If you have visited the Daybreak Utah community recently you will have noticed a large amount of building going on. Of course there is the usual new home construction in the Eastlake and North Shore Villages, but there are also two large parcels of land currently being torn up ready for development. One of them located on the east side of the lake (where the trees were stored) and another on the west side of the lake just south of the Brookside model home village. Well today I found out what these areas will be. Daybreak is building not one, but two new villages.
Creekside Village – Opening in August 2013
This village is located near the Brookside Model Village, sandwiched between two creeks and will feature homes ranging from the $200’s to the $400’s. Village features include a planned pool, 15 acre park (including sports fields), and Bingham Creek Reserve (located in a dry creek bed). The homes in this village will feature larger than usual yards
Lake Village – Opening in September 2013
This village is located on either side of the northern part of the lake (located on a hillside on the west of the lake and a peninsula on the east side). . Homes in this village will include waterside condominiums and single family homes, ranging in price from the $200’s to the $500’s. Home features include lake views, and larger yards with a redesigned more usable yard space.
Forbes names Salt Lake City the 10th best city in the U.S. for Good Jobs in 2013. This list was compiled using the following criteria:
• 2011 unemployment rate: 5%.
• Current unemployment rate: 20%.
• Estimated 2013 employment growth: 20%.
• 5-year estimated employment growth: 25%.
• Current per-capita income: 15%.
• Estimated 5-year income growth: 15%.
It was designed to identify cities with a combination of low unemployment, high wages and high job growth.
Attracted by a highly educated work force, I.T. companies have recently flocked to the area, and while the metro population growth rate tapered off, the area is still expected to add 60,000 jobs through 2020. All this is good news for the Salt Lake Area and local the housing market.
The first quarter 2013 saw median prices continue their upward trend, with single family homes climbing 19.45% and condo prices climbing 14.16%. This data is especially good news for condo owners, who have until recently watched as single family home prices have recovered and condo prices continued to decline. Driving the recovery in the condominium market were strong sales, which increased over 27%, to 317 sales in the quarter. On the other hand single family home sales were pretty much flat, showing just a marginal improvement of 1.22% to 2,238 sales.
So why are prices climbing while the number of sales seems to have reached a plateau. Well it’s all about supply and demand. Take a look at the table below which shows the 1st quarter single family home new listings and median number of those new listings sold since 2006. We can see that the number of new listings has declined from a peak of 6,553 in 2008 to a low of 3,453 in the last quarter. That’s a drop of nearly 50% from its peak. While the number of new listings continued to decline, the number of those listings selling has climbed steadily over the same period, going from a low of 27.67% in 2008 to 64.81% in the last quarter (a level even higher than that seen in the height of the real estate boom). In short there are so few homes on the market that buyers are facing tough competition from other buyers, thus driving up median home prices.
Single Family Homes
|Year||New Listings||Median Sold|
If we look at the same data but for condos we can see a similar picture, but the trend seems to be about 2 years behind that of single family homes. This is one of the reasons why condo median prices have been slower to recover.
|Year||New Listings||Median Sold|
Trela Bird is a Realtor serving the Salt Lake City market. Use out MLS search to find Luxury Salt Lake Homes.
Tags: Condos, Home Prices, Home Sales, Homes Sold, Housing Market, Real estate, Real Estate Market, Salt Lake County, Salt Lake County Home Prices, Salt Lake Home Prices, Salt Lake Homes, Salt Lake Real Estate
The Salt Lake Housing Stats and home prices for 2012 are out and it’s a pretty good year for home owners (well at least better than the previous 4 years). For the first time since 2007, home prices in Salt Lake County increased year over year. The median home price for a single family home stood at $212,000, up from $199,000 which is a 6.53% increase. The total number of homes sold showed a 16% increase, but the data that stood out the most was the CDOM or cumulative days on market. This stat tells us how long in days it took to sell a newly listed home, and in 2012 this figure dropped 50% to just 35 days. The lower the figure the hotter and stronger the market.
The condo market did not do nearly as well as single family homes, prices continued to fall and in fact the decline accelerated falling 15.84%. While prices continued to fall, there were some encouraging signs, with home sales increasing 15.89% and the CDOM declining 29.46%. Part of the problem with condo sales are the tight lending requirements aimed specifically at condos, making it difficult to obtain mortgages in some condo developments.
