West Jordan, South Jordan, Herriman Home Sales Report!
The Real Estate report of homes for sale, and homes/ Condominiums sold in West Jordan, South Jordan, Herriman, And Riverton 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. (for the builder). 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 the wonderful new Town Home and Condominium projects being built in South Jordan @ "Daybreak" that feature over 20 new home builders or developments in Herriman at Rose creek, and Rosecrest. Many of these exciting new home properties will not be represented here but certainly add a positive note to development in the area, and a unique niche of homes for sale. Homes sold and homes for sale in these ares would more that likely influence this report in a positive way.
West Jordan, South Jordan, Riverton, Herriman UT. 2nd Quarter Real Estate Report:
Number Houses Sold:
In W.Jordan, S.Jordan, Riverton, Herriman UT from April 1,2008 thru June 30, 2008 only 700 single family homes were sold. That is a decrease of over 18% from the previous year, and 360 fewer houses than the 1060 homes sold in 2006.
Average House Sales Price:
The average price of a home in the south end of the S.L. Valley dropped for the 1st time in a long time. Prices went from $309,991 in 2007 to $304,539 in 08. While the 1.76% decrease doesn't seem like much, the nearly $5,500.00 it represents in lost home equity per home is. After significant housing price increases over the last 2 years (over 45%) this seems like a modest give back, but like in many areas of SLC this may be just the beginning.
Number Condominiums Sold:
The number of condos sold during the second quarter of 08 decreased by about 46%. That is 72 condominiums less than were sold in 07, and almost 46 fewer than in 06. Condominiums represent only about 10% of the houses sold in the West Jordan, South Jordan, Herriman market.
Average Condominium Price:
Prices for the average condo in the South Salt Lake Valley slipped a bit also. Condominium prices were on average $191,853 last year to $189,460 this quarter, this year.(-1.25%). Not a very significant change.
New Listings:
New, home listings are 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 21%, from 2757 to 2141. 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 36.57% of new listings sold in the 2nd quarter of the year in the West Jordan, South Jordan, Herriman Riverton Utah market. This number appears to be consistent with the success of new listings selling in other areas of the SLC metroplex.
Average New Listing Sales Price:
We believe the reasons new listings were sluggish is obvious. New listing asking prices went up almost $40,000 from the price that homes have been selling for. Pressure from the New Homes sector, particularly in the South Jordan, Herriman area 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 W.Jordan, S.Jordan, Herriman is not nearly what you would expect from a market recently ranked 10th in the country for homes about to be foreclosed on. On the brighter side, ( for Investors and families looking to buy a new home) the price of new listings of homes for sale this quarter were down almost $14,000 per home.
Days on Market:
At 61 days on the market and an almost 61 % increase this 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.
It is obvious from this report though that homes are not selling as rapidly now as they did a year ago.
It is for sure a real buyers market.
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 homes for sale in West Jordan, South Jordan, Herriman Utah.