Salt Lake Real Estate, First Quarter Home Sales Report
The first quarter home sales report for Salt Lake is finally out, and it is just about what we would expect.
Each quarter the Salt Lake MLS publishes a report on how home/condominium sales compare to the same time frame in previous years. Since the buying and selling of Real Estate is somewhat seasonal I guess it is a way to compare apples to apples. All of the numbers are from the Wasatch Front MLS, any commentary is from Group1 or it's Real Estate Agents.
As is true with most of the reports we pass on to you from the MLS, This report does not include any homes for sale by owner (FSBOs) or many of the New Construction Homes, as builders like their own sales people to represent them. We find this changing somewhat, as many banks are requiring builders list with Realtors before agreeing to any short sale arrangement. (perhaps a clue to FSBOs?)
This report is a composite of all the areas in Salt Lake County, and ranges from North Salt Lake all the way down to the south end of the Salt Lake Valley to include Herriman, Riverton, South Jordan, West Jordan, and Sandy/ Draper. We plan to break these out further so that you can get a real home sales comparison for your individual area of interest.
Salt Lake First Quarter Home Sales Report 2008:
Number of single family homes sold 1807
This represents a decrease in number of home sales of 1346, almost 43% .
Salt Lake Ave. home sale price $287,295
In spite of what has been seen as a down Real Estate market prices in Salt Lake for single family homes climbed less than one half per cent.
Number of condos sold 463
Two hundred two fewer condos were sold last quarter than a year ago. Thats down over 30%.
S.L. average condominium price $192,693
Condo prices continue to remain stable with less than a half % decrease in sales price.
New Listings, (homes/condominiums) 8213
Listings over the quarter are up about 9% over last year at this time. (almost 700 houses).
Per centage New Listings Sold (homes/ condominiums) 28%
This change in the market is where the real heartburn is. Thats only 45.6% of what was being sold last year during the first quarter and will soon begin to drive home prices down if it doesnt improve.
S.L. average new listing asking price $355,896
Home sellers, and builders are being stubborn. This 2% increase is not much. It 's not real either, and home sellers need to get real, reduce the asking price on new listings and increase the percentage of new home listings that sell.
Days on Market 58
Most of you know how I feel about the way days on the market is reported. I haven't liked it. The MLS has changed that and in the future I think it will reflect a real number to look at. Until then this number, nearly 2 months, is an increase of almost 45%.
You can see all of the 8213 homes for sale by clicking on Salt Lake homes. No registration is required, and just like local Realtors you'll see pictures of the homes, prices of homes, and where the house is located. We update daily, so you'll want to come back often.
For other Real Estate Information please go to my web site, Salt Lake Real Estate and take advantage of the many resources available.
Finally, keep coming back to my blog, there is more here than the Salt Lake Real Estate first quarter home sales report.