Sandy/Draper First Quarter Home Sales Report
The first quarter home sales report for Sandy/Draper Ut, 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 two of the areas in Salt Lake County, Sandy City and Draper. 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. Since Sandy/Draper border South Jordan, and West Jordan, the MLS could make the case that they were all the same.
As an example, most new developments, and New Home projects featuring larger lots and in some cases horse property are easier to find in Draper. The vast majority of condos for sale would be found in Sandy City.
Sandy/Draper Ut,First Quarter Home Sales Report 2008:
Number of single family homes sold 179
This represents a decrease in number of home sales of 116, almost 40% .
Sandy/Draper Ut. average home sale price $366,491
That represents a $20 thousand dollar per home decrease. A little over 5% in the ave. price of a home sold in Sandy/ Draper from a year ago.
Number of condos sold 48
Forty fewer condominiums were sold last quarter than a year ago. Thats down over 45%.
Sandy/Draper average condominium price $216,441
Condo prices decreased this quarter from 2007 by about 11%. We don't think that that was a real market driven decrease. Smaller units were built to feed a niche market in the area.
New Listings, (homes/condominiums) 1033
Listings over the quarter are up almost 21% over last year at this time. (almost 179 houses).
Per centage New Listings Sold (homes/ condominiums) 22% This change in the market is where the real heartburn is. Thats only 51% of what was being sold last year during the first quarter and will soon begin to drive home prices down if it doesnt improve.
Sandy/Draper average new listing asking price $460,559
Home sellers, and builders are being stubborn. This 1% 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 1033 Sandy /Draper 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 Sandy/Draper first quarter home sales report.