Wasatch Front Market Update

This morning KSL.com posted an article by Mary Richards, Home Prices Down Along Wasatch Front. The article discusses falling prices of homes up and down the Wasatch Front. Is this the truth, or another attempt by the media to grab readers attention? Do you really believe your home has dropped significantly in value?

It was an interesting article to say the least and I know it sparked panic among many Utah residents. I ran some statistics this evening from the Wasatch Front Multiple Listing Service. Here is what I found:

Cache County
Single Family Home Average Sales Price YTD - $199,872 (up 1.09% from 2007 YTD)
Condo Average Sales Price YTD - $127,783 (up 16.45% from 2007 YTD)

Box Elder County
Single Family Home Average Sales Price YTD - $170,257 (down 1.36% from 07 YTD)
Condo Average Sales Price YTD - $117,055 (down 1.13% from 07 YTD)

Weber County
Single Family Home Average Sales Price YTD - $192,006 (up 4.67% from 07 YTD)
Condo Average Sales Price YTD - $142,312 ( up 6.95% from 07 YTD)

Davis County
Single Family Home Average Sales Price YTD - $250,494 (down 2.82% from 07 YTD)
Condo Average Sales Price YTD - $180,661 (up 9.81% from 07)

Salt Lake County
Single Family Home Average Sales Price YTD - $289,106 (down 1.57% from 07 YTD)
Condo Average Sales Price YTD - $189,054 (down 1.61% from 07)

Utah County
Single Family Home Average Sales Price YTD - $267,880 (down 7.94% from 07 YTD)
Condo Average Sales Price YTD - $167,501 (down 3.02% from 07)

As the article states from quoting Salt Lake Board of Realtors President Jillinda Bowers, we are seeing an adjustment in prices. This is part of an economy and it happens naturally. Prices are not down as much as the news would have you think.

Your home value is not necessarily dropping, but with so many homes on the market right now sales prices are being lowered to attract buyers. Now is a great time to buy as prices have come down to be more affordable. And to add to this benefit, interest rates are still low. Real estate is still a safe investment in the long run.

Robert W. Bowen is a professional REALTOR®with RE/MAX Excel in Logan, UT. You can contact him with questions through his website, www.RobertWBowen.com, or calling (435) 770-1352.

Disclaimer: Information in the post is deemed reliable, but cannot be guaranteed as many sources may have been used and may or may not have been reliable at the time of sourcing. The information in this post is an opinion of the author, may be time sensitive, and is subject to change without notice.