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Utah Real Estate News & Trends
Utah real estate news, current events, updates, articles and trends provided by Equity Real Estate Realtor website. Real estate news for Salt lake City, Provo, Park City - Salt Lake County & Utah County. Featuring information, resources, real estate services, residential property news, townhouses & condos construction news, and Utah land and property trends. Click on the topics that interest you. ______________________________________
Is Now A Good Time To Sell A Home In Utah? It Depends….
Utah’s current real estate market favors buyers. There is a lot of inventory, interest rates are low and Sellers are willing to negotiate. This combination favors home buyers. Buyers waiting for better market conditions will likely be disappointed in the months ahead. Government actions to spur the economy will eventually take effect and as market conditions improve, home prices will increase.
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Salt Lake City consistently shows growth in home values and has a relatively short selling time. The median home price in Salt Lake City is $235,000 while condominiums have a median price of $169,200. Average market time is 43 days for single family homes and only 39 days for condos. Condominium sales represent 23% of total home sales in Salt Lake City. Utah home prices are increasing in two other key cities--Heber City and Ogden--while falling in Bountiful, Park City, Provo and Saint George. Condos in Park City are also decreasing in price while in Ogden prices for condominiums are increasing. These findings come from a study looking at home and condo sales in eight key cities in Utah.
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Home prices in Utah are continuing to increase. The average home price for the past 12 months (June 2007 – May 2008) is $254,103. The average for the previous 12 months was $248,704. The average home sold price increased by $5,399 or 2.12%. Data for this study was collected from the Wasatch Front Multiple Listing Service for the two time periods. The study found that the average listing price or “for sale price” increased by $9,683. Comparing the average sold price to the average listing price results in an average difference of $4,284. The final sales price on a home tends to be less than what the residential property owners list their homes for. Not surprisingly, the average listing price increased by 3.7% compared with only 2.1% for sold properties, meaning that sellers' expectations are increasing faster than the actual price for a sold home. Home buyers can expect to pay around $4,000 less than the asking price for a home.
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Utah Housing Market – First-Half of 2008
The national market downturn is affecting Utah. Home prices for the first half of the year are showing an average price decrease of over $7, 000 from last year’s average. Condo prices have also slipped statewide. The average home price in Utah is down $4 per square foot. Utah home buyers are getting more concessions from sellers. The current average sold price to listing price is ($6,801), which is ($2,014) more than the average for 2007. Home sellers are waiting an average of 20 days longer to sell their property so far this year. The average days on market until sold is currently 68 days. Conclusion: Current Utah market conditions favor buyers. Buyers can expect property owners to be more willing negotiate price and terms. The longer selling time for home owners will make sellers more anxious to meet buyer expectations.
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The New Real Estate Market Incentives
On July 30, 2008, President Bush signed into law a bipartisan housing stimulus package. With passage of this new bill, first-time home buyers, including those who have not owned a home in the last three years will be eligible for a significant tax credit. The credit is up to 10 percent of the home’s purchase price. The maximum allowance is capped at $7,500 for a married or unmarried couple who jointly purchase the home or $3,750 for those who file separately. The tax credit applies to homes purchased on or after April 9, 2008 and before July 1, 2009. More of this federal housing incentive....
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More Utah Real Estate Market Trend Reports
South Jordan Real Estate Trends - February, 2007 Property That Sells In Salt Lake County - March, 2007 National & Utah Real Estate Trends - April, 2007 Salt Lake and Utah County Housing Market - May, 2007 Utah Real Estate Trends for 2007 - June, 2007 Top Utah Home Builders - June, 2007 Utah Real Estate Market Sales - July, 2007 South Jordan Utah Home Market Trends - August, 2007 Ten Year Real Estate Trends for Salt Lake County - September, 2007 Salt Lake County Real Estate Trends - October, 2007 Home Sales Trends in Utah - November, 2007 Utah Home Market Trends Favor Buyers - December, 2007 Utah Home Market Statistics for 2007 - January, 2008 Home Buying Advantage - Winter or Summer? - February, 2008 Is Now A Good Time to Sell A Home? - April, 2008 Utah High Schools In the Top 5% of the Nation - May, 2008 Utah Real Estate Market Pulse - June, 2008 Utah Home Prices Increasing - June, 2008 Utah Housing Market - July, 2008 Federal Home Purchase Incentives - August, 2008 Music Credit - DJ Tylo
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Utah real estate resource for condominiums, townhouses, ramblers, horse property, new construction, gated communities, master planned communities, retirement community, equestrian real estate, country clubs, single level and two story homes. We provide houses for sale, home listings and real estate listings. Equity Real Estate. Serving Alpine, Alta, American Fork, Bluffdale, Bountiful, Cedar Hills, Centerville, Cottonwood Heights, Davis County, Daybreak, Deer Valley, Draper, Eagle Mountain, Emigration Canyon, Farmington, Heber City, Herriman, Highland, Holladay, Kamas, Kearns, Layton, Lehi, Lindon, Magna, Mapleton, Midvale, Midway, Murray, North Ogden, North Salt Lake, Ogden, Orem, Park City, Payson, Pleasant Grove, Provo, Riverton, Salt Lake City, Salt Lake County, Sandy, Saratoga Springs, Snowbird, South Jordan, South Ogden, South Salt Lake, Spanish Fork, Springville, Sundance, Summit County, Taylorsville, Tooele, Wasatch County, West Bountiful, West Jordan, West Valley, Woods Cross, and Utah County. |
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