Now, I am not a statistic minded type person, but my office is, and they have given me some interesting market statistics for Salt Lake County, so naturally I would like to pass those on to you statistical minded people, cause, well….that is my job you know, to keep you informed!
Salt Lake County Single Family Homes-
3rd Qtr Comparison 2008-2009
| Single | % +/- | Median | % +/- | |
| YEAR | Units Sold | Change | Sales Price | Change |
| 2008 | 2494 | -1.16% | $244,100.00 | -5.78% |
| 2009 | 2465 | $230,000.00 |
Salt Lake County Condos-3rd Qtr Comparison 2009-2009
| Condo | % +/- | Median | % +/- | |
| YEAR | Units Sold | Change | Sales Price | Change |
| 2008 | 649 | -18.34% | $170,000.00 | -4.12% |
| 2009 | 530 | $163,000.00 |
Salt Lake County Total Listings And Price/Days On Market Comparison- 3rd Qtr 2008-2009
| New | % +/- | Average | % +/- | Days on | % +/- | |
| YEAR | Listings | Change | Listing Price | Change | Market | Change |
| 2008 | 7604 | -20.04% | $269,990.00 | -11.14% | 102 | 18.63% |
| 2009 | 6080 | $239,900.00 | 121 |
So, What Do These Market Statistics Mean?
To put it quite simply, our market is stabilizing. Home values on both single family homes and condos only decreased in Salt Lake County only 4-5% on average (and of course this is not quite what the economists were predicting at 10-20%). And if you take into account that foreclosures and short sales are thrown into that average…. it also means that some price points in home values have actually Increased…like First Time Homebuyer homes of $250,000 and under.
However, New Listings on the market have decreased by 20% which means that folks are holding on to their homes and waiting for the market to rise again, another indication of a market stabilizing itself.
What does that mean to homesellers in the Salt Lake area? The market is coming around. With new listings down 20%, it may make sense for you to make your move. Give us a call and we will be glad to help you determine if now is the right time.
What does it mean to homebuyers in the Salt Lake area? It means the freefall is about over. If you have been waiting for the bottom before making a move, don’t wait much longer or you will have missed it…if you haven’t already. If you are thinking about buying your first home, or moving up….give us a call. We will be happy to help you determine if homebuying is right for you!
If you are not doing either….give us a call anyway. We love to talk, love to answer questions, love to help with anything you need…even if it is just a good restaurant. Ciao’
