Salt Lake County Utah 3rd Quarter Statistics & Brief Analysis

Salt Lake City's real estate market is still up where it counts and that is good news for homeowners and homebuyers. Above all, home sales prices are still in the positive, much better than many markets nationwide).

See the latest Data in the chart below and we will evaluate it and talk about what it means for Buyers.

Third Quarter Comparisons 2006 and 2007
Salt Lake County	2006	% Change	2007	% Change
DOM	27	-35.71%	35	29.63%
Single # Sold	4098	-7.91%	2687	-34.43%
Single Avg Sales Price	$ 283,461	23.85%	$ 310,567	9.56%
Condo # Sold	889	-1.98%	705	-20.70%
Condo Avg Sales Price	$ 168,461	17.60%	$ 189,816	12.68%
New Listings	8458	20.78%	10489	24.01%
Avg % of New Listings Sold	58.96%	-22.92%	32.34%	-45.15%
New Avg Asking Price	$ 326,916	28.65%	$ 360,440	10.25%

(Source: WFRMLS XL Quarterly Comp Report 3rd Quarter Comparisons - Generated Tuesday October 9th, 2007 at exactly 3:16:18 PM)

As you can see from the data, the market pace has slowed considerably. SALES of Single Family Homes and Condos are DOWN from 3rd Quarter 2006 figures by 34.43% and 20.70% respectively.

BUT, the Average SOLD price is actually UP by 9.56% for Homes and 12.68% for Condos!

The average Days on the Market is a very good 35 days!(Remember, this is for homes that actually sell)

The New Average Asking Price is $360,440, (approximately $50,000 higher than the average price homes are selling for).