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Payson, Utah Real Estate Market

July 28, 2007

Demand is down from last year. 1^st Quarter 2007 experienced a 39.42% drop in the number of single family homes sold in Payson from a year ago. The second Quarter performed better posting a 20.83% drop from last year. Although demand is down, homes are surprisingly selling much faster on the market. The number of days on market for a new listing until sold has fallen 21.67% the 1^st Quarter and 22.64% the 2^nd Quarter. Homes priced right are selling faster than last year by 12 to 14 days sooner.

Supply of single family homes on the market is up from last year. During the 1^st Quarter 2007 supply was actually down by 5.3%. However, the number of homes on the market increased by 34.11% during the 2^nd Quarter over last year.

Prices for single family homes have increased by 33.83% 1^st Quarter and 17.57% 2^nd Quarter. The average home sold for $256,129 during the 2nd Quarter for a stunning 20.16% gain over last year.

Source: WFRMLS and RealEstateHomesUtah.com

 

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Salt Lake Real Estate Market Trends for 2007

July 12, 2007

The Utah real estate market for the first half of 2007 continues to show significant price growth. Single family home prices for Salt Lake County rose 14.72% from last year’s first half-year postings. The average sales price for a Salt Lake County home is $293,917 compared with $256,207 last year. While prices are growing throughout Utah, they are growing slower compared with the 18.43 percent growth experienced in the Salt Lake City area during the first half of 2006.

Salt Lake condo prices have increased even more than single family housing, posting a 23.73% gain for the first half of the year. That percentage increase is more than 9% higher than for single family housing. Compared to 2006, condominium prices are $37, 800 more as of June 2007.

The supply of available homes in the Salt Lake City market is growing. The number of homes listed on the market so far this year is showing a marked increase of 26.53% compared to the first half of 2006. As of June 30 this year, there were 18,526 new listings compared with only 14,642 in 2006. While the number of new listings increases, the percent of new listings that actually sell is plummeting by 32.02%.

The demand for single family homes in the Salt Lake market is also waning. The number of homes sold during the first half of 2007 is 1,129 homes less than the same period in 2006. This downturn represents is a 14.16% drop. Condominiums fared only slightly better with a decrease in 236 condos sold for a 13.22% fall. This means buyers will enjoy a greater selection of homes and condominiums to choose from and will enjoy more bargaining power with sellers as fewer listed homes sell.

 

Salt Lake County Year To Date Comparisons 2004, 2005, 2006, 2007
	2004		2005	% Change		2006	% Change		2007	% Change
Salt Lake County
DOM	56		54	-3.57%		33	-38.89%		36	9.09%
Single # Sold	6641		7718	16.22%		7974	3.32%		6845	-14.16%
Single Avg Sales Price	$ 194,080		$ 216,338	11.47%		$ 256,207	18.43%		$ 293,917	14.72%
Condo # Sold	1110		1567	41.17%		1785	13.91%		1549	-13.22%
Condo Avg Sales Price	$ 137,590		$ 149,623	8.75%		$ 155,951	4.23%		$ 192,959	23.73%
New Listings	14758		14799	0.28%		14642	-1.06%		18526	26.53%
Avg % New Listings Sold	52.52%		62.74%	19.46%		66.65%	6.23%		45.31%	-32.02%
New Avg Asking Price	$ 210,646		$ 233,310	10.76%		$ 297,376	27.46%		$ 357,772	20.31%
Source:  WFRMLS (This information is deemed to be reliable, however WFRMLS & RealestatehomesUtah.com does not guarantee accuracy.)

 

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