Second Quarter Real Estate Report on Murray, Taylorsville, and Midvale Utah :
The Real Estate report of homes for sale, and homes/ Condominiums sold in Murray, Taylorsville, And Midvale Utah 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 local Real Estate around the towns in 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 Real Estate experience and knowledge of our agents. It's only our opinion, and even then often 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. Examples of this are wonderful new Town Home and Condominium projects in Murray UT, Inverness Square, Waverly Station, and Birkhill at Fireclay that will not be represented here but certainly add a positive note to development in the area, and a unique niche of homes for sale. Home sales at these projects have been real brisk and would more that likely influence this report in a positive way.
Murray, Taylorsville and Midvale 2nd Quarter Real Estate Report:
Number Houses Sold:
In Murray, Taylorsville, and Midvale from April 1,2008 thru June 30,2008 only 151single family homes were sold. That is a decrease of over 29% from the previous year, and 82 fewer houses than the 233 homes sold in 2005.
Average House Sales Price:
The average price of a home in mid valley dropped for the 1st time in a long time. Prices went from $248,074 in 2007 to $240,009 in 08. While 3.25% doesn't seem like much, the nearly $8000.00 it represents per home is. After significant housing price increases over the last 2 years (over 28%) 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 $48.00 per month more affordable.
Number Condominiums Sold:
The number of condos sold during the second quarter of 08 decreased by almost 33%. That is 60 condominiums less than were sold in 07, and almost 93 fewer than in 06.
Average Condominium Price:
Prices for the average condo in Murray, Taylorsville, Midvale slipped a fraction in 08, from $155,972 last year to $154,327 this quarter, this year.(1.05%)
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 5%, from 608 to 573. New listings actually make up the core of residential Real Estate in an area, as they are the available homes for sale and how they move determines to a large extent the health of a resale home market. Only 47.99% of new listings sold in the 2nd quarter of the year in Murray, Taylorsville, and Midvale.
Average New Listing Sales Price:
We believe the reasons new listings were sluggish is two fold. 1. New listing asking prices went up almost $15,000 from last year. 2. Pressure from the New homes sector, and development projects like those mentioned previously have sucked the air out of resales.
Having said that however, the part of the SLC market that is Murray, Taylorsville, Midvale 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 56 days on the market and an almost 143 % 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 are 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 Second Quarter Real Estate Report about Murray, Taylorsville, and Midvale Utah