Salt Lake Valley Home Sales Stats.. Wow
The Salt Lake County Home Sales stats for the 3rd quarter were posted last night. It's a comparison of the number of homes bought, sold, and listed in Salt Lake County during July, August and September of 2007 with the same months of 2006.
The Wasatch Front Regional Multiple Listing Service (WFRMLS) provides that service and I try to get it to you as soon as possible. It contains usefull information.
No surprises here. The market isn't good if your a seller, or an investor trying to get out. Pretty darn good if your a buyer, or an investor getting in, and have financing.
The numbers belong to the MLS. The commentary is mine.
Salt Lake County: 2006 2007 % Change
Days on Market 27 35 29.63
# Sold -Homes 4098 2710 -33.87
Ave Sales Price $283,461 $309,836 9.30
# Sold-Condos 889 714 -19.69
Ave Sales Price $168,461 $190,018 12.80
New Listings 8456 10496 24.12
Ave % Sold 59% 33% -45%
New Asking Price $326,941 $359,243 9.88
Commentary:
Days on Market; This number is very inaccurate, therefor meaningless. The system does not track changes to a properties status during the listing period, so a price change would start the clock ticking again. The number can also be manipulated. Any reference to an unusually short DOM record by an agent should be questioned. Needless to say the actual DOM for this year is much higher, and the percentage of almost 30% probably pretty accurate.
Number homes sold: The percentage looks bad, but when converted to the actual number of 1388 less houses sold during the same period as last year it's even worse,and we understand what all the fuss is about. If one of these listings is yours, you feel the pain. If you are buying, remember that some of these people are making 2 house payments and would entertain offers now that they wouldn't have 6 months ago.
Sales Price: It is amazing that in view of this evidence, home prices continue to increase. It should be noted, that this quarters increase of 9% was much less than last years nearly 24%.
Number Condos Sold: One hundred seventy five fewer Condominiums sold this quarter. Price increase of almost 20 %. Go figure.
New Listings: More than 2000 homes and condominiums have come on the market this quarter than did one year ago. Only 32.62% have sold. That's down almost 45% from last years levels.
New ave. Listing Price: In spite of this, listings are being taken at almost a 10% increase in price from last year at this time.
I hope this has been helpful information for you, and gives you something to talk about with your agent. If you dont have an agent, I'd like to apply. Stop by my website, @ . Corie Group1 and check us out.
Good Luck