How much have home prices dropped in Salt Lake City?
Salt Lake County Sales Graph
One of my clients asked me this question yesterday and it is a very good question. From the Salt Lake Board of Realtors, the average sales price for the 3rd quarter of 2009 was $251,500. At its peak (3rd Quarter of 2007), the average sales price was $281,300. That is a 12% reduction in sales price. But this is very misleading because on the high end priced homes ($500,000 +) they have dropped anywhere from 20 to 30%. Love to get your comments on this.
October 27, 2009….Salt Lake Properties under $350,000 moving. $500,000 plus still slow.
Right now houses under $350,000 are still moving. In this price range, the average time on the market is less than 4 months. But if you have a home above $500,000 this could be on the market for more than 7 months. In the “high” high end range ($900,000 +), the only properties that are selling are properties that are “steals”.
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Home Price Trends
