South Jordan Utah Home Market Price Trends

South Jordan Home Market Trends

August 1, 2007

Home Prices in South Jordan continue to rise.

The South Jordan average asking price during the 1^st quarter of 2007 was $426,434 for a 13% increase over the same period last year. That translates into an average price increase of nearly $50,000 per home. The 2^nd quarter average asking price was $431,051, slowing to an 8% increase. So far in 2007 there have been only four homes newly listed on the market for under $180,000. Over 51% (685 homes) of the newly listed residential properties on the South Jordan market in 2007 are priced between $300,000 and $500,000. Another 330 or 24% of the newly listed homes are priced at or above a half-million dollars.

Demand for houses in South Jordan is down sharply in 2007.

It is taking longer to sell South Jordan homes in 2007 than in it did 2006. In 2006 the average days on market for residential property (number of days between listing date and contract date) was 32 days. Contrasted with the current 59 days for 2007, it is taking nearly a month longer to sell homes in South Jordan than last year.

The percentage of new residential property listings that sold is also markedly down from last year. First quarter 2006 to 2007 comparisons show a downturn of 35.2%. Second quarter is down by 36.8%.

Supply of residential properties in South Jordan is significantly up in 2007.

There were 846 new South Jordan market listings in 2006. In only the first seven months of 2007, South Jordan has posted 1,336 new listings on the market. That represents an increase of 57.9%. Buyers appear to have a much larger selection of homes to choose from this year.

However, as mentioned in the pricing analysis above, there are fewer homes on the market in the lower price ranges than in the higher price ranges. So far in 2007, there were 1,015 new home listings priced above $300,000. That means there are 68% more homes for sale above the $300,000 mark than below. The number of new 2007 home listings priced under $300,000 is only 321. While home buyers have a large selection in homes priced above $300,000, many first-time home buyers have very little selection and find themselves competing with many buyers who are also looking in the lower price ranges.

The figures below display the current marketing listings for South Jordan as of August 1, 2007:

Current number of residential properties on the market - 517

Single family homes - 481

Two bedrooms or less - 16

Three bedrooms - 149

Four bedrooms - 135

Five bedrooms - 98

Six bedrooms - 63

Seven bedrooms - 16

More than seven bedrooms – 4

Price range - $203,900 to $3,000,000

Condos - 36