Home inventory levels are figured
out by taking the number of homes on the market in a given zip code and
dividing it by the number of homes sold in that zip code for the last
30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market.
Note: These numbers are not seasonally adjusted and I do not include properties under contract in the calculation.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
|
City |
Zip |
July, 2007 |
Jan, 2008 |
April 23, 2008 |
May 28, 2008 |
|
Draper |
84020 |
9.5 |
20.2 |
20.4 |
13.6 |
|
Midvale |
84047 |
3.2 |
9.2 |
9.3 |
6.6 |
|
Riverton |
84065 |
8 |
24.3 |
8.8 |
14.3 |
|
Sandy |
84070 |
4.6 |
13.6 |
16.8 |
9.8 |
|
West Jordan |
84088 |
7.9 |
12.2 |
7.9 |
9 |
|
Sandy |
84092 |
7.4 |
17.3 |
11.4 |
14.9 |
|
Sandy |
84093 |
15.4 |
7.5 |
17.3 |
11 |
|
Sandy |
84094 |
3.1 |
15.8 |
6.3 |
9.5 |
|
South Jordan |
84095 |
8.6 |
21.6 |
10.7 |
12.9 |
|
Salt Lake City |
84101 |
11 |
10.4 |
10.8 |
46.5 |
|
Salt Lake City |
84102 |
4 |
13.3 |
13.4 |
6.2 |
|
Salt Lake City/Aves |
84103 |
6.8 |
25.7 |
14.8 |
14.6 |
|
Salt Lake City |
84104 |
2.7 |
7 |
3.4 |
6.1 |
|
Salt Lake City |
84105 |
5.5 |
19.7 |
6.2 |
4.7 |
|
Salt Lake City |
84106 |
7.5 |
12 |
5.7 |
7 |
|
Murray |
84107 |
3.9 |
12.2 |
7.5 |
7.4 |
|
Salt Lake City |
84108 |
6 |
14.2 |
7.9 |
11.5 |
|
Salt Lake City |
84109 |
5.9 |
14.3 |
17.5 |
18.3 |
|
Salt Lake City |
84111 |
6.5 |
17.3 |
14 |
8.3 |
|
South Salt Lake |
84115 |
3.5 |
10.9 |
6.3 |
13.7 |
|
Salt Lake City |
84116 |
2.3 |
11.3 |
6.4 |
8 |
|
Holladay |
84117 |
4.6 |
22.7 |
11.8 |
10.3 |
|
Taylorsville/Kearns |
84118 |
3.3 |
10.2 |
6.8 |
6.2 |
|
West Valley City |
84120 |
3.4 |
14.6 |
6.6 |
5.5 |
|
Cottonwood |
84121 |
12.6 |
22.1 |
10.6 |
10.8 |
|
Taylorsville/Murray |
84123 |
3.1 |
19.5 |
3.66 |
3.5 |
|
Holladay |
84124 |
5.9 |
13.8 |
14.5 |
7.4 |
Because of the way the numbers above are calculated, it is a great indicator of what the market has been like in the last 30 days as well as how many homes are on the market.
I noticed that only 2 units sold of the 93 active in mainly condo market of 84101. On the flip side, 59 homes sold in 84118. And 852 units sold in Salt Lake County in the last 30 days.
I have been listing home inventory levels by zip for several months now. And now I have taken the data and averaged it for all of Salt Lake County and put it into a graph.
Home inventory levels are figured out by taking the number of homes on the market in a given zip code and dividing it by the number of homes sold in that zip code for the last 30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market.
Note: These numbers are not seasonally adjusted and I do not include properties under contract in the calculation.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
Information taken from the WFRMLS. Information not guaranteed. All rights reserved Mark Alder ©, a Salt Lake City Real Estate Agent cell (801) 979 6275
Home inventory levels are figured out by taking the number of homes on the market in a given zip code and dividing it by the number of homes sold in that zip code for the last 30 days. The answer will give you the absorption rate. Or the number of months it would take to sell the existing inventory at the current rate if no other homes came on the market.
Note: These numbers are not seasonally adjusted and I do not include properties under contract in the calculation.
