Salt Lake County Real Estate Market Statistics

December 30th, 2007 Categories: Salt Lake County

Well we are closing this year out and so much has happened in the Real Estate World in 2007.

Just about the beginning of the year the lending started to get a little shaky or I should say starting to correct itself back to normal. The first quarter lenders started closing their doors, by mid year the results of the loan practices of the last few years were showing itself in full bloom.

Some parts of the nation went in to a total backward slide in home prices. States like Michigan, Florida were hit pretty bad. Michigan’s woes can be tied to jobs, while Florida is home of the speculators. We had agents in our office here peddling Florida stuff. I have a hard time believing there are agents in Florida offices peddling Utah products.

We had the media all over the board. Reports of the sky is falling, in some parts of the country and in some parts of Salt Lake County that is true. But to give a report on national TV that is not a good time to buy Real Estate because… Is like saying that the weather forecast for the United States is going to be sunny and 77 degrees tomorrow. Real Estate is not a national product, it is VERY, VERY, VERY local. You can have more than one set of conditions inside of one zip code. Not only is it silly to report on a national level, it is irresponsible.

Salt Lake County Real Estate Prices

We started out the with the average home price for January 2007 being $255,898 with highest average for the year up to $292,558 (12.5% increase) with December’s average so far around $272,750 (a respectable 6.25% increase for the year).

Salt Lake County Real Estate Market Statistics

For Statistics of the Salt Lake County Real Estate Market, some reports don’t fit well in a blog roll, so I put it in a PDF for easy viewing.

It is a month by month report being compared by the same same month for 2006 & 2007. Reports for Number of homes sold, average days on market, average list price. average sold price. average list price to sale price ratio.

These statistics are based on data as reported by the Wasatch Front Regional Multiple Listing Service.

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