The SLC Market
Salt Lake County 2008 4th Quarter Numbers
Utah Foreclosures Up 104% for November 2008
Salt Lake County Home Inventory November 2008
Salt Lake County 2008 3rd Quarter Numbers
Salt Lake County 2009 1st Quarter Numbers
1st Quarter Numbers Reveal Mixed Results
1st Quarter Statistics By Zip Code
The Wasatch Front MLS released 1st Quarter numbers for 2009 and the news is not all bad. Year over year, the average sales price for single family homes fell by only 2.8%. Areas like Draper and Holladay with the highest sales prices experienced the largest declines. This is most likely a sign of the affordability problem in Salt Lake that people have been discussing for a while now.
One concern is the number of home sales. Only 1441 single family homes changed homes last quarter. This is the lowest number of home sales in over 10 years.
Recently, I have noticed an increase in 1st time homebuyers testing the market. Several people are realizing that low interest rates, an $8,000 tax credit, and lower prices are creating a great opportunity to buy. Remember that the tax credit expires November 30, 2009. If you are thinking of buying, make sure you time your purchase accordingly.
Find your Salt Lake County zip code below to see how the market and home prices are doing in your neighborhood.
Zip %Change 1st Quarter 1st Quarter
2008 2009
84020 -11.50% $400,000 $354,000
84047 -16.00% $221,000 $185,000
84065 -3.56% $316,000 $304,750
84070 -0.41% $230,950 $230,000
84088 -10.54 $255,000 $237,500
84092 -9.80% $380,000 $342,750
84093 -6.13% $310,000 $291,000
84094 -11.52% $250,000 $221,200
84101 -82.90% $372,000 $63,639
84102 +55.62% $190,830 $297,000
84103 -3.18% $392,500 $380,000
84104 -10.90% $145,900 $130,000
84105 +7.92% $265,000 $286,000
84106 -6.04% $259,950 $244,250
84107 -6.67% $232,500 $217,000
84108 -16.20% $420,000 $351,950
84109 -11.52% $330,000 $292,000
84111 -16.09% $185,000 $155,225
84115 -0.18% $168,300 $168,000
84116 -6.78% $177,000 $165,000
84117 -6.05% $380,000 $357,000
84118 -8.09% $184,950 $169,995
84120 -11.79% $193,000 $170,250
84121 -9.38% $325,000 $294,500
84123 -10.28% $248,000 $222,500
84124 -21.69% $332,000 $260,000
SL County
Average -2.80 $287,597 $279,544
Salt Lake County Home Inventory March 2009
Home inventory levels are figured out by taking the number of homes on the market in a given zip code and dividing it by the number of homes sold in that zip code for the last 30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market. A number higher than 8 indicates prices will likely fall. 6-8 prices should stay the same. And 6 and below points to a likelyhood of price appreciation.
