Salt Lake Valley 1st Quarter Homes for Sale Report
The first quarter home sales report for the Salt Lake Valley, specifically West Jordan, South Jordan, Riverton, and Herriman 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 Salt Lake Valley areas in the south end of Salt Lake County. Since the areas are adjacent to each other and have similar neighborhoods, the MLS thought it made sense to combine them. We don't agree, we think each area has it's own personality and if you are interested we can break the homes for sale report down further so you can see a better picture. West Jordan as an example has been growing considerably for a long time, whereas South Jordan and Herriman have experienced real growth only in more recent years.
New projects and planned unit developments like Rose-crest in Herriman and Daybreak in South Jordan are mixed use and create a skewed view of Real Estate statistics when compared to a more mature area like West Jordan. The Salt Lake Valley Real Estate market is as varied as it is dynamic.
We would be happy to prepare an in depth analasis on any area that is needed, just give us a call 801-567-0946 or continue to watch this blog as we do specific Real Estate and homes for sale recaps almost weekly.
South S.L.Valley, First Quarter Home Sales Report 2008:
Number of single family homes sold 534
This represents a decrease in number of home sales of 316 almost 38% .
South S.L. Valley average home sale price $301,296
That represents a small 4 thousand dollar per home decrease. A little over 1.5% in the ave. price of a home sold in the cities south Salt Lake Valley from a year ago.
Number of condos sold 80
21 fewer condominiums were sold last quarter than a year ago. Thats down only 21%..
South S.L.Valley ave. condominium price $194,602
Condo prices increased this quarter from 2007 by about 4.5%. We don't think that that was a real market driven decrease. Newer units were built in upscale communities. Units were built to feed a niche market in the area.
New Listings, (homes/condominiums) 2346
Listings over the quarter are up almost 8% over last year at this time. (170 houses).
Percentage New Listings Sold (homes/ condominiums) 26%
This change in the market is where the real heartburn is. Thats only 40% of what was being sold last year during the first quarter and will soon begin to drive home prices down if it doesn't improve.
South Valley new listing asking price $364,035
Home sellers, and builders are being stubborn. This modest 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 63
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, over 2 months, is an increase of almost 45%.
You can see all of the 2346 of the West Jordan, South Jordan, Herriman, And Riverton Utah 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 Valley first quarter home sales report.