Salt Lake Valley Home Sales... "REAL GOOD".
Home Sales, at least houses put under contract in the West Jordan, South Jordan, Riverton & Herriman areas of the Salt Lake Valley for the first 12 days of "08" look pretty good. That includes Town Homes, & Condos, or any other single family residence except maybe tents.
The statistics we're interested in and reporting here pertain to homes or condos sold, homes put under contract, houses listed, and any possible Bank owned property IE: Hud Homes, REOs, foreclosures etc. In short, information that can help you and me spot developing trends in the Real Estate Market, or perhaps support a decision we are about to make.
All of the numbers are from current reports from the Wasatch Front Multiple Listing Service, (MLS). Any commentary about how it relates to the Real Estate Market is my own.
The MLS generally reports only on pre-owned homes, as New Homes or New Construction is rarely listed.
Here we go.!!!
West Jordan, South Jordan, Riverton, Herriman Statistics:
Total Listings 2059
Total Listings (Bank Involved) 131
About 6% of all the listings are in some way distressed and require working with a Bank or Lending institution.
Listings last 12 days 352
Listings last 12 days (Bank Involved) 28
Average list price $375,451
Recent listings with Bank involvement trend slightly upward. Not much, but keep an eye out. Of more concern to me is that of the 352 new listings, 110 (31%) are priced in excess of $400 thousand dollars, while sales in this price range was half that.
Homes sold last 12 days 37
Homes sold last 12 days (Bank Involved) 3
Average list price (homes) $313,805
Average list price (condominiums) $194,625
Same upward trend. About 8%. Thirty one homes, and 6 condos were sold this year in these areas. Five of the six Condominiums were under $200 thousand dollars. Seems to indicate a need for product in this price range. Unfortunately less than 10% of new listings comply. New listings of homes coming to market are almost $70,000 more than those that already listed.
Contracts written last 12 days 75
Bank Involved 8
Average list price $364,000
This is the "Good News". At this rate our areas will yield over 200 contracts this month, not bad for a January in a "down market". The average price is encouraging for me, and should be for those of you that NEED to put your home on the market.
For those of you that are part of the 31% of homes listed over $400 thousand, only time can assist, unless you have some wiggle room, and would rather wiggle than make those house payments for the next 18 months.
If you would like additional information, about what's happening in other areas of the Salt Lake Valley, give me a call at 801-567-0946, or visit my website @ Salt Lake Homes and take advantage of the most current Real Estate Information available.
Thanks for being here, and look for us next week, when once again we'll talk about home sales in West Jordan, South Jordan, Riverton, and Herriman and perhaps other areas of the Salt Lake valley.
Good Luck