Salt Lake County Homes,4th Quarter Comps
The stats are in for the comparison of homes sold in the 4th quarter in Salt Lake County vs the same time last year. This will provide a snapshot of what happened with Salt Lake Homes for Sale, when compared with houses and condos for sale during the same time a year ago.
Since for the last month or so we have provided our clients with a more current analasis (weekly). The value of this report is more one of verification than anything else.
The comparisons are supplied by the Wasatch Front Regional Multiple Listing Service (MLS). Any comments, or conclusions presented are my own.
Salt Lake County Homes:
Days on Market: Homes listed took 33% longer to sell in the 4th quarter of 07, than 2006. From 33 to 44.
# Homes Sold: In the last 3 months of 07, 2139 homes were sold, down 39.75% from last year.
Average Sales Price: The average sales price increased less than one half of a per cent to $286,250
# Condos Sold: The five hundred thirty four condos sold was 173 less than 2006. A decrease of almost 25%.
Average Sales Price: The average price of each condo sold increased from $175,500 to $191,000, an increase of almost 9%. We think this increase is more linked to the construction of larger new units
than an increase in value of existing condominiums.
New Listings: During the last 3 months of 2007, listings increased by 16% to 7365 single family homes and condominiums. See current listings in the Salt Lake Valley.
% New Listings Sold: The percentage of new listings sold showed a very alarming decrease of 46%. Simply put ,in 2006 over 67% of all new listings sold, in 2007 just a little over 36% closed. By comparison, in 2005, almost 87% of all new listings were sold.
Ave. Asking Price, New Listings: The ave. asking price of new listings increased over 8% in 07,to $363,266. The average asking price in 2004 was $212,349.
These reported numbers do not reflect new construction units or for sale by owners (FSBOs). New homes and Condominiums built in sub divisions or houses sold with out a Real Estate agent by their owner rarely show up on the MLS, so can not be reported.
I hope this is the kind of information you find helpful as you weigh your Real Estate options. For additional resources visit my website at Salt Lake Homes, or call me at 801-567-0946.
Thanks for being here, come back often for more comps on Salt Lake County Homes for sale.