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Utah Real Estate Market Pulse 

 

Is Now A Good Time To Sell A Home In Utah?   It Depends….

Utah Home - Great Room

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.

 

More about Utah real estate trends....

 

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Utah Real Estate Market Pulse

Utah Homes - Living Room

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.

 

More about Utah Real Estate trends....

 

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Utah Home Prices Increasing Luxury Bathroom

 

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.

 

More about Utah home sales....

 

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Utah Housing Market – First-Half of 2008

Utah Housing Market

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.

 

More of this housing market study, including chart....

 

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The New Real Estate Market Incentives

Homes For Sale - Outdoor Patio

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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The Top Real Estate Market in the U.S.

Utah Housing Construction

A fairly strong argument can be made that Utah's real estate market currently leads the country.  Salt Lake City has been ranked by Forbes as the #1 city in the U.S. for home bargains and #3 for home sellers. CNBC ranked Utah #3 for business while the ALEC ranked Utah at #1 for economic outlook. Lastly, the Beacon Hill Institute ranked Utah as the most economically competitive state in the nation.

Utah appears to be in a pretty good position to weather the current national economic and housing storms.

 

More of this Utah housing market trend....

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Top Real Estate Markets in the U.S. - Number of Days on Market

Salt Lake City, Utah Homes

How does Utah stack-up with the the top real estate markets in the country for homes spending the fewest days on the market? In a research study released by Altos Research, the top ten fastest selling markets in the U.S. had homes listed on the market for an average of 81.1 days. The top ten markets with the least average number of days on market in June, 2008 as reported by Altos Research are displayed below:

Rank

Market

Days On Market

1

Austin, TX

72

2

San Francisco, CA

76

3

Portland, OR

79

4

Salt Lake City, UT

79

5

San Jose, CA

82

6

Boston, MA

83

7

Atlanta, GA

84

8

Denver, CO

85

9

Seattle, WA

85

10

Dallas, TX

86

Source: U.S. News and World Report, July 10, 2008.

The chart below displays some key zip codes in Utah and the average days on market Homes in Utah - Saratoga Springsfor the period April through June. As you can see, Salt Lake City, Bountiful, Holladay, Saratoga Springs, West Valley and Centerville are all better than 66 average days on market. Utah's real estate market is doing rather well in the current "buyer's market". Home sellers in Utah should celebrate.

Rank

Location

Zip Code

Days On Market

1

Holladay

84117

50

2

Salt Lake City

84108

55

3

Salt Lake City

84101

56

4

Saratoga Springs

84045

58

5

Bountiful

84065

58

6

West Valley

84120

60

7

Centerville

84014

65

8

Ogden

84401

66

9

Sandy

84093

71

10

Spanish Fork

84660

74

11

South Jordan

84095

74

12

Provo

84606

80

13

American Fork

84003

85

14

Draper

84020

94

15

Park City

84060

141

Sources: WFRMLS and realestatehomesUtah.com. (Information deemed reliable but not guaranteed.)

 

More of this Utah top real estate markets report....

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Top Retirement Cities in the U.S. - Salt Lake City Ranked #5

Salt Lake City Utah - Temple Square

Salt Lake City is ranked number five in the country for retirement in a metro area. In a study by Forbes magazine, Salt Lake City ranked behind Columbus, OH; Dallas; Minneapolis and Houston. The criteria used for selecting the best retirement cities included affordable housing, low cost of living, medical accessibility and economic growth.

Source:  Maurna Desmond (10/20/08)

 

 

More of this ranking report....

