2009 Salt Lake numbers at a glance!

Yesterday I went to the Salt Lake Board of Realtors forecast luncheon and here are a few statistics I found. 1) In 2009 only 900 new single family homes were built in Salt Lake county-the lowest level since the 1940′s; while about 9100 existing single family homes were sold. 2) Historical experience suggest housing prices in Salt Lake Country will remain under downward pressure in 2010. 3) Foreclosures are the greatest threat to price increases as foreclosures continue to increase in Utah.

Bank Foreclosures still coming.

Still seeing our share of bank foreclosures. The good news is that banks are easier to deal with then short sales. Short sales are still taking a very long time to get completed and many times the buyers have moved on.

Salt Lake Home Sales are Climbing…

The Salt Lake Board of REALTORS reported sales of existing homes and condos climbed 77 percent in November. There were 1,071 homes and condos sold in November compared to 606 sales in November of 2008. The median price of all homes sold in November dropped to $202,000, down 12 percent compared to $229,000 in November last year.

How much have home prices dropped in Salt Lake City?

Salt Lake County Sales Graph

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.

3rd Quarter Real Estate Figures for Salt Lake County

Sales down 11% year over year (949 vs 1,161)

Median Price: down 7% year over year ($205,000 vs $220,000)

Median price per Square Foot: down 9% year over year ($104.22 vs $111.40)

All numbers compare 2009 3rd Quarter to 2008 3rd Quarter.

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