The outlook for 2013 looks better than it has done for some time. Early indications are showing the strength in the market is continuing into the first quarter, with a limited housing inventory competition is strong among buyers. In fact we could do with more people listing their home so buyers have a greater choice.
Tags: Home Buyers, Home Prices, Home Sales, Home Sellers, Housing Market, Salt Lake County, Salt Lake County Home Prices, Salt Lake Homes, Salt Lake Housing Market, Salt Lake Real Estate, Utah Real Estate
While 2012 was not a great year for the U.S. housing market we did start to see the first signs of recovery, with rising home sales, less inventory and in some cases rising home prices. The Salt Lake City housing market actually returned decent results, certainly better than previous four years. So given this what can we expect in 2013? Well while no one can be sure and guarantee results, there is lots of positive data that would lead us to expect a good year for home owners.
1. Increasing optimism over increasing home values. A fourth quarter survey by HomeGain resulted in 65% of real estate professionals who were asked, saying that they expected home values to increase in 2013, that’s up from 51% in the third quarter and up from 15% in the fourth quarter 2011.
2. Foreclosure rates fell to below pre housing bust levels. The number of foreclosure starts fell to a six year low in December 2012. Data provided by RealtyTrac reported a 28% drop in foreclosure starts year on year, pointing to evidence that the worst of the foreclosure problem is behind us.
3. Number of improving housing markets is increasing. According to the National Association of Home Builders the number of housing markets (U.S. Metro Areas) where home sales, employment and housing values has increased for at least the past six months increased by 76 to a total of 201 in December.
4. Interest rates remain at low levels.
5. Fewer home owners are underwater. The rising home values mean that fewer people are underwater. Figures provided by Zillow show that in the second quarter 2012 the percentage of people underwater fell from 31.4 to 30.9. This figure will continue to fall if home values continue their upward trend.
6. Tight inventory levels. In some areas buyers are becoming frustrated by the lack of homes for sale inventory to choose from. Fewer homes listed means that those homes in popular areas are in high demand, which in turn pushes up home values.
7. Housing starts are climbing. Builder confidence is increasing and with it more new homes are being built. In October 2012 housing starts hit a four year high, and have grown to about 40% of the peak seen back in Jan 2006.
While all this data is very encouraging for the housing market, there are still hurdles ahead, including the fiscal cliff, and debt ceiling.
November 2012 was another strong month for the Salt Lake Utah Housing Market. The average sales price for a Salt Lake County home increased 8.65%, home sales were up (up 12.64%), homes were selling faster (82 days down 28.7%) and the average price per square ft. was up (climbing 13.09%). Homes are definitely in demand at the moment, in fact one of the few problems with the current market is the lack of inventory for buyers to choose from. Because of this lack of inventory, some buyers are choosing to opt for a new construction home, causing a surge in the number of homes currently under construction.
When we break the data out by type of property, we see that the condo real estate market is still lagging behind that of single family homes. The average price for a condo is increasing, just not at the same pace as single family homes and its still taking an average of 149 days to sell a condo, which while improving, is way above that of 79 days for a single family home.
Salt Lake County Housing Data for November 2012
Average Home Price: $235,823 up 8.65%
Homes Sold: 1,016 up 12.64%
Average Price Per Sq. Ft. $100.31 up 13.09%
Average Days on Market 82 days down 28.7%
Single Family Homes
Average Home Price: : $251,765 up 8.31%
Homes Sold: 836 up 13.59%
Average Price Per Sq. Ft.: $97.89 up 14.73%
Average Days on Market: 79 down 33.02%
Average Condo Sale Price: $159,587 up 5.97%
Condos Sold: 97 down 1.02%
Average Price Per Sq. Ft.: $124.24 up 4.87%
Average Days on Market: 149 days down 9.7%
If you are looking to purchase a home, use our Salt Lake Real Estate Mobile Home Search to find homes when out house hunting.
The home sales data for Salt Lake County 3rd quarter 2012 is out and things are definitely looking up. For the second quarter in a row the median home price for combined home sales (all home types) went up, with the new median home price standing at $199,000 up 7.63% when compared to the 3rd quarter 2011. There were a total of 3,680 homes sold in the quarter, the strongest numbers we have seen for some years. This data backs up what we have recently been seeing in the market, with a shortage of homes for sale, homes are selling faster and in some cases experiencing keen competition from buyers, with more and more multiple offer situations. It’s not only the resale market that is hot at the moment, new construction homes are also selling fast, just take a look at all the new construction activity currently underway in the valley.
