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Average market time, number of homes sold, average sales price, condos sold, days on market, home price increases.

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    Home > > Utah Real Estate News & Trends > > Home Trends January 2008

Utah Home Sales Trends for 2007

January 4, 2008

2007 is now behind us and was a good year for home buyers. Below are real estate trend reports for Utah that provides a glimpse of the market trends by county and a market summary for the past four years.

 

 Summary of Utah Real Estate Trends for 2007

 Prices:  Single family home prices are higher over 2006 prices by 9.7% and condo prices by 15.1%. The single family home sold for an average of $269,078 while condos sold for an average price of $196,331.

 Supply:  The supply of residential property listed on the market is up by 15,935 homes for a 23.7% increase.

 Demand:  The demand for residential property is down by -20.13% for single family homes and by -15.1% for condos. However, the average days-on-market for a home until it is sold is up by only 4 days from 2006.

 Market Conclusions:  Real estate buyers have a fairly large selection of choices on the current home market. Prices continue to rise; thereby, protecting the investment of home buyers as well as home owners. Low demand empowers buyers with sellers who have a need to sell soon.

  

Real Estate Market Trends for Selected Utah Counties (Jan 1 - Dec 31, 2007) 

 

Davis

Salt Lake

Summit

Tooele

Utah

Wasatch

Washington

Weber

All Counties

Ave Sold Price Single Family Home

$284,015

$295,939

$907,216

$207,063

$289,099

$416,855

$302,904

$184,604

$269,078

   Ave (2 BR or less)

$158,231

$201,506

$449,097

$135,272

$187,120

$306,136

$206,140

$108,634

$170,988

   Ave  (3 BR)

$217,756

$247,832

$476,506

$200,648

$237,163

$316,333

$274,186

$173,771

$222,767

   Ave (4 or more BR)

$284,015

$337,463

$191,643

$228,136

$331,143

$538,691

$422,353

$214,933

$316,533

Ave Sold Price Condo

$164,318

$191,830

$465,641

$138,238

$172,228

$274,419

$211,298

$133,715

$196,331

Ave New Listing Price

$310,638

$358,151

$835,526

$229,784

$341,991

$606,550

$396,478

$229,597

$339,447

Number of Single Family Homes Sold

3,800

11,552

381

958

4,500

283

241

3,690

28,672

Number of Condos Sold

341

2,764

358

49

1,295

62

76

478

5,634

Number of New Listings on Market

9,585

35,214

2,101

2,031

16,455

1,182

1,270

8,394

83,167

Ave Percentage of New Listings Sold

43%

41%

35%

50%

35%

29%

25%

50%

41%

Ave Diff. b/w Listing and Sold Price

($3,510)

($5,011)

($29,346)

($2,142)

($4,367)

($11,591)

($1,861)

($2,425)

($4,787)

Ave Square Feet of Homes Sold

2,480

2,201

2,417

2,304

2,369

2,475

1,861

2,047

2,245

Ave Sold Price Per Square Foot

$99

$125

$285

$89

$110

$159

$152

$87

$114

Ave Days on Market  (# days b/w listing & contract)

44

37

92

45

51

89

87

51

48

  

Annual Comparisons 2004, 2005, 2006, 2007 

 

2004

 

2005

% Change

2006

% Change

2007

% Change

All Counties

 

 

 

 

 

 

 

 

 

 

     DOM

68

 

60

-11.76%

 

44

-26.67%

 

48

9.09%

     Single # Sold

28793

 

34450

19.65%

 

35900

4.21%

 

28672

-20.13%

     Single Avg Sales Price

$184,128

 

$209,904

14.00%

 

$245,277

16.85%

 

$269,078

9.70%

     Condo # Sold

4862

 

6325

30.09%

 

6427

1.61%

 

5634

-12.34%

     Condo Avg Sales Price

$145,985

 

$158,278

8.42%

 

$170,567

7.76%

 

$196,331

15.10%

 

 

 

 

 

 

 

 

 

 

 

     New Listings

60852

 

60733

-0.20%

 

67232

10.70%

 

83167

23.70%

     Avg% New Listings Sold

55.31%

 

67.14%

21.39%

 

62.96%

-6.23%

 

41.25%

-34.48%

     New Avg Asking Price

$206,042

 

$234,270

13.70%

 

$298,140

27.26%

 

$339,447

13.85%

 

Report Date:  January 4, 2008

Source: WFRMLS and realestatehomesUtah.com. Figures are considered reliable but not guaranteed.

 

_________________________________________________________________

 

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

Home Buying Advantage - Winter or Summer? - February, 2008

Is Now A Good Time to Sell A Home? - April, 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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Utah Home Market Trends Favor Buyers | Home Sales Trends for Salt Lake County | Annual Home Sales Statistics |    2007 Real Estate Facts - Figures


Number of homes sold, average sales price, median home prices,  high price, low price, single family homes, condos sold, average days on market. 2007 residential sales and real estate trends for Salt Lake, Utah, Davis, Wasatch, Summit, Tooele, Washington and Weber Counties. Properties sold in the Salt Lake Valley and the major Utah counties.

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