Druce Real Estate

Salt Lake City Real Estate Report
The Avenues area- Zip 84103
1^st Quarter 2008

Total Homes Sold: 33

By Net Sales Price:
Average           = $508,022
Median            = $400,000
Low                 = $200,000
High                = $1,757,250

Price Per Square Foot:
Average           = $172
Median            = $166
Low                 = $95
High                = $263

Days on Market:
Average           = 103 days
Median            = 90 days
Low                 = 17 days
High                = 269 days

Percentage of List Price:
Average           = 95%
Median            = 97%
Low                 = 65%
High                = 103%

Homes Sold by Month:
January           = 4
February         = 11
March             = 18

Source:  Wasatch Front Regional MLS

A new report provides some evidence that buyers waiting on the sidelines may be missing out on opportunities if they wait to buy.

Recently, Fortune, with help from Moody’s Economy.com and Fiserv Lending Solutions, issued a forecast ranking the Salt Lake City metropolitan area No. 4 in the U.S. for 2007 appreciation, saying prices will increase 5.40 percent in 2007 and 1.90 percent in 2008. The only three areas to rank above Salt Lake were McAllen-Mission, Texas (8.5 percent), El Paso, Texas (7.10 percent) and Albuquerque, N.M. (5.90 percent). The report studied the nation’s 100 largest metropolitan areas and found that more than half would experience price increases in 2007.

The results of the Fortune report also show that the areas that largely missed out on the housing boom are the ones least affected by the national slowdown. For example, in the Midwest none of the top metro areas are expected to have price decreases. However, places that experienced huge housing booms — like Las Vegas (which came in second to last) and areas in California, are expected to have some of the largest prices declines in the country.  

The only Utah metro area studied in the report was Salt Lake City. More information on the report’s findings is available online by clicking here

Utah had the highest housing price appreciation rate in the U.S. from fourth quarter 2005 to fourth quarter 2006, according to a report recently released by a government agency. At a rate of 17.6 percent, Utah’s housing prices increased more than any other state in the nation, according to the Office of Federal Housing Enterprise Oversight’s House Price Index. Utah’s metro areas also had some of the largest housing price growth in the country. With an appreciation rate of 19.92 percent, the Provo-Orem area was ranked third in the nation while Salt Lake City at 19.76 percent came in fourth. Also in the top 20 metro areas was Ogden-Clearfield at 15.30 percent.

The state with the second-highest appreciation rate was Wyoming at 14.3 percent while Idaho came in third at 14 percent. The states with the lowest appreciation were Michigan (-0.4%), Massachusetts (0.5%) and Ohio (1%). Nationally, home prices in the fourth quarter of 2006 were 5.9 percent higher than they were in the same quarter in 2005.