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Utah Home Buying Trends | Home Sales Trends for Salt Lake County |
Annual Home Sales
Statistics
Average listing price, number of homes sold, average sales price,
days on market, home price increases.
      
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Home Buying
Advantage, Winter or Summer?
February 6, 2008
Traditionally home sales lag during the winter months.
Many home buyers typically wait until warmer weather to
shop for a new home. Reasons favoring summer moves vary.
Moving to a new home during the summer makes school
transitions for children much easier than during the
school year. Most people do not want to load and unload
furniture in the snow or the cold. If such is the case,
how do winter homes sales compare from one winter to
another? Does the winter offer an advantage to home
buyers?
A
study of Salt Lake County real estate trends by
realestatehomesUtah.com,
found that home prices tend to rise even during the
month of January. This study examined the month of
January for the past nine years. It found that the
average sold home price increased by an average of 5.5%
each year. January, 2006 posted the highest gain at 15.1
%. January, 2008 posted a 3.4% gain in price or $9,070
over the previous January. Average home prices increased
in Salt Lake County each January except for 2002, where
the average sold home price decreased by $938 from the
previous January. See the chart below.
The
study also found that the highest average price per
square foot for all the January’s was set in 2007. This
record remained unchanged for January 2008, at $117 per
square foot. The $117 per square foot average is $28
higher than the average over the past nine years.
Significant news for current home buyers is the rise in
the average number of days on market (DOM) for January,
2008 to 59 days. Home owners become more willing to
negotiate price the longer their home is on the market.
Another factor giving evidence to this trend is the
significant increase in the difference between the
average listing price and the average sold price. A
whopping $7,383 for January, 2008! This huge concession
by home sellers of reducing their listing price in order
to sell their home is noteworthy. The next highest
difference between average listing price and the average
sold price was recorded in January, 2003 at only $3,480.
Home sellers currently listed on the market are ready to
negotiate!
Current home buyers clearly have several factors in
their favor. A large selection of homes to choose from,
sellers who are anxious to negotiate, and low interest
rates combine to offer the “Winter” home buyer
significant advantages. Some of these current home
buying advantages may disappear as early as this summer
due to economic stimulus packages being considered by
congress. As the economy picks up and as summer
approaches, home sellers will likely benefit as more
home buyers begin their search for a new home. More
“sold” homes and less inventory will likely result in
increased home prices. So, should home buyers consider
buying now or wait until summer?
Salt Lake County
Real Estate Trends
January Residential Home Sales 2000 - 2008
|
Month |
Ave List $ |
Ave Sale $ |
Ave Diff b/w List & Sale |
Ave Annual Sold Price Increase |
Ave $/ sq ft |
Ave DOM |
|
Jan-00 |
$168,763 |
$165,578 |
$3,185 |
|
$76 |
77 |
|
Jan-01 |
$171,144 |
$168,635 |
$2,509 |
1.8% |
$74 |
77 |
|
Jan-02 |
$169,831 |
$167,652 |
$2,179 |
-0.6% |
$78 |
72 |
|
Jan-03 |
$173,710 |
$170,230 |
$3,480 |
1.5% |
$77 |
68 |
|
Jan-04 |
$179,723 |
$177,198 |
$2,525 |
3.9% |
$79 |
61 |
|
Jan-05 |
$189,231 |
$186,641 |
$2,590 |
5.1% |
$84 |
61 |
|
Jan-06 |
$221,727 |
$219,953 |
$1,774 |
15.1% |
$98 |
44 |
|
Jan-07 |
$259,012 |
$255,898 |
$3,114 |
14.0% |
$117 |
41 |
|
Jan-08 |
$272,351 |
$264,968 |
$7,383 |
3.4% |
$117 |
59 |
|
Ave |
$200,610 |
$197,417 |
$3,193 |
5.5% |
$89 |
62 |
Source:
WFRMLS (This information is deemed to be reliable,
however WFRMLS & RealestatehomesUtah.com does not
guarantee accuracy.)
Report
Date:
February 6, 2008
_________________________________________________________________
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
Barry J. Preusz
REALTOR®, Residential Specialist
7090 South Union Park Center, Ste 650
Midvale, Utah 84047
Office: (801) 253-6771
Click Here to Contact Us
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Utah Home Buying Trends | Home
Sales Trends for Salt Lake County | Annual Home Sales Statistics | Real Estate
Buying Trends
Number of homes sold, average sales price, average listing
price, single family homes, home price increases,
average days on market. 2008 residential sales and real
estate trends for Salt Lake. Properties sold in
the Salt Lake Valley.
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