Salt Lake Foreclosures-Short Sales-Bank Owned Homes For Sale !
There are 7487 Homes for sale in Salt Lake. Homes for sale that would fall into the "distressed property" category IE: Short Sales, Bank Owned, REOs, Foreclosed Homes/Condominiums, make up only about 19% of that number. (1447)
Fourteen hundred forty four seems like a lot of houses to be in default, and it is, but measured against other parts of the country thats a drop in the bucket. Heard about the foreclosures rates in certain areas of Florida, California and Nevada that exceed 45%?
I suspect it will get worse, but not by much.
We think it will get worse in some areas more than others. Draper W/ its Suncrest development, Rosecrest, and Rose Creek in Herriman, and parts of South Jordan need dramatic activity before they are out of the woods. On the other hand, more stable, more mature areas like West Jordan, Taylorsville, and Murray are already holding their own.
Over the last thirty days this is what has happened to distressed homes for sale in Salt Lake.
Distressed Salt Lake Homes For Sale Under $200,000.
There are 433 distressed homes for sale under $200 thousand dollars.
Over the last 30 days 47 homes under two hundred thousand dollars have sold and closed.
During that same time 52 homes were placed under contract.
21 of those homes were short sales, or needed third party approval.
31 homes were either Bank Owned, foreclosures, owned by corporations, HUD Homes or REOs.
Salt Lake Homes $201,000 to $300,000.
There are 360 of these homes /Condos for sale in Salt Lake.
Ten % or 36 houses in this price range were sold and closed in the last 30 days.
Of the 53 contracts written last month almost 50% were short sales.
Twenty six were Salt Lake Foreclosed Homes.
$301,000 to $400,000 Homes for Sale in Salt Lake.
243 Salt Lake Condominiums or single family homes in trouble are listed.
22 distressed properties have sold and closed in the last 30 days.
22 contracts were written over the last month.
13 of the contracts for houses were for short sales.
Foreclosed Homes & Short Sales In SLC from $401,000 to $500,000.
Foreclosures and short sales amount to 130 single family residents in Salt Lake.
14 houses were sold and closed over the last 30 days.
Of the 5 homes put under contract last month 3 required 3rd party approval.
2 of the 5 were Salt Lake Foreclosed Homes or Condominiums.
Salt Lake Foreclosures & Short Sales over $500,000.
There are 281 homes for sale in Salt Lake that either face foreclosure or have been foreclosed on by the bank with an estimated value of over $500,000 dollars.
Last month 7 of these homes listed were sold.
12 contracts for Luxury homes in SLC in excess off a half a million dollars were written in the last 30 days.
7 of those contracts were for short sale homes.
5 contracts were written on Bank Owned, HUD Homes, Home-steps, Corporate REOs or Salt Lake Foreclosed Homes.
Commentary:
Granted, the above statistics are simply a snapshot of the housing market in a large portion of Salt Lake County. A 30 day snapshot at that. What it tells me is that this is an unbelievable market for home buyers, and not quite the end of the world if you are trying to sell a home.
Lets paint with a broad brush.
If your selling, and the price of your home is under $300,000 dollars, your not in horrible shape and if your house is well cared for you can be out of there in about a year. Price it aggressively and it could be much sooner as there is activity.
If your about to buy a home, as an investor, a first time home buyer, a family movin on up, or someone about to move to Utah, you can be very picky, and demanding. There are a lot of well priced homes listed for sale in the Salt Lake Valley. In all price ranges.
If you would like to access any of the listings in Salt Lake County, go to our website at Salt Lake Homes For Sale. You'll get pictures, prices, locations, maps, almost everything a Realtor uses to find a house for you. We update daily, so come back often. ITS FREE !!!
If your in a hurry, call us at 801-567-0946 we love to talk about Salt Lake Homes for Sale; Foreclosures, Short Sales, and Bank Owned Homes.