Note: I do not include properties under contract in the calculation. And I round up for .5 and above.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
| City | Zip | July, 2007 | November, 2007 | July, 2008 | November, 2008 | March, 2009 |
| Draper | 84020 | 10 | 20.2 | 14 | 22 | 10 |
| Midvale | 84047 | 3 | 9 | 8 | 12 | 15 |
| Riverton | 84065 | 8 | 21 | 12 | 13 | 17 |
| Sandy | 84070 | 4 | 19 | 9 | 13 | 10 |
| West Jordan | 84088 | 8 | 9 | 9 | 14 | 10 |
| Sandy | 84092 | 7 | 14 | 13 | 15 | 12 |
| Sandy | 84093 | 15 | 8 | 18 | 11 | 19 |
| Sandy | 84094 | 3 | 7 | 7 | 13 | 10 |
| South Jordan | 84095 | 9 | 19 | 16 | 22 | 11 |
| Salt Lake City | 84101 | 11 | 16 | 36 | 25 | 34 |
| Salt Lake City | 84102 | 4 | 10 | 10 | 21 | 11 |
| Salt Lake City/Aves | 84103 | 7 | 12 | 16 | 22 | 17 |
| Salt Lake City | 84104 | 3 | 4 | 8 | 7 | 26 |
| Salt Lake City | 84105 | 6 | 9 | 8 | 8 | 10 |
| Salt Lake City | 84106 | 8 | 8 | 9 | 11 | 16 |
| Murray | 84107 | 4 | 7 | 9 | 13 | 10 |
| Salt Lake City | 84108 | 6 | 13 | 9 | 12 | 11 |
| Salt Lake City | 84109 | 6 | 21 | 19 | 13 | 12 |
| Salt Lake City | 84111 | 7 | 7 | 9 | 8 | 7 |
| South Salt Lake | 84115 | 4 | 5 | 12 | 10 | 15 |
| Salt Lake City | 84116 | 2 | 5 | 8 | 12 | 25 |
| Holladay | 84117 | 5 | 9 | 23 | 16 | 10 |
| Taylorsville/Kearns | 84118 | 3 | 8 | 8 | 12 | 12 |
| West Valley City | 84120 | 3 | 10 | 10 | 10 | 16 |
| Cottonwood | 84121 | 13 | 16 | 10 | 19 | 15 |
| Taylorsville/Murray | 84123 | 3 | 5 | 6 | 11 | 18 |
| Holladay | 84124 | 6 | 21 | 9 | 25 | 20 |
| Average | 6 | 12 | 12 | 14 | 15 |
It looks like inventory levels continue to edge upward albeit at a slower pace than before. One bright spot is Draper which had a terrific March. 60 Homes closed in Draper for March and 10 of those are short sales. That is great news because it means that buyers are stepping up and taking advantage of the deals out there. It also shows that short sales are closing. 17% of those home sales in Drapervwere short sales. Short Sales help the homeowner avoid foreclosure and they keep the market from getting glutted with inventory. However, they do take their toll on home prices. Currently, 23% of the homes on the market in Draper are short sales.
The downtown Salt Lake condo market still appears to be in a glut with a 34 month supply of homes and condos in zip 84101. Only three units sold in 84101 and one of those was a short sale in American Towers. Bring your best haggling and bargain hunting skills if you are shopping in this zip code.
All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275
Salt Lake County 2008 4th Quarter Numbers
The WFRMLS just released the 3rd Quarter 2008 market numbers. For a year over year comparison:
Single Family
1) Total units sold 1738. ↓ 21%
2) Average sales price $278,019. ↓ 3%
Condos
1) Total units sold 369 ↓33%
2) Average sales price $182,471↓5%
County Totals
1) Average time on market 73 days. ↑ 66%
2) Average asking price $325,944 ↓9%
The graph above is a little bit more encouraging than most of the housing market news you are hearing these days. It does not look like the bell curve of some other metro areas in the U.S. The spike from 2005-2006 does look imposing but I am hopeful that it will be a soft landing from 2007-2009.
All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275
Utah Foreclosures Up 104% for November 2008
According to RealtyTrac, foreclosure activity in Utah is up 10% from last month and up 104% for the year. The biggest jump from October was seen in the number of properties going to the auction [Notice of Trustee Sale(NTS)]. In October there were 277 NTS and in November there were 624 NTS. These numbers were likely a result of July’s spike in Notice of Defaults (NOD). In July, we had 892 NOD filings when we had traditionally been in the 100-200 range.
I imagine the following scenario may be at playing out in these numbers: Mr. Seller needs to sell. He puts the home on the market in the spring of 08’. But the Salt Lake market has slowed considerably by this time and he can no longer sell at the price he needs to in order to break even. So Now, Mr. Seller cannot sell the home and can no longer make payments. He stops making payments in March/April of 08’. Notice of Default is filed in July of 08′ along with 891 other NODs. In November, he gets a Notice of Trustee sale with the time and date the lender is going to hold the auction at the court house steps. Next January or February, the home will be sold at the auction. And in Feb or March of 09’ it will come on the Salt Lake Real Estate market as a REO (Bank Owned Home).
