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    Home > > Utah Real Estate News & Trends > > Home Buying Advantage February 2008

Home Buying Advantage, Winter or Summer?

February 6, 2008

Traditionally home sales lag during the winter months. Many home buyers typically wait until warmer weather to shop for a new home. Reasons favoring summer moves vary. Moving to a new home during the summer makes school transitions for children much easier than during the school year. Most people do not want to load and unload furniture in the snow or the cold. If such is the case, how do winter homes sales compare from one winter to another? Does the winter offer an advantage to home buyers?

A study of Salt Lake County real estate trends by realestatehomesUtah.com, found that home prices tend to rise even during the month of January. This study examined the month of January for the past nine years. It found that the average sold home price increased by an average of 5.5% each year. January, 2006 posted the highest gain at 15.1 %. January, 2008 posted a 3.4% gain in price or $9,070 over the previous January. Average home prices increased in Salt Lake County each January except for 2002, where the average sold home price decreased by $938 from the previous January. See the chart below.

The study also found that the highest average price per square foot for all the January’s was set in 2007. This record remained unchanged for January 2008, at $117 per square foot. The $117 per square foot average is $28 higher than the average over the past nine years.

Significant news for current home buyers is the rise in the average number of days on market (DOM) for January, 2008 to 59 days. Home owners become more willing to negotiate price the longer their home is on the market. Another factor giving evidence to this trend is the significant increase in the difference between the average listing price and the average sold price. A whopping $7,383 for January, 2008! This huge concession by home sellers of reducing their listing price in order to sell their home is noteworthy. The next highest difference between average listing price and the average sold price was recorded in January, 2003 at only $3,480. Home sellers currently listed on the market are ready to negotiate!

Current home buyers clearly have several factors in their favor. A large selection of homes to choose from, sellers who are anxious to negotiate, and low interest rates combine to offer the “Winter” home buyer significant advantages. Some of these current home buying advantages may disappear as early as this summer due to economic stimulus packages being considered by congress. As the economy picks up and as summer approaches, home sellers will likely benefit as more home buyers begin their search for a new home. More “sold” homes and less inventory will likely result in increased home prices. So, should home buyers consider buying now or wait until summer?

 

Salt Lake County Real Estate Trends

January Residential Home Sales 2000 - 2008

Month

Ave     List $

Ave     Sale $

Ave Diff b/w List & Sale

Ave Annual Sold Price Increase

Ave     $/ sq ft

Ave DOM

Jan-00

$168,763

$165,578

$3,185

 

$76

77

Jan-01

$171,144

$168,635

$2,509

1.8%

$74

77

Jan-02

$169,831

$167,652

$2,179

-0.6%

$78

72

Jan-03

$173,710

$170,230

$3,480

1.5%

$77

68

Jan-04

$179,723

$177,198

$2,525

3.9%

$79

61

Jan-05

$189,231

$186,641

$2,590

5.1%

$84

61

Jan-06

$221,727

$219,953

$1,774

15.1%

$98

44

Jan-07

$259,012

$255,898

$3,114

14.0%

$117

41

Jan-08

$272,351

$264,968

$7,383

3.4%

$117

59

Ave

$200,610

$197,417

$3,193

5.5%

$89

62

 

 

Source:   WFRMLS (This information is deemed to be reliable, however WFRMLS & RealestatehomesUtah.com does not guarantee accuracy.)

Report Date:  February 6, 2008

 

 

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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

 


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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 Home Buying Trends | Home Sales Trends for Salt Lake County | Annual Home Sales Statistics | Real Estate Buying Trends


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