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Utah Real Estate Market Trend Report

 November 10, 2008

Dick Gaylord, president of the National Association of REALTORS, recently stopped by to visit Governor Jon Huntsman. Salt Lake City, UtahDuring the visit, Gaylord praised Utah’s job market citing that the state created 3,000 new jobs in the past 12 months and 100,000 in the past three years. This occurred while many states are losing jobs. Gaylord states that there is “pent-up demand” that continues to mount up for local housing. “It’s only a matter of time before we see rises in home sales and also in activity in the market. So I think we’re going to see a change in 2009.”  (Dick Gaylord, remarks to Utah Association of REALTORS, 10-22-2008)

Smart Money Magazine states that Salt Lake City is in a good position to rebound in the real estate market. Salt Lake was one of the top 25 cities in the country expected to help mend the ailing home market because of Utah’s strong job growth. The magazine cites that “Salt Lake City has a less than 1 percent chance of home prices being lower two years from now than they are today.” (Wall Street Journal, Smart Money Magazine, Brad Reagan and Elizabeth O’Brien, 10-17-2008)

Forbes ranked Midvale, Utah #6 in the country as one of the top suburbs in which to sell a home. The November 6 article cited a study by Altos Research that examined the best markets in the U.S. for selling a home. The criteria for selection included the number of days to sell a home, stability of home prices and inventories. (Forbes, Ten Best Suburbs To Sell A Home, Matt Woolsey, 11-6-2008)

 

Some current real estate market data (sold data includes the past 12-months)

 

Salt Lake County

Utah County

Davis County

Current Listings

8,325

4,620

2,308

   Median Price

$282,950

$265,000

$264,900

   Average Price

$385,596

$354,118

$668,356

   Average Market Time

93 days

111 days

97 days

 

 

 

 

Sold Residential Properties

11,124

4,457

3,451

   Median Price  

$227,500

$217,000

$215,575

   Average Price

$269,093

$250,551

$244,016

   Average Market Time

61 days

79 days

69 days

 

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Utah Real Estate Market Trend Report

 December 22, 2008

 

Mortgage Rates Salt Lake City Real Estate & Homes

The Federal Reserve Board lowered interest rates last week for home buyers. This should significantly improve home sales, home valuation and the nation’s overall economy. Mortgage rates, averaging 6.3 percent in the third quarter 2008 have now fallen into the 4 percent range in some parts of the country. The average 30 year mortgage rate posted by Freddie Mac is currently 5.19%.

Federal Tax Credit

The National Association of REALTORs is asking the government to expand the $7,500 tax credit for first-time home buyers (defined as anyone who has not purchased a home in the past three years) to included all home buyers and to eliminate the credit repayment requirement.

Pending Home Sales

Lawrence Yun, the National Association of REALTORs chief economist, stated that the past year data for homes sales is stabilizing. “Despite the turmoil in the economy, the overall level of pending home sales has been remarkably stable over the past year, holding in a generally narrow range,” he said. “We did see a spike in August when mortgage conditions temporarily improved, which underscores two things – there is a pent-up demand, and access to safe, affordable mortgages will bring more buyers into the market.”

 

 

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Utah Real Estate 2008 Market Trends

 January 5, 2009

 

The figures are in for 2008 home and condo sales in Utah. The latest real estate market study conducted by realestatehomesUtah.com, using WFRMLS data found that the average Utah home price is down Utah Home Marketslightly in 2008 compared with 2007 by an average of 3.5 percent. Single family homes are selling for $10,069 less in 2008 while condos are down an average of $6,583. However, some counties are still showing price increases such as Weber with an average price increase of $5,598 for single family homes and $6,398 for condos.

 Another trend showing a market slow-down is the number of days it takes to sell a home on the market. In 2007, the average number of days a home remained on market until sold was 48. Now it takes an average of 25 days longer to sell for a total of 73 days.

 Conclusions:  Utah home prices are feeling the effects of a national economic downturn, offering current home buyers many bargains on the market. The inventory of homes currently listed on the market will take approximately 11 months to sell. Utah home owners that price their homes competitively with the market should expect two to three months to find a buyer for their home.

 

Full trend report....

