Salt Lake County Home Sales ..... Weakly
It was not a big week as far as Salt Lake County Home/Condo sales went. In fact if you are a Realtor, or married to someone that makes a living selling houses, you had better tighten your belt because there weren't enough to go around. Home and Condo sales, which includes Town Homes barely broke the century mark. That is even misleading as many of those transactions have been in the pipeline for some time.
A more accurate stat is that even that small number looks to be leading a more negative trend. If you assume that 90% of the 255 houses currently under contract close w/in 60 days, future weeks will show closings in the 25 to 30 range. So... While it may not have been a big week for Salt Lake County Real Estate it was a "good week".
I hope that by showing you the real numbers regarding home|condo sales in Salt Lake County, you will be better prepared to evaluate your own circumstance and make an informed Real Estate decision.
The following home sales activity is for the period 11/05/07 thru 11/12/07 and numbers are provided by the Wasatch Front Regional Multiple Listing Service (MLS). Any commentary or interpretation is mine, and only represents my opinion.
Homes Closed: 89
Ave Price: $319,705
Condos Closed: 21
Ave Price: $188,604
Total Units: 111
New Listings: 626
Days on Market: 40
Ave New Listing Price: $373,187
Comments:
Of the 111 housing units sold last week in Salt Lake County, 19% were Condominiums that at $188 thousand are $4000 less than the average Condo price the first ten months of the year. Home prices on the other hand have risen on average by over eight thousand dollars. That increase could be skewed somewhat by 4 sales last week of over 750 thousand dollars. We expect that this increase to continue as fewer and fewer less expensive houses are being built, and existing inventory when sold will demand a price above the current average even if we begin to see deep discounting.
More than fifty seven per-cent of the homes sold during this time were four bedrooms or more, and in spite of the price increases, this compares with over 62% over the last eleven months.
Whether you are a buyer, a seller or investor, these statistics should be meaningful in some way. If you would like to discuss what they mean to you, give me a call @ 801-567-0946. If you would like more Real Estate Information stop by my website at Salt Lake Homes and check it out.
Good Luck