Draper

Draper Utah Home Sales & Values - September 2007

Draper Utah Real Estate is in the tank! September home sales dropped 55% from the prior month and 64% from September 2006. The mortgage crisis has completely crippled Draper home sales. The entire month of September Draper had only 22 home and 7 condo sales.Â

While sales were down, home values increased to an average of $490,637 which is an increase of 6.9% over September 2006 values.

Draper Utah - September 2007 Home Sales

Month Average Sold Price Change from Prior Year # of Homes Sold Change from Prior Year Absorption Rate in Months
July $446,072 +.2% 64 -18.9% 9.9
August $180,619 +2.2% 65 -13.3% 10.6
September $490,637 +6.9% 29 -63.8% 24.2

The absorption rate (the number of months required to sell all current listings) for Draper more doubled doubled in September to 24.2 months. That means it would take 24 months to sell the current listings if no additional homes were added to the market. And in September alone Draper had 224 new listings added to the market for a total of 702 listings. To see the September absorption rates for all of Salt Lake County check this post.

Salt Lake County - September 2007 Home Sales

Month Average Sold Price Change from Prior Year # of Homes Sold Change from Prior Year Absorption Rate in Months
July $311,576 +11.1% 1,269 -5.2% 6.6
August $316,151 +10.3% 1,294 -12.2% 7.0
September $300,066 +6.2% 848 -34.2% 11.0

Home sales in Draper is “THE” worst in Salt Lake County. Even Riverton and South Jordan are doing better. See the above comparisons.

Has Draper real estate hit rock bottom? Will home sales continue to decline? Will real estate values, which have continued to climb in Draper start to decline with the increased absorption rate?

If you’re interested in information on any particular zipcode or neighborhood just contact us at 801–582–5882 or at Ask The Broker.

Information for our stats were taken from WFRMLS as of 10/16/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Draper Utah include 84020.

Authored by Keith Jeppson | Discussion: 1 Comment »

June 2007 Home Absorption - Salt Lake City Real Estate

Authored by Keith Jeppson | Discussion: 5 Comments »