Utah Real Estate
Salt
Lake County Statistics (including Bountiful)
The
Current Market:
Total
Residential Listings in Salt Lake County as of March 27, 2001: 7,924
Total
sales contracts for February 27 to March 27, 2001: 1054
Thus,
13.3% of the total inventory is selling each month!
10.8%
of all condominiums place on the market have sold
The
worst statistics:
Only
6.1% of condominiums under
$100,000 have sold
There
have been 11,242 expired listings in the last year. Only 52% of
residential houses
will
eventually sell.
The
best statistics:
Of
homes listed between $300,000 to $350,000, 31% sell within the first
listing period.
Source:
WFRMLS.com
Our
conclusions:
The
real estate market in the Salt Lake Valley seems to be stagnant.
Currently, there is
more
out-migration than in-migration, mostly to Las Vegas and Southern
California.
This
is probably due to overbuilding in the condominium and apartment
-condominium
conversion
sector, and insufficient employment opportunities at wages higher than
$45,000
per year. Some of the out-migration is also due to what some consider an
oppressive
social, religious, and political climate.
Historically,
as we have seen since 1963, Salt Lake has endured 3 complete market
cycles.
This forth one offers better buying opportunities than before because of
extremely
low
interest rates, and lenders offering more flexible terms.
Certainly,
now is the time to invest in real estate.
Those
who need to sell properties should price them within 2% of the actual
predicted
sales
price. In addition, much consideration should be given to property
presentation
and
staging, since this may be the only thing that will differentiate it
from other
properties.
Condominiums should be priced at least 2% below fair market value.
Source: Salt Lake Tribune, City Weekly, Salt Lake Area Chamber of Commerce
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