If you want to have these REOs emailed to you the day they come on the market then fill out this form and I will set you up with the automatic email for free. Be sure to fill out the price range and neighborhoods you are interested in.
All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275
Salt Lake County Home Inventory November 2008
Home inventory levels are figured out by taking the number of homes on the market in a given zip code and dividing it by the number of homes sold in that zip code for the last 30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market.
Note: I do not include properties under contract in the calculation. And I round up for .5 and above.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
|
City |
Zip |
July, 2007 |
November, 2007 |
July, 2008 |
November, 2008 |
|
Draper |
84020 |
10 |
20.2 |
14 |
22 |
|
Midvale |
84047 |
3 |
9 |
8 |
12 |
|
Riverton |
84065 |
8 |
21 |
12 |
13 |
|
Sandy |
84070 |
4 |
19 |
9 |
13 |
|
West Jordan |
84088 |
8 |
9 |
9 |
14 |
|
Sandy |
84092 |
7 |
14 |
13 |
15 |
|
Sandy |
84093 |
15 |
8 |
18 |
11 |
|
Sandy |
84094 |
3 |
7 |
7 |
13 |
|
South Jordan |
84095 |
9 |
19 |
16 |
22 |
|
Salt Lake City |
84101 |
11 |
16 |
36 |
25* |
|
Salt Lake City |
84102 |
4 |
10 |
10 |
21 |
|
Salt Lake City/Aves |
84103 |
7 |
12 |
16 |
22 |
|
Salt Lake City |
84104 |
3 |
4 |
8 |
7 |
|
Salt Lake City |
84105 |
6 |
9 |
8 |
8 |
|
Salt Lake City |
84106 |
8 |
8 |
9 |
11 |
|
Murray |
84107 |
4 |
7 |
9 |
13 |
|
Salt Lake City |
84108 |
6 |
13 |
9 |
12 |
|
Salt Lake City |
84109 |
6 |
21 |
19 |
13 |
|
Salt Lake City |
84111 |
7 |
7 |
9 |
8 |
|
South Salt Lake |
84115 |
4 |
5 |
12 |
10 |
|
Salt Lake City |
84116 |
2 |
5 |
8 |
12 |
|
Holladay |
84117 |
5 |
9 |
23 |
16 |
|
Taylorsville/Kearns |
84118 |
3 |
8 |
8 |
12 |
|
West Valley City |
84120 |
3 |
10 |
10 |
10 |
|
Cottonwood |
84121 |
13 |
16 |
10 |
19 |
|
Taylorsville/Murray |
84123 |
3 |
5 |
6 |
11 |
|
Holladay |
84124 |
6 |
21 |
9 |
25 |
|
Average |
6 |
12 |
12 |
14 |
From November 2007 to November 2008 home inventory levels remained relatively flat in Salt Lake County. November 2008 saw a average of a 14 month supply of homes while November 2007 saw a 12 month supply. This is actually good news for the market. It means that inventory levels are high but are not getting out of hand. It also means that homes are continuing to sell in Salt Lake County despite the nation’s worst housing market in decades.
*One zip code of concern is 84101. There has not been one home sale in this zip code in the last 30 days and only 1 in the last 60 days. This zip has 112 properties on the market. Most of them are downtown Salt Lake City condos in the $250,000 + price range. It is clear that buyers for these types are units are not making any moves right now. Hopefully the church is taking this into account when planning price ranges for its condos at the City Creek Development.
All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder
©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275
Salt Lake County 2008 3rd Quarter Numbers
The WFRMLS just released the 3rd Quarter 2008 market numbers. For a year over year comparison:
Single Family
1) Total units sold 2459. ↓ 12%
2) Average sales price $286,461. ↓ 7.49%
Condos
1) Total units sold 633 ↓27%
2) Average sales price $191,076 ↑ 1%
County Totals
1) Average time on market 68 days. ↑ 88%
2) Average asking price $336,110 ↓6%
All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275
