Market Reports

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 »

Sandy Utah Home Sales & Values - September 2007

Sandy Utah September home sales dropped 43% from the prior month and 34% from September 2006. The mortgage crisis hit Sandy hard with only 80 home and condo sales recorded for the entire month os Feptember.

While sales were down, home values remained stable at an average of $380,028 which is a 12% increase over average home values in September 2006.

Sandy 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 $381,834 +14.9% 136 +1.5% 6.3
August $374,941 +15.5% 141 -19.9% 6.7
September $380,028 +12.2% 80 -33.9% 12.7

The absorption rate (the number of months required to sell all current listings) for Sandy doubled in September to 12.7 months. The increase was due to the low sales and the huge increase in the number of listings. Sandy currently has 1,015 active home and condo listings which is the highest ever for Sandy. To see the September absorption rates for all of Salt Lake County check 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 Sandy is pretty consistent with most of Salt Lake County. See the above comparisons.

Has Sandy real estate hit rock bottom? Will home sales continue to decline? Will real estate values, which have remained strong in Sandy 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 Sandy Utah include 84070, 84092, 84093, 84094.

Authored by Keith Jeppson | Discussion: No Comments »

Salt Lake City Home Sales - September 2007

Salt Lake home prices peaked in July and then started their decline. The home value pressure caused by the current mortgage crisis finally took its toll on our Salt Lake real estate market.

September homes sales dropped to 186 homes & condos sold which is even lower than the average sales in January, the slowest month of the year. The number of active listings increased to 1,806 listings. The result of the growing home inventory and declining sales is an is an absorption rate of 9.7 months. That is a 4% increase in time on market over the August rate of 6.8 months. Check out the September Absorption Rates by city here.

Salt Lake City - September Home Sales

Month Average Sold Price Change from Prior Year # of Homes Sold Change from Prior Year Absorption Rate in Months
July $357,434 +27.7% 254 +.8% 6.8
August $344,788 +14.3% 272 -7.5% 6.8
September $311,271 +6.9% 186 -23.5% 9.7

The Salt Lake City real estate market is pretty consistent with the Salt Lake County results. Sales were slowing but were still doing ok until September. In September homes sales plummeted! Why?

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

The mortgage crisis reached its peak in September. Prior to that we heard fears of increased foreclosures and falling prices. But in September Countrywide announced anticipated layoffs of 12,000 people and Merrill Lynch released their downgrade of Countrywide. For more on Countrywide and its impact on the market check here.

Even more impact was felt in September with tightening loan restrictions and the vanishing “stated-income” loans. Buyers suddenly had to have a down-payment to buy a home. Some buyers had been pre-approved and were a week away from closing when their lender informed them the loan they were approved on was no longer offered. If they couldn’t come-up with some “down payment” they could not close the loan. It was a tough month with rumors of 50% or more of purchases falling apart.

Have we seen the worst of it? Will things ease up through fall and during the winter months?

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 10/13/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Salt Lake City include 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, 84116.

Authored by Keith Jeppson | Discussion: No Comments »

September 2007 Home Absorption - Salt Lake Real Estate

Authored by Keith Jeppson | Discussion: 2 Comments »

Bluffdale / Riverton /Herriman Homes Sales - July 2007

Authored by Keith Jeppson | Discussion: No Comments »

Salt Lake City Home Sales - July 2007

Authored by Keith Jeppson | Discussion: 2 Comments »

July 2007 Home Absorption - Salt Lake Real Estate

Authored by Keith Jeppson | Discussion: 3 Comments »

Murray Utah Home Sales - June 2007