Utah Real Estate Market Conditions

Real Estate in West Jordan was definitely slow during the first half of 2008. Lots of homes sold (664), but there are more mls listings on the market now (793) than all that were sold during the first half of the year. A lot of these homes will be on the market clear into 2009, especially the more expensive homes.

Of the 664 homes that sold during the first half of the year, the average list price was $238,305. The current average list price of West Jordan MLS listings is $275,510. The median price of homes sold was $227900 vs. median list price at $256,455. The lower priced homes in West Jordan are selling best, so if you want your home to sell, price it lower.

Although it may not appear that way, the Taylorsville Real Estate Market is one of the most healthy markets in Utah.

Taylorsville is one of the few areas where there have been more homes sold in the first half of 2008 (224) than the number of current listings on the market (182). This in big part has to do with the affordability factor in Taylorsville. The average price of Taylorsville MLS listings is $241,000, and median price is $210,000. In comparision, the average listing in Salt Lake County is priced at $405,051 and median price of $300,000.

Utah is growing, people are still buying homes, they're just not usually buying the really big expensive homes right now. This is great news for Taylorsville sellers, if you price your home right, it should be sold by the end of the year.

The good news for South Jordan Real Estate is that the homes that are selling are actually not priced too far off from the median listed price. The bad news is that there really aren't that many homes selling. Currently, there are 619 active MLS listings in South Jordan Utah. These homes for sale have an average list price at $441,104 and the median price is $395,000. For the first six months of 2008, there were 273 homes sold in South Jordan. The homes that sold had an average list price of $376,476 and a median list price at $350,000. The gap between sold homes and list price might seem pretty huge, but compared too most of Northern Utah Real Estate, an 11% difference is nothing. The other bad news is that at the rate homes are selling, the majority of these listings will still be on the market at the beginning of 2009.

I guess it depends on your definition of great. If great means there are lots and lots of houses for sale in Sandy Utah, then yes, real estate is great in Sandy. At the midyear point in 2008 there are currently 852 MLS listings in Sandy. This is almost twice the number of homes as sold (464) during the first six months of the year. At the current sales rate, more than half of these listings will still be for sale in 2009.

Sandy not only has a problem with an oversupply of inventory, but it also has a problem with the price of the inventory. Homes sold Jan-June had a median sales price at $270,000 (not counting seller paid concessions and closing costs) and the average sold price was $321,751. Compare this with the median price of listed homes at $350,000 and average list price of $485,854. The difference between list price and sold price is $80,000! This means that to qualify for the "Average" listing, a person needs to make >$100,000 a year, if they have no other debt and a 10% down payment.

So the state of real estate in Sandy is a little scary right now, but small and moderate priced homes are still selling. If it's of any comfort, most of Utah has this same problem with a huge oversupply of expensive homes.

I guess it depends on your definition of great. If great means there are lots and lots of houses for sale in Sandy Utah, then yes, real estate is great in Sandy. At the midyear point in 2008 there are currently 852 MLS listings in Sandy. This is almost twice the number of homes as sold (464) during the first six months of the year. At the current sales rate, more than half of these listings will still be for sale in 2009.

Sandy not only has a problem with an oversupply of inventory, but it also has a problem with the price of the inventory. Homes sold Jan-June had a median sales price at $270,000 (not counting seller paid concessions and closing costs) and the average sold price was $321,751. Compare this with the median price of listed homes at $350,000 and average list price of $485,854. The difference between list price and sold price is $80,000! This means that to qualify for the "Average" listing, a person needs to make >$100,000 a year, if they have no other debt and a 10% down payment.

So the state of real estate in Sandy is a little scary right now, but small and moderate priced homes are still selling. If it's of any comfort, most of Utah has this same problem with a huge oversupply of expensive homes.

We all know that the Real Estate Market in Salt Lake City is substantially down from last year, but in many areas and price ranges the market isn't that bad. Homes are with moderate and low prices are still selling quickly. From June's sales numbers, it also looks like the market may already be improving in Utah's capital city. Home sales were only down 27% in Salt Lake County compared too down 33% for May. Not exactly bragging material, but it was improvement.

After the first six months of 2008 there were 1663 homes sold in Salt Lake. These homes that sold had a median price at $221,325 and an average price at $272,601. These numbers are substantially less than the average list price in Salt Lacke City of $387,145 and median list price of $279,990. In our current economy, there just aren't a lot of buyers for the high end homes. These homes will be on the market for a long time and foreclosures in Salt Lake will likely increase as well. There are currently 1,841 homes for sale in Salt Lake and 698 SLC condo listings. At the second quarters sales pace it will take 8 months to sell the present supply of inventory. The unfortunate thing is that much of the inventory won't be sold.

If you're looking to buy an expensive high end home, take your time there is plenty of choice and many sellers are very motivated. When you offer, offer low because there is a good chance it is the only offer those sellers are going to get in a very long time. If you're looking to buy low end and moderately priced homes in Salt Lake, don't take too much time or else someone else will beat you to the deals.

If you are looking to sell in Salt Lake City, it doesn't matter what your house appraised for last year. What matters is where the competition is priced. You need to make sure that your property is priced as low as or lower than the competition if you want it to sell.

There are more than 300 residential homes and condos for sale in Riverton Utah. This is quite a bit of inventory considering that in the first half of 2008 there were only 193 homes sold. The current homes for sale in Riverton have an average list price at $410,948 and a median price of $349,900. These list prices are substantiall more than the average price of homes sod of $316,913 and median price at $284,000. This shows that with the current economy, people just aren't buying the many high end homes for sale in Riverton. These homes will be on the market for a long time.

$200,000 is the magic number for homes in Murray in 2008.

For the first six months of the year the median price of 193 homes that sold in Murray was $200,000. So, if you're trying to sell a home and it's less than $200,000, you're probably in pretty good shape if the home is in good shape. The only problem is that the median price of listings actually on the market right now is almost $250,000... The average list price of 264 Murray MLS listings is quite a bit more at $323,257.  This statistic tells us that the probability of selling the more expensive homes isn't great. Murray has about 8 and a half months of active inventory.

Half Way through 2008 115 different residential properties were sold in Midvale. These sold homes had a median price at $200,500 and an average price at $210,900.

On the market there are 168 homes for sale in Midvale Ut. The median price of these listings is $237,500 and the average price is $245,786.  Compared with the second quarters sales rate where 22 homes were sold per month, it will take 7.6 months to eliminate the present supply of housing inventory if no other homes in Midvale were listed. This is better than the northern Utah average of 9.2 months. Because of the large supply of moderate and starter homes, Midvale real estate will continue to sell, although some sellers will have to lower their prices to beat out the competition.

The home sales numbers for Magna Utah aren't exactly hot, but compared to most of Utah the market is really healthy. While much of Utah has more than a years worth of inventory for sale, Magna's inventory level is currently at 5.7 months compared too the second quarters sales numbers.

The median price $185,000 of listings in Magna is very affordable, and thus these homes are still selling. The median price of homes that sold in Magna during the first half of 2008 was $168,760.