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 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

 Barry J. Preusz
Realtor^® | Residential Specialist

7090 South Union Park Center, Ste 650
Midvale, Utah 84047

Office: (801) 253-6771

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