 

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Salt Lake City, Utah - The Most Fit City

 January 14, 2009Salt Lake City Real Estate Market

 

Salt Lake City has been crowned as the most fit city in the U.S. by Men's Fitness Magazine in its annual report of fit cities. The report cited Salt Lake City as having lower obesity and athletic residents who make use of the numerous nearby parks and fitness centers. Salt Lake City's top ranking was followed by Colorado Springs, Minneapolis, Denver and Albuquerque.

 

 

 

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Current Home Buying Stimulus Packages Totaling $14,000

 June 13, 2009Utah Real Estate Trends - Salt Lake Area

 

The Federal Program - $8,000 Tax Credit & Down Payment

The $8,000 first-time Federal home buyer tax credit keeps getting better. On May 11, the secretary of the U.S. Department of Housing and Urban Development, Shaun Donovan, announced that HUD will provide short-term bridge loans that will allow first-time home buyers to use the federal government's $8,000 tax credit as part of their down payment and closing costs.

The step essentially allows purchasers to get their $8,000 home-buying tax credit at closing rather than waiting until after filing their 2009 taxes. For many potential buyers, the fact that the tax credit couldn't be received until 2010 made it difficult to make a purchase before the Nov. 30 deadline - especially if they planned on using the tax credit as part of their down payment. Under this new program, the $8,000 can be used right at closing.

Details on the Federal Home Buying Stimulus Package….

Utah’s Home Run Grant Program for $6,000

The Utah Home Run Grant Program provides $6,000 to home buyers, purchasing a newly-constructed, never-occupied, primary, single-family residence anywhere in Utah.

Details on Utah's Home Run Grant….

 

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Ogden, Utah Ranks as the Cheapest Place to Live

 July 25, 2009Utah Home Builders at Work

In a study released by Forbes magazine, Ogden-Clearfield, Utah was rated #1 in the Mountain states for the cheapest metro area to live. The study examined three separate sources to determine rankings. Moody's Economy.com was used for cost-of-living figures. The National Association of Home Builders and Wells Fargo provided home affordability figures. Fort Collins-Loveland, Colorado ranked second.

Four quality-of-life factors were also included in the study. These factors were the violent crime rate, unemployment rate, cultural opportunities, and the average salary for college graduates.

Click here for more Utah Rankings....

 

 

 

 

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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

Salt Lake City Ranked #1 for Home Buying Bargains - March, 2008

Is Now A Good Time to Sell A Home? - April, 2008

Utah High Schools In the Top 5% of the Nation - May, 2008

Salt Lake City, Utah Ranked #3 For Home Sellers - 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

Utah's Strong Economy and the Housing Market - September, 2008

Utah Ranked #1 - October, 2008
 
 



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 Barry J. Preusz
REALTOR | Residential Specialist

1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083



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Utah Real Estate Market Trends - Salt Lake City Home & Condo Trends | Housing Market Pulse


Equity Realty Website featuring real estate news, resources, trends, statistics and REALTOR services for Utah, including average Utah home prices, days on market, condos sold, homes sold, average square feet, new listing sold, single family homes sold, 4 bedroom homes sold, 3 bedroom homes sold and more market analysis. Utah real estate news and trends provided by Equity Realty website. Real estate news for Salt lake City, Provo, Park City and Salt Lake County & Utah County. Featuring Salt Lake City current events, downtown Salt Lake City condominium news, new construction news, real estate zoning news, real estate articles, Utah web e-zine articles, condo news, master planned communities, retirement community news, information, resources, real estate services, residential property news, townhouse construction news, Utah land and property trends, Utah real estate trends.

Key topics this month: Salt Lake County home sales, Summit County, Wasatch County, Davis County, Utah County, Washington County, Weber County, Tooele County, Utah, UT, median Utah home prices, Utah home market, counties in Utah, days on market, condos sold, homes sold, single family homes sold, real estate market analysis

Serving Salt Lake County, Salt Lake City, Utah County, Provo, Davis County, Bountiful, Summit County, Park City, Wasatch County, Heber City, Weber County, Ogden, Washington County, Saint George, St. George, Tooele County, Tooele.

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