Salt Lake City Real Estate Blog

Home sales data for the second quarter 2008 is now available. The median single-family Salt Lake County home price was $249,000, which when compared to the same quarter in 2007 ($255,000) is a 2.41% drop. Condominium prices also saw a small drop in price going from $173,950 to $172,600. The prices are coming under pressure because of the increased inventory that is being created by fewer homes being sold, in fact the numbers of single family homes sold declined 27.83% to 2587 homes. There is some good news for Salt Lake County, the number of homes sold has now increased for four straight months, which maybe a sign that at least as far as the number of homes sold the market has seen the bottom.

The Salt Lake County housing market seems to be seems to be split into three, under $250,000 is moving well, $250,000 to $500,000 is slow, and over $500,000 is really slow.

Utah County and Davis County home prices also came under pressure with the single-family median home price going from $246,000 to $235,000 and $230,000 to $227,000 respectively.

I have updated our Salt Lake new homes map to incorporate the latest developments and pricing information. This interactive map uses Google Maps functionality to show the location and prices for the major new home builders and developments in Salt Lake County, Davis County, and Utah County. New home prices across the Salt Lake Valley are coming under pressure from the slowdown in the local housing market. Very few builders/developments have increased their prices, with most builders keeping their prices the same or lowering them slightly. Ivory Homes seems to have cut their prices the most, with the majority of developments showing substantial price declines.

The median annual home price information for 2007 is now available at Salt Lake County Home Prices , Utah County Home Prices , and Davis County Home Prices. Home prices went up in the vast majority of zip codes in all 3 counties, but not at the same pace as 2006.

The 2nd quarter 2007 home prices are now available for Salt Lake County, Utah County and Davis County. On the surface everything looks OK with the vast majority of zip codes seeing their home prices showing double digit increases compared to prices in the 2nd quarter 2006.

That is until the look at the underlying data. Take the number of homes sold, in June 2007 1,366 homes were sold in Salt Lake County while June 2006 saw 1,931 sales. That’s a drop of nearly 30%.  In Utah County things are the same with 532 home sales in 2007 and 726 in 2006 (a fall of nearly 27%).

OK so maybe fewer people are listing their home and that’s why we have fewer sales? Not so there are actually more homes being listed, in Utah County for June 2007 523 homes were listed for sale and in June 2006 403. For Salt Lake County there were 1041 new listings in June 2007 and in June 2006 881.

So what does this mean? It means we are in a transitional market, going from a very strong sellers market to more of a buyers market. Homes are sitting on the market longer, inventory is increasing and sellers are having to drop their asking price.