Salt Lake Homes-Sales Up Everywhere ! Prices Down!
Compared to last year at the same time, Salt Lake Homes Sold were way up, but prices were down.
While it was news that across the U.S. existing Home sales-including single family,town homes, and condominiums jumped 7.4% over the same time last year, In Utah's largest metro-plex, Salt Lake City, Real Estate Investors and individual home buyers can tell you that SLC homes for sale were just jumping to the closing table.
In fact, according to the Wasatch Front MLS, the group that record and publish the data about homes listed and houses sold in the area, none of the cities or towns around Salt Lake City saw an increase in the number of homes sold of less than 30%.
There was a price to pay by home sellers though.
The difference between a homes listed price and the amount the seller got at closing increased in most areas of Salt Lake.
Compared to November of 2008 these are some stats that we felt might be of interest to you as you evaluate the Real Estate market around Salt Lake City.
Salt Lake County Homes: November 08 home sales compared to 2009.
The 1074 homes sold this year was 468 more than last year.
Thats an increase of 77% of homes sold in Salt Lake County in November a year ago.
Average price if Salt Lake Home sold declined from $261,404 to $233,363.
At a $28,000 decrease that amounts to about a 10.7% discount.
The average offering price to sold price went from 86% to 80% compared to a year ago.
The average 113 days on market of Salt Lake Homes for Sale was 5 more than last year.
While these numbers should give you some information helpful to analysis, they do not reflect homes sold by owner (FSBOS) or many of the New Construction (new homes) Homes, Condominiums, and Town homes sold by local builders.
New Home builders generally offer their Homes and Condos for sale at model homes in subdivisions around the Salt Lake Valley and use in house agents to sell, rather than list New Homes on the MLS with local Realtors.
To a large extent, the first time homebuyer tax credit can explain the increase of homes sold in Utah this November as many families hurried to buy their first home before that incentive ended.
First time Home Buyers in Utah also tend to buy a less expensive home or condo so the dramatic downward move in average prices this year as opposed to last is more a reflection of a segment of home buyers than the devaluation of houses.
Also, some areas that saw an abundance of First Home Condominiums (New Construction) building also had its affect on pricing.
New Construction projects like The South Station Lofts @ Daybreak, The District, in South Jordan UT or the new homes built along the TRAX line in Murray UT IE: Fireclay and Birkhill provided First time buyers in Utah a great selection of options.
BUT !!!
Even though sales are up, and prices down in most towns around Salt Lake, Utah mortgage lenders tell us that interest rates could rise significantly in the first months of the new year, negating any price advantage buyers currently enjoy.
So.... If you have been thinking of buying a new home in Utah but didn't see a need to hurry. Rethink that and start your search today.
If you need to know how to get started, stop by our website @ Salt Lake Real Estate and take advantage of our unique search buttons. You can search for Short Sales in Salt Lake City, SLC Foreclosures, or find over 8,000 Utah Homes for sale, w/photos, prices, maps, and listing information.
Or give us a call at 801-567-0946 we'd be happy to talk about Utah Real Estate, or why Salt Lake Homes Sales are up and prices down!