Houses, a weeks worth of action!!!
Yesterdays post was soooo bad. I couldn't understand it, and I wrote it. You folks out there trying to pick up some information from me on the housing market must have felt cheated. Chris, in the Tooele office was so frustrated he said that the numbers were lies and set about making up some of his own. He was pretty close, and I think he figured out that we have a lot of dynamics at play and that the market is so volatile that the only way we can give you any meaningful information is to break the important activities (contracts & listings) down into the smallest possible area over the shortest period of time. It won't be perfect, but it will be manageable.
With that in mind, I'm going to continue to publish basic info on a weekly basis in each city in the south end of the Salt Lake Valley, and let you know how many homes were put under contract that week, the number of listings placed on the MLS over the last 7 days and the price relationship between the two.
Hope it helps
Midvale: During the last week, (Sunday through Sunday) Midvale logged 10 new listings and placed 3 of the currently listed houses under contract. Seventy per-cent of the listings were in the price range of recent sales. ie: $200 to $400 thousand.
Murray: Murray sold 5 homes last week. 4 homes were under$250,000. 6 of the 11 listings were in that price range. I see trouble for the higher priced homes.
Taylorsville: Eight houses were put under contract in Taylorsville last week. All were under $300,000. Of the 22 new listings 17 were in that price range. Homes in the 2 to 400 thousand range averaged being on the market almost 3 months.
West Jordan: Of the 73 new listings, 69 are under $400 thousand. All 21 of last weeks sales are in that category. Days on market were about 2 months. West jordan is not bad.
South Jordan: Almost 50% of the32 new listings (15) were outside of 90% of last weeks sales (400 thousand dollars). Fifteen listed homes ranged from $400,000 to $3 million dollars. Not a good listing week in South Jordan. Homes placed under contract had been on market over 60 days on average.
Riverton: Last week Riverton had 10 new listings @ under $400 thousand and 4 above. The 4 contracts written were all under the $400,000 range. Sold homes had been on the market only a month and a half.
Herriman: Herriman is the most disturbing area of all. Only 2 Homes were placed under contract last week, while 34 were being listed. Fourteen of those listings were for over a half a million dollars. If you are selling, I hope you are under $400 thousand and if you are buying, you should be able to negotiate a heck of a deal at + $500,000.
So thats the week around the Salt Lake valley. I'm going to do it for you next week. Keep track of your area, it's really the only way to make sense of the market the way it is now.
Hope this helped. If you would like to talk to a Realtor, give me a call @ 801-567-0946, or If you would like more information about Real Estate or the market in Salt Lake County click on SLC Homes and visit my web-site.