SALT LAKE COUNTY HOME SALES REPORT-3rd QUARTER
The third quarter report on Salt Lake Homes and Condo sales is out and it doesn't look like the Northern Utah Real Estate market has hit bottom yet.
All week I have been seeing quotes from Lawrence Yun, the chief economist of the National Association of Realtors, that based on national statistics, the market has bottomed out and home sales will get better.
Not so fast. Remember, Real Estate like a lot of things in this life is local. What is happening in California, or Arizona isn't necessarily happening in Utah. As a matter of fact, whats happening in Herriman, or South Jordan, might not be taking place in Sandy, or Down Town Salt Lake City.
The official third quarter reports published by the Wasatch Front MLS will be out about the 18th, but in the mean time I pulled some stats from the MLS beta sight for Salt Lake County that will give us a "heads up" to whats happening locally. Here are some of them.
Salt Lake County Homes Sold, 3rd Quarter, 2008:
Third quarter sales for Salt Lake show home sales of 2440 single family homes. That represents 330 houses less than the 2771 homes sold in the same quarter of 2007. That's a decline of almost 12%.
The average home price of $244,900 was almost a 4% decrease in value than the 07 price of $254,900
Salt Lake County Condominiums Sold, 3rd Quarter, 2008:
During July, August, September of 2008, six hundred thirty four Condos were sold, down a little more than 14% from the 739 sold during the same three months last year. Prices for condo units decreased a modest 1.16% from $172,000 to $170,000 over that time.
New Salt Lake County Listings: (Homes For Sale).
Homes available for sale in Salt Lake went from 10532 in 07 to 7712 during the 3rd quarter of 08. That represents a decrease of homes or condominiums for sale of 26.78%.
The new average asking price for SLC homes for sale decreased by about $20,000, from $279,900 in 07 to $259,900 this year.
Keep in mind, the next three months are usually the slowest home sales period in the year.
So...... Prices are down, Interest rates are great, and a large Inventory provides a wonderful selection.
NOW IS THE TIME TO BUY A HOME IN SALT LAKE!!!
To check out the over 10,000 homes for sale in Salt Lake, visit our website Salt Lake Homes For Sale. You can see photos, prices, maps, directions and most of the information your Realtor would use when searching for a home.
If you'd like to talk about foreclosures, REOs, short sales or HUD Homes call us @ 801-567-0946, we can talk about that stuff, or any thing about Utah Real Estate,.......or we can talk about The Salt Lake County Home Sales Report for the 3rd quarter.