Salt Lake County Homes for Sale Report 8/01/08
The Salt Lake County Utah homes for sale report for 8/01/08 shows 8126 homes or condos listed in the SL Metro area as "homes for sale". Fourteen hundred hundred eighty four of these homes are condominiums. (18.2%) The average price of one of the 844 homes sold in Salt Lake County last month was $277,529, just a bit over the average listing price. That price equates to $119.36 per sq ft a decline of over $1.20. Days on market jumped almost 30% to 96 DOM compared to last years statistics.
The information contained in this Salt Lake Real Estate market analasis is provided by the Wasatch Front MLS, from home listings supplied by Realtors from around the Salt Lake Valley.
While the numbers are from the MLS, any commentary is the opinion of Group1 Real Estate Agents. It is just that, an opinion, not legal or accounting advise, or recommendations outside the agents area of expertise.
This report will not include most of the homes for sale by owner, (FSBOs) as these houses are rarely listed across the MLS. However it should be noted that a very high percentage of these homes/condos are sold by Utah Realtors.
Likewise New Homes, (new construction).
Most builders employ agents to sell their own homes/condos from Model Home complexes. Most of the time these new homes are not listed, and the sales agent is an employee, (paid by) the new home builder. Good examples of this would be the Rosecrest development in Herriman or the Daybreak community in South Jordan . Both of these communities have an extensive model home presence. Keep in mind that unless you take your own agent to view the Models, you have no representation. You should, it's FREE!!! Read how to shop for a new home.
Whether you are a Real Estate Investor, home buyer, or part of a family that is considering re-locating to Salt Lake City or any other town in the Salt Lake Valley, we hope you will find this report helpful. and the Real Estate information timely.
Homes for sale in Salt Lake County:
There are 8126 homes for sale in the County, as of 8/01/08.
Sandy UT, is the city with the most, at 228.
1484 of these are Condominiums.
This year, so far,6395 Salt Lake homes have been sold.
Salt Lake Homes activity last thirty days:
In the last thirty days, 2392 new home listings have been added to the homes for sale listings.
484 of these were condos, which is at 20% is a little above the historic sales level.
844 Salt Lake County homes were sold and closed in that same time frame.
That represents 272 fewer homes sold than last month. (almost 25%)
913 new contracts were written by Salt Lake Realtors.
1463 houses expired from the homes for sale list.
Bank Owned, foreclosures, HUD homes, And homes that need 3rd party approval:
The total number of distressed homes in Salt Lake County is 685
Thats only a little over 8% of the total homes listed.
215 of these homes/condos have been added within the last 30 days.
66 homes have sold and closed in the last 30 days.
83 distressed properties were placed under contract last month.
120 houses expired from the homes for sale list last month for various reasons.
About Salt Lake homes for sale:
After a very exciting and dynamic growth spurt over the last few years, the Salt Lake Valley is going through the same Real Estate meltdown as many other areas around the country. Only we believe to a lesser extent. Home prices have continued to rise modestly, and while the national press named Utah number 10 in the country in number of foreclosures, we don't believe that the numbers support their findings for SLC.
A 25% decline in home sales from June, 08 to July, 08 bears watching though and if that trend develops further, those modest price increases will quickly turn around.
Salt Lake shows a modest 9% inventory of Foreclosures, Bank Owned and short sale homes. Not good, but not approaching the 25% stats we have seen in areas of California, and Arizona.
New home construction has slowed except in niche markets and the absorption rate which is currently over 9 months will remain steady or continue to decline slightly for the next year.
We hope this report, and companion reports featuring homes for sale in other towns in the Salt lake metroplex have been helpful. look for market statistics for Sandy City, South Jordan and West Jordan on this same site.
To have a look at the 8126 homes for sale in Salt Lake County, or the the homes for sale in your area, go to our web-site @ Salt Lake Homes. You can access pictures, prices, Maps, directions and pertinent information about homes available across the Salt Lake Valley.
To talk to a real live Realtor call 801-567-0946. For any additional Real Estate Information stop by Salt Lake Real Estate and enjoy hundreds of tips about the home buying process. Whether you are looking for a Real Estate Investment or a house to look at, you can find it there. And it's FREE.
Thanks for being here and thanks for reading the Salt Lake County Homes for Sale report of 8/01/08.