Sellers Market 1-6 Months
Normal Market 6-8 Months
Buyer’s Market 8+ Months
| Zip | City | July, 2007 | Jan, | April 23, 2008
|
| 84020 | Draper | 9.5 | 20.2 | 20.4 |
| 84047 | Midvale | 3.2 | 9.2 | 9.3 |
| 84065 | Riverton | 8 | 24.3 | 8.8 |
| 84070 | Sandy | 4.6 | 13.6 | 16.8 |
| 84088 | West Jordan | 7.9 | 12.2 | 7.9 |
| 84092 | Sandy | 7.4 | 17.3 | 11.4 |
| 84093 | Sandy | 15.4 | 7.5 | 17.3 |
| 84094 | Sandy | 3.1 | 15.8 | 6.3 |
| 84095 | South Jordan | 8.6 | 21.6 | 10.7 |
| 84101 | Salt Lake City | 11 | 10.4 | 10.8 |
| 84102 | Salt Lake City | 4 | 13.3 | 13.4 |
| 84103 | Salt Lake City/Aves | 6.8 | 25.7 | 14.8 |
| 84104 | Salt Lake City | 2.7 | 7 | 3.4 |
| 84105 | Salt Lake City | 5.5 | 19.7 | 6.2 |
| 84106 | Salt Lake City | 7.5 | 12 | 5.7 |
| 84107 | Murray | 3.9 | 12.2 | 7.5 |
| 84108 | Salt Lake City | 6 | 14.2 | 7.9 |
| 84109 | Salt Lake City | 5.9 | 14.3 | 17.5 |
| 84111 | Salt Lake City | 6.5 | 17.3 | 14 |
| 84115 | South Salt Lake | 3.5 | 10.9 | 6.3 |
| 84116 | Salt Lake City | 2.3 | 11.3 | 6.4 |
| 84117 | Holladay | 4.6 | 22.7 | 11.8 |
| 84118 | Taylorsville/Kearns | 3.3 | 10.2 | 6.8 |
| 84120 | West Valley City | 3.4 | 14.6 | 6.6 |
| 84121 | Cottonwood | 12.6 | 22.1 | 10.6 |
| 84123 | Taylorsville/Murray | 3.1 | 19.5 | 3.66 |
| 84124 | Holladay | 5.9 | 13.8 | 14.5 |
Because of the way the numbers above are calculated, it is a great indicator of what the market has been like in the last 30 days as well as how many homes are on the market. What stands out to me is that in a lot of areas, the absorption rate is the same as it was last summer. Indicating the spike in January was most likely a result of the season. These numbers will be even more fun to look at next year when we will have last years to compare them against so we can get an idea of seasonal adjustment.
Also worth noting is that homes are selling. In the last 30 days, 54 homes have sold in Salt Lake County. And some areas have been very active with South Jordan 84095 having 54 sold homes in the last 30 days.
Information taken from the WFRMLS. Information not guaranteed. All rights reserved Mark Alder ©, a Salt Lake City Real Estate Agent cell (801) 979 6275
The WFRMLS just released the 1st Quarter 2008 market numbers. For a year over year comparison:
Single Family
1) Total units sold 1820. ↓ down 42.28%
2) Average sales price $287,119. ↑ up 0.33%
Condos
1) Total units sold 464 ↓ down 30.23%
2) Average sales price $192,637 ↓ down 0.53%
County Totals
1) Average time on market 58 days. ↑ up 45%
2) Average asking price $355,318 ↑ up 2.04%
Looking at the numbers, things look pretty bleak. To put things in perspective, we are selling about as many homes as we were 10 years ago. So even though numbers are way down, homes are still moving.
The homes that are moving are the ones in the top 10% of their market. If your home is on the market and its condition and price is not in the top 10% of other similar homes on the market in the area, then it is not likely to sell.
Speaking of pricing right, the average asking price of $355,318 is down from the 2007 4th Quarter high of $359,395. That is the first time we have seen this number go down in a while. This illustrates what I am seeing in the market; more realistic sellers. Because sellers are much more willing to negotiate and deal than they were a year ago, it is a great time to buy a home.
