Dan Walker

How's the market in Salt Lake City? Have we hit bottom yet? Is the market recovering? A very common remark I here is something to the effect of "there are sure a lot of foreclosures and short sales on the market". Really? Are there really a lot of foreclosures and short sales on the market?

Today, we have 4791 active listings in Salt Lake County, which is the greater Salt Lake City area.
31.5 % of our active listings are Short Sales...
2.0 % of our active listings are Bank Owned...

For most of last year our short sale rate was around 25%. I think our short sale numbers have spiked a little because our inventory of normal sales has dropped during the holidays like it usually does. My prediction is that our short sales will come back down as we gain more inventory and move into our spring selling season.

Bank owned properties are in demand because you can actually purchase one in a timely manner. We have a very low supply of bank owned homes, they typically sell quickly. So, as you can see, we have a lot of short sales, but not a lot of foreclosures.

I don't want to see homeowners lose their homes, but actually the market would improve much quicker if we could get rid of the short sales...of course, subject to adding new jobs that pay enough to buy a home.

ALL LISTINGS
Total # Actives 4791
Sold last 30 days 551
Sold 365 Days 11338
Listed last 30 days 996
Total Pending Sales 1451
Pending last 30 days 807
Expired last 30 days 739
Expired 365 Days 9731
Months Supply of Homes 8.6

SHORT SALES
Total # Actives 1512
Sold last 30 days 113
Sold 365 days 1637
Listed last 30 days 226
Total Pending Sales 292
Pending last 30 days 152
Expired last 30 days 138
Expired listings 365 Days 2234
Months Supply of Homes 13.3

BANK OWNED (REO)
Total # Actives 100
Sold last 30 days 128
Sold 365 Days 2054
Listed last 30 days 43
Total Pending Sales 84
Pending last 30 days 58
Expired last 30 days 3
Expired listings 365 Days 106
Months Supply of Homes .78

Average Days on Market 135
Average Price per Sq Foot $86
Homes are selling for 85 % of original list price

31.5 % of our active listings are Short Sales...
22.6 % of the homes listed in the last 30 days re Short Sales...
20.1 % of the homes pending are Short sales...
18.8 % of pending homes in the last 30 days are Short Sales...
20.5 % of the total homes sold in the last 30 days were short sales...

2.0 % of our active listings are Bank Owned...
4.3 % of the homes listed in the last 30 days are Bank Owned...
5.7 % of the homes pending are Bank Owned...
7.1 % of pending homes in the last 30 days are Bank Owned…
23.2 % of the total homes sold in the last 30 days were Bank Owned..

If you are thinking about selling or buying, call now! I can show you how these numbers personally affect you.

Lets take a look at our 30 day snapshot of our Salt Lake County Real Estate Market!

ALL LISTINGS
Total # Actives 5049
Sold last 30 days 779
Sold 365 Days 11170
Listed last 30 days 836
Total Pending Sales 1347
Pending last 30 days 702
Expired last 30 days 684
Expired 365 Days 9967
Months Supply of Homes 6.4

SHORT SALES
Total # Actives 1536
Sold last 30 days 118
Sold 365 days 1580
Listed last 30 days 223
Total Pending Sales 272
Pending last 30 days 140
Expired last 30 days 153
Expired listings 365 Days 2320
Months Supply of Homes 13.0

Bank Owned
Total # Actives 112
Sold last 30 days 170
Sold 365 Days 2034
Listed last 30 days 46
Total Pending Sales 72
Pending last 30 days 48
Expired last 30 days 6
Expired listings 365 Days 120
Months Supply of Homes .65

Average Days on Market 124
Average Price per Sq Foot $88
Homes are selling for 73 % of original list price

30.4 % of our active listings are Short Sales...
26.6 % of the homes listed in the last 30 days are Short Sales...
20.1 % of the homes pending are Short sales...
19.9 % of pending homes in the last 30 days are Short Sales...
15.1 % of the total homes sold in the last 30 days were short sales...

2.2 % of our active listings are Bank Owned...
5.5 % of the homes listed in the last 30 days are Bank Owned...
5.3 % of the homes pending are Bank Owned...
6.8 % of pending homes in the last 30 days are Bank Owned…
21 % of the total homes sold in the last 30 days were Bank Owned...

Salt Lake City Utah Real Estate Sales - Market Report

Here's our 30 day snapshot for the week of 12/5/2011

ALL LISTINGS

Average Days on Market 120
Average Price per Sq Foot $88
Homes are selling for 73 % of original list price

Let's take a look at our Salt Lake City market and home sales.....here's a snapshot looking back 30 days.

ALL LISTINGS

Total # Actives 5755

Sold last 30 days 789

Sold 365 Days 10843

Listed last 30 days 1186

Total Pending Sales 1547

Pending last 30 days 857

Expired last 30 days 727

Expired 365 Days 10561

Months Supply of Homes 7.2

SHORT SALES

Total # Actives 1544

Sold last 30 days 114

Sold 365 days 1538

Listed last 30 days 211

Total Pending Sales 262

Pending last 30 days 120

Expired last 30 days 124

Expired listings 365 Days 2488

Months Supply of Homes 13.5

Bank Owned

Total # Actives 110

Sold last 30 days 162

Sold 365 Days 1952

Listed last 30 days 48

Total Pending Sales 83

Pending last 30 days 51

Expired last 30 days 14

Expired listings 365 Days 141

Months Supply of Homes 1

Average Days on Market 120

Average Price per Sq Foot $90

Homes are selling for 85 % of original list price

26.8 % of our active listings are Short Sales...

17.7 % of the homes listed in the last 30 days re Short Sales...

16.9 % of the homes pending are Short sales...

14.0 % of pending homes in the last 30 days are Short Sales...

14.4 % of the total homes sold in the last 30 days were short sales...

1.9 % of our active listings are Bank Owned...

4.0 % of the homes listed in the last 30 days are Bank Owned...

5.3 % of the homes pending are Bank Owned...

5.9 % of pending homes in the last 30 days are Bank Owned…

2.0 % of the total homes sold in the last 30 days were Bank Owned...