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Utah Real Estate Market Trends - Salt Lake City Home & Condo Trends | Housing Market 2008
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Utah Housing Market – First-Half of 2008 

July 5, 2008

The national market downturn is affecting Utah. Home prices for the first half of the year are showing an average price decrease of $7, 337 from last year’s average. Condo prices have slipped as well statewide. The average condo price is now $189,748 or $6,563 less than last year’s average. The average square foot price in Utah is down an average of $4. Utah Housing Market - New Construction

Utah home buyers are getting more concessions from sellers. The current average sold price to listing price is ($6,801), which is ($2,014) more than the average for 2007. Home sellers are waiting an average of 20 days longer to sell their property so far this year. The average days on market until sold is currently 68 days.

Conclusion: Current Utah market conditions favor buyers. Buyers can expect property owners to be more willing negotiate price and terms. The longer selling time for home owners will make sellers more anxious to meet buyer expectations. You can find the entire study with figures for key counties at the following link:

The chart below shows current housing trends for key Utah counties:


Utah Real Estate Market Trends (Jan 1 - Jun 30, 2008)    
 

  Davis Salt Lake Summit Tooele Utah Wasatch Weber All Counties
Single Family Home Ave Sold Price $254,142 $291,007 $898,373 $198,498 $268,314 $440,678 $190,415 $261,741
Condo Ave Sold Price $187,791 $191,162 $375,173 $131,669 $169,598 $310,793 $142,289 $189,748
Ave New Listing Price $311,727 $351,551 $941,552 $248,852 $333,641 $590,944 $235,052 $340,295
Single Family Homes Sold 1,571 4,365 116 327 1,680 93 1,423 11,059
Condos Sold 139 1,037 110 15 421 9 176 2,016
Percent Sold to New Listings 39% 33% 20% 31% 26% 16% 37% 32%
Ave Diff. b/w Listing and Sold Price ($5,135) ($7,213) ($48,209) ($2,969) ($6,260) ($15,337) ($3,511) ($6,801)
Ave Square Feet of Homes Sold 2,482 2,285 2,371 2,230 2,419 2,777 2,040 2,282
Ave Sold Price Per Square Foot $101 $119 $271 $88 $103 $153 $90 $110
Ave Days on Market 66 60 110 67 75 101 68 68

Note: Ave Days on Market = # days b/w listing & contract.

Source: WFRMLS and realestatehomesUtah.com. (This information is deemed to be reliable, however WFRMLS & realestatehomesUtah.com do not guarantee accuracy.)
Report Date: July 5, 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 Housing Market Trends | Real Estate Trends - Salt Lake City Home & Condo Trends | Utah Housing Market 2008


Equity Realty Website featuring real estate news, resources, trends, statistics and REALTOR services for Utah, including average Utah home prices, days on market, condos sold, homes sold, average square feet, new listing sold, single family homes sold, 4 bedroom homes sold, 3 bedroom homes sold and more market analysis. Utah real estate news and trends provided by Equity Realty website. Real estate news for Salt lake City, Provo, Park City and Salt Lake County & Utah County. Featuring Salt Lake City current events, downtown Salt Lake City condominium news, new construction news, real estate zoning news, real estate articles, Utah web e-zine articles, condo news, master planned communities, retirement community news, information, resources, real estate services, residential property news, townhouse construction news, Utah land and property trends, Utah real estate trends.

Key topics this month: Salt Lake County home sales, average prices, Summit County, Wasatch County, Davis County, Utah County, Washington County, Weber County, Tooele County, Utah, UT, condo prices, Utah home market, counties in Utah, days on market, condos sold, homes sold, single family homes sold, real estate market analysis.

Serving Salt Lake County, Salt Lake City, Utah County, Provo, Davis County, Bountiful, Summit County, Park City, Wasatch County, Heber City, Weber County, Ogden, Tooele County, Tooele.

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