdown in home sales, it could be longer than that.
Over 50% of the homes sold in Aug. were priced at between $240 and $350 thousand while only 21% of housing inventory was in this price range.
The days on market increase could also be a reflection of available homes, as over 50% of homes sold , sold in 30 days or less.
I hope this information has been helpful and will save you time and effort as you and your Agent examine all the Real Estate possibilities in the Salt Lake Valley. There is a lot to know, before you make that offer.
If you are a home buyer, and don't have an Agent, I'd like to help. I'm sure I can save you money and take most of the risk out of that important decision. To see what I can do,................ click on Info for buyers, or call me @ 801-567-0946