Here is a summary of the sales data for the third quarter:
All Home Types:
Median Sales Price: $199,000 up 7.63%
Home Sales: 3680 up 15.69%
Days on Market: 32 down 52.24%
Single Family Homes
Median Sales Price: $215,008 up 9.17%
Home Sales: 3003 up 13.41%
Days on Market: 28 down 54.10%
Median Sales Price: $134,900 up 3.77%
Home Sales: 373 up 42.37%
Days on Market: 52 down 46.94%
Tags: Home Buyers, Home Prices, Home Sales, Homes Sold, Housing Market, Real Estate Market, Salt Lake County, Salt Lake County Home Prices, Salt Lake Home Prices, Salt Lake Homes, Salt Lake Housing Market, Salt Lake Real Estate, Utah Housing Market
The average home price in Salt Lake County rose over 8% in August 2012. Strong Salt Lake Utah Real Estate home sales (up over 18%) and a shortage of homes for sale pushed up prices for the 7th month in a row. The average price per square foot for a home surpassed the $100 mark for the first time since October 2010. Homes were also selling faster, with the average number of days on market dropping 27.59% when compared to last year.
While the recovery in the condo real estate market has trailed behind that of single family homes, for the first time in a long time the average price for a Salt Lake condo actually went up, increasing 4.08%. The amount of time taken to sell a condo is still pretty high at 118 days, but it’s much better than the 200+ days we have recently seen. The single family home market continues its strong upward trend with average prices up over 10% to $257,689.
So what is driving the turnaround in the real estate market? One of the factors in the low vacancy rate in the apartment market, standing at just 3.8% and with rent prices increasing at over 8%, it’s not an easy (or cheap) time to find somewhere to rent. To cope with the demand for housing, new home starts are up a staggering 78% compare to last year.
Salt Lake County Housing Data for July 2012
Average Home Price: $241,141 up 8.81%
Homes Sold: 1,326 up 18.6%
Average Price Per Sq. Ft. $100.29 up 12.31%
Average Days on Market 81 days down 27.59%
Single Family Homes
Average Home Price: : $257,689 up 10.51%
Homes Sold: 1,080 up 14.77%
Average Price Per Sq. Ft.: $96.84 up 11.85%
Average Days on Market: 79 down 26.85%
Average Condo Sale Price: $174,345 up 4.08%
Condos Sold: 139 up 71.6%
Average Price Per Sq. Ft.: $128.91 up 4.68%
Average Days on Market: 118 days down 30.99%
Tags: Apartments, Average Home Prices, Home Prices, Home Sales, Homes Sold, Housing Market, New Home Starts, Real Estate Market, Rental market, Salt Lake County, Salt Lake County Home Prices, Salt Lake Homes, Salt Lake Housing Market, Salt Lake Real Estate
HOAs (Home Owner Associations) have been around for a long time; primarily for condo and townhome developments they are becoming more and more prevalent for single family home developments. In fact you will find that the vast majority of new developments have a HOA to one degree or another.
So what is a HOA? An HOA is a governing body (usually made up of home owners) put in place to look after a neighborhood. They define rules and regulations that must be following by the homeowners, and are responsible for enforcing those rules. They are also usually responsible for maintaining common areas, facilities (swimming pool etc.) and external maintenance of the buildings (at least when it comes to condos and townhomes).
So their overall job is to maintain a standard within the community, and therefore protect the property values. In order that they can do this each homeowner pays a fee (usually monthly), which is used to support the HOAs activities. This fee can be a few dollars to hundreds of dollars.
Just like businesses some HOAs are well run and others not so. The HOA can be a true enforcer and proactive or can be weak and ineffective. So how do you know how good an HOA is? Well there are a several ways you can find out. The first way is to ask for the minutes of the HOA meetings, here you will see if there are any problems, if they have enough money in the bank and if there are any big bills that are due to be incurred in the near future. You can then study these minutes as part of your due diligence period. The other way is to ask some of the people who live there. Lastly, take a look at the neighborhood to see if the homes and facilities are well maintained, if they are then the chances are the HOA is doing their job.
You should also obtain a copy of the HOA governing documents, which detail the rules and regulations covered by the HOA. These can cover anything from what pets you can own to what color you can paint your home.
Visit our SLC Condos website for more information on HOAs and other condominium development information.