Salt Lake Home Sales...December, Real Grim !!!
Home sales in Salt Lake County for the last month of the year were grim to say the least. The best thing we can say about the number of houses sold in December, is "December is over" and so is 2007.
I wouldn't post this at all, but I believe it doesn't do any one any good to hide from the facts, and many of you count on me to tell you how the re-sale homes market really is (or at least how I think it really is). For those that are developing Real Estate strategies for the new year, I hope this helps.
December home sales: Were only about half of what they were a year ago.(467 Single family homes and 135 Condominiums). The mix in single family homes regarding bedrooms was pretty much consistent with the Utah market, 2 Bdrms or less, 7%, 3 Bdrm, 35%, 4 Bdrm and more accounted for 58% of the homes sold in December. Condos were not reported by number of bedrooms.
Ave price per home sold: Was up $6.00 per sq. ft. from 2007, which has dropped from the high in June of $130 by about $5.00 sq.ft. I would expect to see further erosion during the first quarter of 08 to about Dec.2006 levels.
New,Home listings: Fourteen hundred eighty homes & Condos were listed in December which is just a little over 3 months supply @ last months rate of home sales. That is not bad, however the average price of the listed homes @ $359 thousand, is on average $67 thousand dollars more than the houses sold last month.
In the future: We can look for a downward trend to continue. We will see some bank owned, REOs, short sales and just some all around good deals getting ready to surface in the Salt Lake Valley. Were looking for them every day.
If your looking as well. Whether to upgrade, or just because you are in a position to take advantage of the best buyers Real Estate market in years, lets work together. Call me @ 801-567-0946, or visit my website at Salt Lake Homes. You can see all the newly listed homes in Salt Lake, updated every day.
So folks, there you have some important homes sales statistics for December in the Salt Lake Valley. Not good. But it's over. Lets all have a great 2008. I'd love to help.