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Utah Home Market Trends Favor Buyers | Home Sales Trends for Salt Lake County |
Annual Home Sales
Statistics
Average market time, number of homes sold, average sales price,
condos sold, days on market, home price increases.
      
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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
Barry J. Preusz
REALTOR®, Residential Specialist
7090 South Union Park Center, Ste 650
Midvale, Utah 84047
Office: (801) 253-6771
Click Here to Contact Us
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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.
Salt Lake City, Utah Equity Real Estate Realtor Services - buying and selling real estate.
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