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South Jordan Home Market Trends

  August 1, 2007

 Home Prices in South Jordan continue to rise.

The South Jordan average asking price during the 1st 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 2nd 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

Price range - $188,700 to $579,900

 

 

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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

 


Equity Real Estate Logo

Barry J. Preusz

REALTOR, Residential Specialist


1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083



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