While the number of homes sold increased sharply in the 2nd quarter 2010, prices continued to come under pressure. The number of single family homes sold increased 7.98% to 2746 compared to the same quarter last year, while at the same time the median home price fell 7.13% to $220,000.
The bright spot in the quarter was Salt Lake City, where 84103 up 4.33%, 84104 up 0.52%, 84105 up 5.83%, and 84106 up 3% all experienced price increases. The other zip code to perform well was 84123 Taylorsville / Kearns, which increased 5.40%.
On the other side of the coin, the areas that experienced the largest falls in median home price, were Midvale 84047 down 15.29% and West Valley City 84128 down 11.41%.
Condo prices also came under pressure in the 2nd quarter, with the downtown SLC condo market 84101 continuing to struggle, with only 14 condo units sold in the entire quarter. In total there were 582 condos sold (up 11.28%), while the median home price fell 5.26% to $162,000.
You can view detailed Salt Lake County Median Home Prices by Zip Code on our website.
You can read this post about Salt Lake County Home Prices and other posts on our real estate blog.
Tags: Condo Home Prices, Downtown Condos, Home Prices, Home Sales, Homes Sold, Kearns, Salt Lake County, Salt Lake County Home Prices, Salt Lake Housing Market, Salt Lake Real Estate, Single Family Homes, Taylorsville, The Avenues
Just a quick note to let you know that Daybreak’s new model home village called Brookside will open this weekend, with a special event taking place on Saturday June 24th between 11:00am and 2:00pm.
The Brookside model home village features 19 homes from seven home builders. It is located on a bluff on the north east side of the lake just off 104th South. The homes in this phase of the Daybreak development have more of an emphasis on energy efficiency and outdoor living. The new collection of homes range in size from 878 square feet to 6,382 square feet and include three different types of townhomes as well as a variety of single family home collections. Pricing ranges from the $170’s to $500’s.
The grand opening event will feature live music on the beach, cooking demonstrations in the model homes, and a variety of food from local restaurants for sale in an open-air market.
Fueled by the home buyer tax credits, May 2010 returned the most home sales since June 2009, with a total of 1,219 sales. That’s an increase of just over 20% year on year, and a 6.29% increase compared to last month. The average home price declined 0.63%, to $234,358. The price per square foot ticked up slightly to $100.
Total Sales 1,219
Average List Price $240,336
Average Sale Price $234,512
Sale Vs List 98%
Average Sq. Ft. 2,356
Price Per Sq. Feet $100
Days on Market 73
It looks like that all the people who wanted to take advantage of the tax credit have already closed on their home (homes had to close by the end of June), because looking at the numbers so far June looks like it will see a big drop in the number of homes sold.
You can read this post about Salt Lake County Home Prices and other posts on our real estate blog.
In the world of home improvements some add value to your home (kitchens and bathrooms), while others may not be such a good idea, at least in the increasing your home’s value department. Here is a list of home improvements you may want to think about before laying out the cash.
Swimming Pools
While some Salt Lake Home buyers like the idea of owning a swimming pool, most of them will steer away from any home with one. They are expensive to build, expensive to maintain and absorb a large chuck of your yard space.
Home Office
Although, an increasing number of people actively want a home office, in should be built with multi- purpose in mind. In order to create an office you have usually have to steal space from somewhere in the house, for example, a spare bedroom or living area. Try and make sure that the area used can be easily converted back to its original use and don’t spend too much on built in furniture and shelves.
Roof Renovations
If your roof needs repair, or even replacing don’t hesitate to have the work done. It will be one less issue you’ll have to deal with when listing your home for sale. But if you think using cedar shakes or clay tiles will add lots of value, you will be very disappointed. Although they have the ability to make your home stand out, they won’t inspire homebuyers to pay more for them or for the home appraiser to add extra when it comes to the home valuation.
Unique Builds
There are lots of ways you can make your home unique, but doing so may limit the number of people who are prepared to buy your home. If buyers don’t like those expensive unique features that you have done, they at best will perceive your modifications has something that will take work (and money) to get rid of and at worst will put them off all together.
Over-the-Top Renovations
Build based on your surrounding market. If you live in an area where the home values average $100,000 don’t be tempted to jam lots of high end finished into your home renovation. While they make your home more attractive, you have to be aware of home values around you, after all that’s what the appraiser is going to use to come up with your home’s value.
The bottom line is that if you are planning on spending a long time in your home, then making the above changes may well be worthwhile (at least from a comfort / beautification point of view), but if you are planning on selling don’t expect to get your money back. Remember when it comes to home appraisal time, at the simplest level the appraiser will calculate the square footage of your home, count the number of bedrooms, bathrooms, living rooms, pick a level of finish and compare it against similar homes in your neighborhood.
You can find the Home Improvements That May Not Pay Off at my Real Estate Blog.
If you are familiar with South Jordan’s Daybreak development, you may have noticed a number of large buildings being built near the Kennecott Office Building, south east of the lake. These buildings are Daybreaks entry into the apartment market, called the Crossing at Daybreak.
The Crossing at Daybreak is aimed at the higher end of the apartment market, and come in 5 different floor plans, ranging from a 1 bed, 1 bath, 88 sq. ft. to 3 bed, 2 bath 1342 sq. ft. Finishes include granite counter-tops, full size washers and dryers, hardwood style floors, complete kitchen appliance package, stainless steel sinks, fireplaces, and patios / balconies.
To keep you entertained the community includes many of its own facilities including, a business center, movie theater, games room, fitness center, children’s play area, outdoor grills, swimming pool and spa.
