Utah Real Estate Homes For Sale - Find Salt Lake City, Park City, Provo Condos, Townhouses | Utah Agent - Realtor

 

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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Utah Real Estate Market Pulse

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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Utah Home Prices Increasing

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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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

 

 

 

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