Real Estate Report; Homes in Sandy, Draper Utah !

The Real Estate report of homes for sale, and homes/ Condominiums sold in Sandy and Draper Utah is in and the results are pretty much what we all thought they would be.

If you read this blog, there will be few surprises, as we keep you pretty much informed as to what is happening in local Real Estate around the towns in Salt Lake Valley on a weekly basis.

The information in this report has been provided by the Wasatch Front Regional Multiple Listing Service,(MLS) and is a composite of all the home sales and listing information supplied by local Realtors/members. We think it's accurate, and as Realtors we depend on it to keep our clients informed about trends in the market, house prices in an area. how long it takes to sell a house in a particular price range, etc.

The commentary is our own however, based on the Real Estate experience and knowledge of our agents. It's only our opinion, and even then often not a consensus.

You will notice that the information supplied by the MLS does not include all of homes for sale by owner, (FSBOs) as homeowners selling their own houses don't always list their homes for sale.

The same is true of New Homes for sale by builders. Many new home builders do not list their new homes on the MLS, opting instead to build Model Homes and to staff them with their own well trained sales people, guaranteeing a certain level of representation. To understand how that concept could affect you as you look for a new home, go to Free R.E. Agent. Examples of this are the wonderful new Town Home and Condominium project "The Heights on Quarry Bend" in Sandy, or The Ivory Home developments @Pepperwood Creek, and Paradise Valley. that will not be represented here but certainly add a positive note to development in the area, and a unique niche of homes for sale. Homes sold and homes for sale in these ares would more that likely influence this report in a positive way.

Sandy, Draper UT. 2nd Quarter Real Estate Report:

Number Houses Sold:
In Sandy , Draper, from April 1,2008 thru June 30, 2008 only 233 single family homes were sold. That is a decrease of over 30% from the previous year, and 205 fewer houses than the 438 homes sold in 2005.

Average House Sales Price:
The average price of a home in Sandy City, Draper dropped for the 1st time in a long time. Prices went from $380,569 in 2007 to $353,501in 08. While the 7.11% decrease doesn't seem like much, the nearly $33,000.00 it represents in lost home equity per home is. After significant housing price increases over the last 2 years (over 32%) this seems like a modest give back, but like in many areas of SLC this is just the beginning. On the positive side, at a cost per thousand of $6.00, homes have become almost $200 per month more affordable.

Number Condominiums Sold:
The number of condos sold during the second quarter of 08 decreased by almost 11%. That is only 9 condominiums less than were sold in 07, and almost 30 fewer than in 06.

Average Condominium Price:
Prices for the average condo in Sandy, Draper slipped a bit also. Condominium prices were on average $241,334 last year to $219,722 this quarter, this year.(-8.96%)

New Listings:
New, home listings is interesting in that with all of the talk of foreclosures, short sales and mortgage resets, you would think more folks would be trying to unload their home. Not so. According to the MLS new listings are down over 14%, from 1069 to 910. New listings actually make up the core of residential Real Estate in an area, as they are the available homes for sale and how they move determines to a large extent the health of a resale home market. Only 33.63% of new listings sold in the 2nd quarter of the year in the Sandy, Draper market.

Average New Listing Sales Price:
We believe the reasons new listings were sluggish is obvious. New listing asking prices went up almost $100,000 from the price that homes have been selling for. Pressure from the New Homes sector, particularly in the Draper area and development projects like those mentioned previously have sucked the air out of resales.
Having said that however, the part of the SLC market that is Sandy UT. Draper is not nearly what you would expect from a market recently ranked 10th in the country for homes about to be foreclosed on.

Days on Market:
At 78 days on the market and an almost 90 % increase that looks like an alarming number. Maybe it is, we just don't know. The MLS has changed (for the better) the way the number of days homes have been listed for sale before they are actually sold is reported. We need to wait until next month to get a more accurate comparison.
I think we can safely say though that homes are not selling as rapidly now as they did a year ago.

It is for sure a real buyers market.

To look at all of the homes for sale in the Salt lake Valley, visit Salt Lake Homes and get pictures, prices, maps, and information on individual homes/condos listed in SLC. It's FREE, and we update daily so you can come back often. This will give most of the same information that local Realtors use to search for homes..

We can be reached at 801-567-0946 to discuss further our take on the Second Quarter Real Estate Report about homes for sale in Sandy, Draper Utah.