In addition to all this, the complex is located within walking distance of the new soon to open TRAX line, (which will provide transport to downtown SLC and other areas of the valley) and the SoDa row shops.
I do not have any prices at this time, but for more information you can contact the sales team on 801-446-6798.
Tags: Apartments, Daybreak, Daybreak Utah, SoDa Row, TRAX
Just like we expected April saw a jump in Salt Lake County home sales, rising over 29% from April’s 2010 figures to 1,122. While the average home price fell 6.12% in the last 12 months, compared to March 2010 prices actually increased slightly going up 1.52% to $236,522. The price per square foot also tickup up to 99$.
Total Sales 1,122
Average List Price $243,335
Average Sale Price $236,522
Sale Vs List 97%
Average Sq. Ft. 2,391
Price Per Sq. Feet $99
Days on Market 93
You can read this post about Salt Lake County Home Prices and other posts on our real estate blog.
Tags: Home Prices, Home Sales, Homes Sold, Salt Lake County Home Prices, Salt Lake Housing Market
March was a little bit of a mixed bag when it comes to Salt Lake County home sales. On the bright side the month on month days on market (average time taken to sell a home) decreased from 87 to 80, number of homes sold increased 30.09% year on year and over 51% month on month. On the down side the average home price continued to fall, declining 9.37% year on year, and the price per square ft. fell to $98.
Looking forward, given current market activity, we should see a nice increase in home sales over the next few months as people rush to claim their home buyer’s tax credit.
Total Sales 964
Average List Price $240,561
Average Sale Price $233,322
Sale Vs List 97%
Average Sq. Ft. 2,474
Price Per Sq. Feet $98
Days on Market 80
You can read this post about Salt Lake County Home Prices and other posts on our real estate blog.
Tags: Home Prices, Home Sales, Homes Sold, Housing Market, Salt Lake County Home Prices, Salt Lake Homes, Salt Lake Housing Market, Salt Lake Real Estate, Utah Housing Market
While home sales in February did not exactly set the world on fire, there was further evidence that the Salt Lake County housing market is stabilizing. The number of home sales was not great, but was still a 3.84% gain over those seen in Feb 2008. The average time taken to sell a home remained constant at 87 days, but the average price per square ft. did fall to just below the $100 mark, at $99.
Total Sales 622
Average List Price $253,008
Average Sale Price $245,710
Sale Vs List 97%
Average Sq. Ft. 2,474
Price Per Sq. Feet $99
Days on Market 87
You can read this post about Salt Lake County Home Prices and other posts on our real estate blog.
Tags: Home Prices, Home Sales, Homes Sold, Salt Lake County, Salt Lake County Home Prices, Salt Lake Housing Market, Salt Lake Real Estate
With the expiration of the First Time Home Buyer Tax Credit at the end of April, we will be holding a FREE seminar to go through the Home Buying process. This class will be held twice at the Salt Lake Community College Miller Campus in Sandy on MARCH 23RD and MARCH 30th.
This exciting new class will be held in the Salt Lake Community College Professional Development Building and is being provided at no cost for Salt Lake area residents.
The campus is located at: 9750 South 300 West, Sandy, UT 84070
Here’s what will be covered in the class:
What loan programs are available to first time home buyers and what are their qualifying requirements? What are the requirements and key dates for qualifying and claiming the $8000 First Time Home Buyer’s Tax Credit? What are the credit requirements for conventional, FHA, and VA loans? How can I find out what my credit score is? How do I go about qualifying for a loan? What should I consider when looking for a new home? How does the home buying process work. How do I make an offer, deposits, what are the key dates, home inspections, when can I move in?
Please note that SEATING IS LIMITED and because of this REGISTRATION IS REQUIRED!
If you would like further information about the class, please contact Joseph Gordon on 801-577-6304 or Trela Bird on 801-450-3535 or Tracie Peay on 801-891-5678.
If you wish to register then please complete the Salt Lake Area First Time Home Buyers Class Registration Form.
Tags: FHA loans, First Time Home Buyers, Home Buyers, Homebuyer Tax Credit, Salt Lake Real Estate
If you are looking to buy a condo, a recent change to FHA loan requirements may just have made your condo purchase more difficult.
In order to get a FHA/VA loan on a condo, the condo development must be FHA approved. If the development has not been approved, it needs to go through a certification process, which checks various criteria such as: must be 50 percent owner occupied, less than 25 percent commercial use, no more than 10% owned by one investor etc. This certification process takes anywhere in the region of 3 weeks to 3 months once the paperwork has been received.
What’s the problem you may ask, surely most the condo developments must have already been approved. Well yes they were, but a recent change means that any development that has not been approved in the last two years will have to reapply for certification. This means that most developments, with maybe the exception of some of the newer ones, will not be able use FHA loans until they have been recertified, which may take some time depending upon the efficiency of the HOA (HOA needs to provide numbers on owner occupancy etc.) and how long it takes the FHA to approve the certification.
This is not just a Salt Lake City Condo Market problem, all condo developments in the U.S. have had their approval status expire.
The only way around this issue is for the buyer to obtain a conventional loan instead of a FHA/VA loan, thus circumventing the approval process. The problem with this is that conventional loans require stricter credit qualifying criteria, and the down payment requirements are greater.
Read this Buying a Condo Just Became More Difficult article on our real estate blog.
Tags: Condo Developments, FHA loans, Home Buyers, Salt Lake Condos, VA Loans