Salt Lake County a Week at a Glance
It's Monday morning. Another week has gone by. A week of talk of offers and counter offers, of Home Sales and Condominium listings, short sales and New Construction opportunities in Salt Lake County.
If you have your home or condo listed it was probably a discouraging seven days. If you are a buyer, with a good Realtor you probably had a week of looking at some pretty attractive deals If you are in an investing mode, you are probably confused. One side saying now is the time to buy, and the other group advising that Real Estate can and will go lower.
Whatever your circumstances, you need up to the minute information. You need to know what sold this week, where it was sold and if your selling, why it wasn't your house.
Every week I review the Wasatch Front Multiple Listing Service (MLS) activity and try to pass on the facts and usually plug in some of my own comments. Here goes for the week ending 10/28/07 in the areas that I have the most interest in; West Jordan, South Jordan, Murray, Taylorsville, Herriman, Riverton, Midvale and Sandy. If you would like information about another community in the Salt Lake Valley, please give me a call @ 801-567-0946. Or visit my website @ Salt Lake Homes to see what I'm about.
Salt Lake County:
This morning there were 7897 homes or condos listed for sale across the Multiple listing Service (MLS). Of that number 700 were added last week. During that 7 day period 211 houses were placed under contract. Sixty two per cent of the units put under contract were between 140 and $ 300,000. New inventory this week brought 44% in that price range, while the overall County was about the same. All things being equal, the market could absorb current housing units in about 8 months.
West Jordan:
West Jordan has a very good ratio between listings, sales and prices. Thirty five new contracts against 52 new listings. The listings reflect a price point of what 90% of units sold for this month. Market strong in the 200 to $ 300,000 range.
South Jordan:
South Jordan sales were down related to listings. Fifty one vs. seven is reflective of the number of homes in excess of $ 400,000 available. Many subdivisions seem to be overbuilt with a n upscale product, and it will be some time before the market solves this problem. Daybreak continues to promote heavily and is still capturing a good portion of the under $ 350,000 buyer.
Herriman:
Surprisingly not as much listing activity as I would have thought (27) and the same number of accepted offers as South Jordan (7). Almost 50 per cent of the new inventory was high end product ($ 400,000 +) and much of the product being built is in that price range. Could be a slog unless you are a family looking for a deal on a showcase home.
Sandy:
This is the most active area along the Wasatch Front, with product from starter to way upper end with consistent sales and listings under $ 400 thousand. Sixty new listings last weeks w/ 23 contracts. Not much competition here from new construction projects, as land for large scale development is scarce. Sandy will be one of the first areas to recover from this downward trend.
Taylorsville:
Over seventy per cent of the new listings fall into the hot selling categories (under $250 K). Last weeks activity was a modest 10 sales, and 21 new listings.
Riverton:
The activity in Riverton was horrible, 22 new listings, most of which were over $300,000. The MLS only shows one sale @ under $250K. This is a puzzle that I need to do more research on. It really doesn't make sense, I was out there last week and I saw a lot of traffic. I will look into new construction to see if new home developments are sucking the air out of resales. I'll let you know.
Midvale, Murray:
I have combined these two areas as they have a similar product base. Ten sales, forty nine new listings, with a trend looking like listing more expensive homes. Historically these have been good Condominium areas, and it could be they are moving away from that. I'll take a look.
There you have it, whats happening and whats happening now. I hope this information has helped you with your Real Estate search. If you need additional information, give me a call, or check out my profile on about Corie.
Good Luck, Talk to you next week or sooner.