Real Estate,West Jordan Homes For Sale Report !!
The April Real Estate Report for West Jordan, Homes for Sale is out and not much has changed from last month. We are looking at about a 4, to 5 month supply of homes to sell and prices have not decreased as much as they are probably going to. New construction is primarily in the Condo and Town Home areas and are priced to attract single moms and down sizing seniors.
Real Estate in West Jordan Ut, is in a real interesting place. Actually two places, the new development areas around Jordan Landing, east to the mountains are creating most of the sales excitement as well as marketing uncertainty. The resale homes for sale in West Jordan seem to be holding their price, but staying on the market a long time. They are competing with newer homes that are part of the financing fiasco. 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 West Jordan if you are patient.
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.
West Jordan Ut, Homes For Sale:
There are 760 single family homes for sale in W. Jordan listed on the Salt Lake MLS. One hundred fifteen, about 15% are condominiums. In the last thirty days 280 houses / condos were added to this inventory.
Bank Foreclosures/Short Sales:
Only 5.5% of W.Jordan 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 43 distressed houses, are located in the Newer subdivisions and are less than 5 years old. The listed short sales and bank owned homes range in price from $167 thousand to $570,000 dollars. Most (95%), are under 5 years old, and are expected to sell for as much as 15% less than is currently owed on them. The median short sale is a 4 bdrm 3 bth @ the oaks for $240,000.
Homes Sold Last 30 Days:
In the last 30 days 104 homes or condos were sold in West Jordan. Eight of these were bank owned or short sales .
Under Contract Last 30 Days:
During April, 186 single family homes/condos were put under contract. Assuming that 90% of these houses close, there would be a projected 4-5 months housing inventory in W. Jordan. There were 10 contracts written for bank owned or short sales. New contracts written are a testament as to what is happening in West Jordan. The 10 short sales under contract represent only 1.3% of the homes sold, but over half 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 West Jordan have been on the market an average of 54 days before they are sold.
Conclusions:
Overall, the resale home Real Estate market in West Jordan is as healthy as any in the Valley. Home buyers, that show patience, have decent credit and a modest down payment can find tremendous home buys. Sellers however need to price their home realistically, hire a Realtor that knows how to be succesful in a down market, and make it easy for the Realtor to do there job. Outstanding investment opportunities can be had, but more of a long term nature than for short term flippers. 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 Herriman. 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 West Jordan Real Estate and homes for sale report every month.