South Jordan Home Market Trends
in South Jordan continue to rise.
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
for houses in South Jordan is down sharply in 2007.
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.
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%.
of residential properties in South Jordan is
significantly up in 2007.
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.
figures below display the
listings for South Jordan
as of August 1, 2007:
Current number of residential properties on the
market - 517
Single family homes - 481
bedrooms or less - 16
Three bedrooms - 149
Four bedrooms - 135
Five bedrooms - 98
bedrooms - 63
Seven bedrooms - 16
More than seven bedrooms – 4
Price range - $203,900 to $3,000,000
Condos - 36
range - $188,700 to $579,900
More Utah Real Estate Market Trend Reports
South Jordan Real Estate Trends - February, 2007
Property That Sells In Salt Lake County - March,
National & Utah Real Estate Trends - April, 2007
Salt Lake and
Utah County Housing Market - May, 2007
Real Estate Trends for 2007 - June, 2007
Utah Home Builders - June, 2007
Estate Market Sales - July, 2007
Utah Home Market Trends - August, 2007
Real Estate Trends for Salt Lake County - September,
Salt Lake County Real Estate Trends
- October, 2007
Trends in Utah - November, 2007
Market Trends Favor Buyers - December, 2007
Market Statistics for 2007 - January, 2008
Barry J. Preusz
REALTOR®, Residential Specialist
1218 East 7800 South
Salt Lake City, Utah 84094
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