Have Salt Lake Home Prices Gone Too Far
November 13th, 2007 Categories: Real Estate News
Well it depends, that answer seems to be the normal answer. The median price in Salt Lake County is $230,000. The national median price for existing homes is $211,700. Below is a chart of price ranges for Salt Lake County that have been reported so far this year.
List Price Range |
Units |
Average Days On Market |
||
$140,000 |
- |
$159,999 |
1,023 |
26 |
$160,000 |
- |
$179,999 |
1,401 |
31 |
$180,000 |
- |
$199,999 |
1,545 |
31 |
$200,000 |
- |
$249,999 |
3,096 |
34 |
$250,000 |
- |
$299,999 |
2,213 |
41 |
$300,000 |
- |
$349,999 |
1,426 |
42 |
10,704 |
34 |
|||
The total volume reported so far this year for all Salt Lake county is 15,116 with an average of 37 Days on Market. The above chart represents two thirds of the market.
There were another 2,552 units sold with an average of 48 days on marketin the price rangeof $350,000-799,999
Other Counties Median Price
Davis $219,900
Utah $219,900
Tooele $184,900
Weber $154,00
Below is a list I quotes I found on a Blog in Seattle.
“The price of houses seems to have reached a plateau, and there is reasonable expectancy that prices will decline.” (Time Magazine, December 1, 1947)
“Houses cost too much for the mass market. Today’s average price is around $8000, out of reach for two-thirds of all buyers.” (Science Digest, April 1948)
“If you bought your house since the war, you have made your deal at the top of the market. The days when you couldn’t lose on a home purchase are no longer with us.” (House Beautiful, November 1948)
“The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs $28,000.” (Business Week, September 4, 1969) ”
“Be suspicious of the ‘common wisdom’ that tells you to buy now because continuing inflation will force home prices and rents higher and higher.” (NEA Journal, December, 1970)
“The median price of a home today is approaching $50,000. Housing experts predict that in the future price rises won’t be that great.” (National Business, June 1977)
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Wow! Looking at your days on market makes me jealous. We are over 100 at this point! This is not that out of whack for our typical market, but up 15 days or so.
Thanks for the insight on Salt Lake pricing. I used to spend quite a bit of time in Park City as my in-laws lived there. They sold out just before the Olympics.
Jealous is right, what we would give to go back to those times!!! Certain parts of our market have literally YEARS of inventory. The 1.5 million+ segment has over a DECADE of built-up inventory.
The quotes you are offering have their time and place, however, and there have been broad declines in the national market as a whole during certain stages of history. If you’ve ever read Robert J. Schiller’s “Irrational Exuberance,” or even just SEEN the graphic associated with the past 115 years of U.S. housing prices, you should appreciate that even if your market is counter-cyclical with the national trend, it can certainly go back the other way. Ours is feeling the effects of being unaffordable in the face of slightly rising interest rates.
What’s humerous, however, is that most of the bears have been predicting a ‘crash’ since 2003! If you keep saying that something bad is going to happen you’ll eventually be right, but it’s tough to sound smart announcing the end of the world during prosperous times.
Anyways, enjoy these times while you’ve got them, and save your money for when OUR MARKET is good, and YOURS is in the DUMPS! I’ll be sure to keep you WELL INFORMED when that eventually happens! And thank you for the reminder of what 2005 was like.
[…] are selling and the rest are not. See the graph for The Tale of Two Markets Based on the data from the previous post. The days on the market for priced correctly and that are in good condition is fairly […]