Real Estate Report,Salt Lake: Homes for Sale, 2nd Quarter !
The Real Estate report of homes for sale, and the 2nd quarter homes/ Condominiums sold in Salt Lake County is in and the results are pretty much what we all thought they would be.
If you read this blog, there will be few surprises, as we keep you pretty much informed as to what is happening in Real Estate around the Salt Lake Valley on a weekly basis.
The information in this report has been provided by the Wasatch Front Regional Multiple Listing Service,(MLS) and is a composite of all the home sales and listing information supplied by local Realtors/members. We think it's accurate, and as Realtors we depend on it to keep our clients informed about trends in the market, house prices in an area. how long it takes to sell a house in a particular price range, etc.
The commentary is our own however, based on the experience and knowledge of our agents. It's only our opinion, and even then perhaps not a consensus.
You will notice that the information supplied by the MLS does not include all of homes for sale by owner, (FSBOs) as homeowners selling their own houses don't always list their homes for sale.
The same is true of New Homes for sale by builders. Many new home builders do not list their new homes on the MLS, opting instead to build Model Homes and to staff them with their own well trained sales people, guaranteeing a certain level of representation. To understand how that concept could affect you as you look for a new home, go to Free R.E. Agent.
Salt Lake County 2nd Quarter Real Estate Report:
Number Houses Sold:
In Salt Lake County from April 1,2008 thru June 30,2008 only 2572 single family homes or were sold. That is a decrease of over 28% from the previous year, and 1744 fewer houses than the 4316 homes sold in 2006.
Average House Sales Price:
The average price of a home in Salt Lake dropped for the 1st time in a long time. Prices went from $299,233 in 2007 to $293,995 in 08. While 1.75% is not a big number, the nearly $5500.00 it represents per home is. After significant housing price increases over the last 2 years (over 36%) this seems like a modest give back, but in some areas of SLC this is just the beginning. At a cost per thousand of $6.00, homes have become over $30.00 more affordable.
Number Condominiums Sold:
The number of condos sold during the second quarter of 08 decreased by almost 33%. That is 285 condominiums less that were sold in 08, 07, and almost 350 fewer than in 06.
Average Condominium Price:
Prices for the average condo in Salt Lake slipped a fraction in 08, from $192,506 last year to $189,342 this quarter, this year.(1.64%)
New Listings:
New, home listings is interesting in that with all of the talk of foreclosures, short sales and mortgage resets, you would think more folks would be trying to unload their home. Not so. According to the MLS new listings are down over 17%, from 9823 to 8142.
Average New Listing Sales Price:
The asking price of new home listings has dropped over $10,000 from last year which means that home owners are eager to sell. The modest 2.72% decline however is not nearly what you would expect from a market recently ranked 10th in the country for homes about to be foreclosed on. It also would suggest that the short sale phenomenon has less impact on home prices than has been thought.
Days on Market:
At 61 days on the market and an almost 85% increase that looks like an alarming number. Maybe it is, we just don't know. The MLS has changed (for the better) the way the number of days homes have been listed for sale before they actually sold is reported. We need to wait until next month to get a more accurate comparison.
I think we can safely say though that homes are not selling as rapidly now as they did a year ago.
To look at all of the homes for sale in the Salt lake Valley, visit Salt Lake Homes and get pictures, prices, maps, and information on individual homes/condos listed in SLC. It's FREE, and we update daily so you can come back often. This will give most of the same information that local Realtors use to search for homes..
We can be reached at 801-567-0946 to discuss further our take on the Real Estate Report about Salt Lake Homes for Sale in the 2nd quarter.