And finally, sales price. Average sales price is up almost a half of a percentage point. But the year over year comparison is not reflective of the reality. The average sales price of $287,119 is actually down 7.34% from the 3rd quarter 2007 high of $309,876. To see the current value of your home, click here to have a Home Value Report emailed to you.
Information taken from the WFRMLS. Information not guaranteed. All rights reserved Mark Alder ©, a Salt Lake City Real Estate Agent cell (801) 979 6275
It seems about every week we hear about a new green development planned for Salt Lake. Salt Lake even has an executive order from our former mayor that says “all buildings receiving city funds, over 10,000 sq. ft of occupied space, be at least LEED Certified.” It begs the question: Are we going to be a green building centerpiece in the West and possibly the U.S?
Some green projects in Salt Lake include:
1) The City Creek Center
2) Draper Library
3) Highland Fire Station
4) The Wetlands Education Center
5) Visitor Information Center at Daybreak and the
6) ARUP labortories
7) City Center Lofts (the shipping container project)
8) Marmalade Project
9) The Intermodal Hub
10) Hillside Middle School
Not a bad list. But how do we compare with the rest of the nation? According to the U.S. Green Building Council list of LEED registered projects from April 12, 2007, we have a ways to go to catch up with our neighbor states. Oregon, for example, has 236 projects registered while we only have 43. And California has nearly 900 projects registered on that list!
I would like to think Utah is progressive when it comes to building green. But at least according to LEED registered projects, we are at the back of the pack.
If you would like a list of Green condos that are currently on the market then fill out this form asking for Green Condos in Salt Lake City and I will happily email them to you.
All data taken from the WFRMLS. Information not guaranteed. All rights reserved Mark Alder ©, a Salt Lake City Real Estate Agent cell (801) 979 6275
Lead in real estate by providing better information to my clients allowing them to enhance their lives with bold decisions. Just listed properties emailed to you by visiting SoldonSaltLake.com.
I Love This City! My favorite part of the job is showing people around this wonderful place and helping them find the home they love.
I grew up in Salt Lake City and attended the University of Utah. I graduated in 2001 with a B.A. in English. After graduating, I took my enthusiasm for travel and adventure overseas to Jiujiang, China where I was a English teacher at a University. Just before getting into Real Estate full time, I lived in San Diego and attended California Western Law School.
I have been skiing since age 5 and this continues to be one of my favorite things to do. I have worked at the ski resorts and even spent one winter as a Snowmaker at a local resort. I also love to mountain bike. I like to ride all over the Wasatch Mountains and in Moab. The Park City Trail System and the Wasatch Crest are some of my favorite rides.
I have written a ton of articles on buying and selling homes with an emphasis on foreclosures. I also keep my website up to date with Salt Lake City real estate market info. You can see my SoldonSaltLake website here.
Awards and Recognition
I have extensive foreclosure experience and know the ins and outs of buying short sales, REOs, and auction properties. I also help the first time homebuyer and the move up buyer. If you want homes or foreclosures emailed to you the day they come on the market then fill out this form.
Mark,
I wanted to let you know how much I appreciated your help. Because I relocated from out of state, I had to trust your judgment of the Salt Lake City area and I was not disappointed! The location and neighborhood is exactly what I wanted. I also commend you for your patience. I am the type of person who likes to be involved in every detail and you were fantastic at keeping me informed during each step of the home buying process. Thank you,
Emily Lucht
Dear Mark,
Garret & I want to thank you for all your help & time in both selling and purchasing our homes. thank you for making the effort to find a home that fit our needs so well. We love our home & neighborhood. It meets our needs perfectly. Your calm, reassuring nature made, what can be a stressful experience, pleasant and easy. Your professional, kind, thoughtful, and patient way meant a lot to us.
Sincerely,
Brooke & Garrett
Dear Mark,
Just a quick note to let you know that Jon and I couldn't be happier with the home you found for us. When I gave you my specifications and expectations, I didn't think it would be possible to find the exact house we wanted in the market in which we were looking. You turned those expectations around. I had worked with other realtors and did not experienced the type of attention you showed to us. Through your dedication, not only did you find the perfect home for us, you made sure that we were happy with the decision - down to the last detail. In short, you found our dream home and we couldn't be happier.
Kelly Williams
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
