Real Estate Herriman Homes For Sale Report
This Real Estate, Herriman Homes for Sale Report is as of May 1st, 2008.
The Real Estate Report for Herriman, Homes for Sale is out and not much has changed from last month. We are looking at an 8 month supply of homes to sell and prices have not decreased as much as they are probably going to. New construction is still taking place in the upper end homes and we expect many of these to eventually show up on the Bank Owned or short sale list.
Real Estate in Herriman is in a real difficult place,.High end new homes are sucking the oxygen out of the Herriman market. Once the inventory is cleaned out and new construction slows down the Rosecrest development can get back to normal and once again provide product for a wide variety of buyers. The homes for sale in Herriman can once again feature condominiums, and single family homes starting in the low $200s for first time buyers. Whether you are a first time home buyer, looking to move up, a senior looking to downsize or improve security, A Real Estate Investor, flipping or rehabing houses, or a family transferring, needing to re- locate, there is a housing product in Rosecrest therefore Herriman that will be suited to any new lifestyle.
This report (5/01/08) and its companion reports of the individual towns that make up the Salt Lake Valley, will cover current available homes for sale, houses/condominiums sold in the last 30 days, and contracts written on homes last month as well as homes and condominiums that were for sale but for whatever reason have been taken off the market in the last 30 days. We will also offer comment on some of these stats if we feel it will ad to the value of the information. All of the statistics are supplied by the Wasatch Front MLS, Any commentary belongs to Group 1 or its Realtors, or Associates.
We will pay particular attention to the recent phenomenon characterised as distressed properties, and listed as Foreclosures, Bank Owned (REO), HUD Homes, or Short Sales.
New homes (new construction) or homes for sale by owner (FSBOs) probably wont show up in this report, as few of these houses are listed across the MLS.
Herriman Homes For Sale:
There are 415 single family homes for sale on the Salt Lake MLS. Only 27, about 6.5% are condominiums. In the last thirty days 116 houses / condos were added to this inventory.
Bank Foreclosures/Short Sales:
Over 15% of homes for sale are HUD homes, bank owned, short sales, or houses that require third party approval before a sale can be made. The majority of the 63 distressed houses, are located in the Rosecrest P.U.D. and in the more expensive new subdivisions recently opened in the area of the 07 Parade of Homes. The listed short sales and bank owned homes range in price from $200 thousand to $685,000 dollars. Most (95%) are under 6 years old, and are expected to sell for as much as 20% less than is currently owed on them.
Homes Sold Last 30 Days:
In the last 30 days 37 homes or condos were sold in Herriman Six of these were bank owned or short sales (16%).
Under Contract Last 30 Days:
During April, 38 single family homes/condos were put under contract. Assuming that 90% of these houses close, there would be a projected 12 months housing inventory in Herriman. There were 9 contracts written for bank owned or short sales. New contracts written are a testament as to what is happening in Herriman. The 9 short sales under contract represent almost 24% of the homes sold, but only two thirds of the bank owned or short sale houses that came on the market.
Average Days On Market:
I am reporting these numbers without conviction as most of you know how I feel about the way the days on market stats were gathered. The MLS has made changes and from now on I expect this part of our report to be meaningful. In the meantime it is reported that Homes in Herriman have been on the market an average of 67 days before they are sold.
Conclusions:
Overall, the resale home Real Estate market in Herriman needs help.. The degree to which you think this is true depends on whether you are buying a home or needing to sell. Home buyers, if they show patience, have decent credit and a modest down payment can find tremendous home buys. Sellers however need to price their home realistically and not try to be a better marketer than the next door neighbor was, (18 months ago). If money was borrowed using the house as collateral, maybe the profit has already been spent, and selling for what's owed is a good deal. Outstanding investment opportunities can be had, but more of a long term nature than for short term flippers. More high dollar homes are still under construction, and the effect these will have on the Herriman market will delay plans to develop and build more affordable houses in the new Suncrest annex. I expect these factors to influence growth in Herriman for at least 18 months. Each area is different and I would invite you to visit our blog over the next few days to see whats happening in Riverton, South Jordan, Sandy City or West Jordan. See what they have to offer.
To see the over 7000 homes for for sale listed across the Salt Lake Valley, (this includes condos and P.U.Ds.) check out our website at Salt Lake Homes. You'll get pictures of houses for sale, the location of all of the homes, and the price of homes for sale in your area of interest.
To talk to someone about your Real Estate needs, or ask a Real Estate related question call 801-567-0946.
Our website, Salt Lake Real Estate is a wonderful source of information and provides tips on buying and selling a house, relocating to Herriman or investing in Real Estate. Check in, check it out, enjoy.
Remember to check the Herriman Real Estate and homes for sale report every month.