First Quarter 2007 Salt Lake Housing Stats
Wasatch Front housing market slowing, but still hot
By Lesley Mitchell
The Salt Lake Tribune
Salt Lake Tribune
Article Last Updated:04/20/2007 01:06:36 PM MDT
Posted: 1:00 PM- The Wasatch Front housing market has cooled some from last year's sizzling pace, but it still remained hot during 2007's first quarter.
Salt Lake County's median selling price was up a heady 19.9 percent in the first quarter to $241,000 compared with the first three months in 2006. Davis County prices were up 25 percent to $218,000, while Tooele jumped more than 30 percent. Utah and Weber counties both experienced double-digit price increases.
The sales figures show that homes are still appreciating and selling quickly - especially those selling in the range of $300,000 or less.
Just ask Lonnie Nilsson, who seemed optimistic enough when she figured her Bluffdale townhouse would be up for sale about two weeks in the Salt Lake Valley's strong real estate market.
Try two days. Nilsson had several buyers come by for a look the first day her property went on the multiple-listing service earlier this month. By day two, she had multiple offers at full asking price.
More good news for sellers: The number of days homes remain on the market before they are sold is holding steady.
Homes in Salt Lake County remained on the market an average of only 40 days, up only 1 day from the first quarter of last year. In Davis County, homes sold in an average of 46 days, down from 56 days. Only Utah county saw a rise in the number of days homes remained on the market: a whopping 21 percent increase to 74 days.
While all that is good news, the number of homes that sold in the quarter was down in most areas - a sign that signals the slowdown is real.
Only Weber County's home sales were up in the first quarter, by 5 percent. Four percent fewer homes sold in Salt Lake County in the first quarter of 2007 compared with 2006. Sales were down nearly 2 percent in Davis and Tooele counties; Salt Lake County was off more than 4 percent.
Those aren't bubble-bursting drops by any means. But "things are definitely slowing down a bit, especially in the higher price ranges," said Gary Cannon, president of the Salt Lake Board of Realtors.
"The affordable stuff really flies off the market, the more expensive stuff is staying on the market longer," Cannon said.
He said many sellers of more expensive homes are having to take some big price reductions to attract buyers.
Which price range is feeling the slowdown the most?
Many people selling homes priced below $300,000 are enjoying the quickest sales at the best prices, said Randy Cochrane, broker/owner of Remax Advantage in Murray. Like Cannon, Cochrane said sellers above the $300,000 range are more likely to not only have to lower their asking price, but many will wait longer than anticipated to get their home sold.
If they are trying to sell in an area where a new home builder is selling homes in the same price range, the wait could be even longer. Builders have increased the level of incentives they are offering to boost sales and draw attention away from existing properties.
By Lesley Mitchell
The Salt Lake Tribune
Salt Lake Tribune
Article Last Updated:04/20/2007 01:06:36 PM MDT
Posted: 1:00 PM- The Wasatch Front housing market has cooled some from last year's sizzling pace, but it still remained hot during 2007's first quarter.
Salt Lake County's median selling price was up a heady 19.9 percent in the first quarter to $241,000 compared with the first three months in 2006. Davis County prices were up 25 percent to $218,000, while Tooele jumped more than 30 percent. Utah and Weber counties both experienced double-digit price increases.
The sales figures show that homes are still appreciating and selling quickly - especially those selling in the range of $300,000 or less.
Just ask Lonnie Nilsson, who seemed optimistic enough when she figured her Bluffdale townhouse would be up for sale about two weeks in the Salt Lake Valley's strong real estate market.
Try two days. Nilsson had several buyers come by for a look the first day her property went on the multiple-listing service earlier this month. By day two, she had multiple offers at full asking price.
More good news for sellers: The number of days homes remain on the market before they are sold is holding steady.
Homes in Salt Lake County remained on the market an average of only 40 days, up only 1 day from the first quarter of last year. In Davis County, homes sold in an average of 46 days, down from 56 days. Only Utah county saw a rise in the number of days homes remained on the market: a whopping 21 percent increase to 74 days.
While all that is good news, the number of homes that sold in the quarter was down in most areas - a sign that signals the slowdown is real.
Only Weber County's home sales were up in the first quarter, by 5 percent. Four percent fewer homes sold in Salt Lake County in the first quarter of 2007 compared with 2006. Sales were down nearly 2 percent in Davis and Tooele counties; Salt Lake County was off more than 4 percent.
Those aren't bubble-bursting drops by any means. But "things are definitely slowing down a bit, especially in the higher price ranges," said Gary Cannon, president of the Salt Lake Board of Realtors.
"The affordable stuff really flies off the market, the more expensive stuff is staying on the market longer," Cannon said.
He said many sellers of more expensive homes are having to take some big price reductions to attract buyers.
Which price range is feeling the slowdown the most?
Many people selling homes priced below $300,000 are enjoying the quickest sales at the best prices, said Randy Cochrane, broker/owner of Remax Advantage in Murray. Like Cannon, Cochrane said sellers above the $300,000 range are more likely to not only have to lower their asking price, but many will wait longer than anticipated to get their home sold.
If they are trying to sell in an area where a new home builder is selling homes in the same price range, the wait could be even longer. Builders have increased the level of incentives they are offering to boost sales and draw attention away from existing properties.
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