ResalesSalt Lake City, Utah Housing Weakens
Despite having incredible natural resources, low crime and other attractions, Salt Lake City is experiencing a slowdown in housing prices and sales, a natural correction after such a bull national housing market, say local Realtors.
"One of the nation"s finest cities to live in, Salt Lake has some of the finest schools, shopping, and lowest crime rates for a city of this size in the entire country," says Realtor Gary Spencer. "With homes that are very affordable for first-home buyers to multi-million dollar mansions, most buyers can find exactly what they are looking for.
"Salt Lake is one of the most desirable cities in the nation to reside in," says Spencer. "Right now there are many houses on the market, with negotiations that tend to favor the buyer. Mostly older homes; some dating back to the late 1800"s, almost every style and price range can be found, as well as some new construction. Prices are up slightly over last year, but many areas are still very affordable."
Says Realtor Steve Fairbanks, "Salt Lake City has both city and suburban neighborhoods, close to skiing, hiking, biking, boating, fishing, hunting and much more. National parks are within a five hour drive.
"When people think of Salt Lake City, they generally think of the valley as a whole. Statistics for Salt Lake County for the first 5 months of 2003 show the average home sales price was down from $183,324 in 2002 to $179,893 (4 or more bedrooms averaged $206,521, down from $212,562) and condo sales averaged $126,338, which is down from $133,428. The average days on the market was 60 days. Buyers have lots of inventory to choose from, and the interest rates are great. Homes below $150,000 are selling quicker, especially those in good condition. The number of foreclosed properties has increased, but they are not necessarily proving to be real steals. Many new homes are available, but the best buys can be made on existing homes. If you want new, make sure you get an agent to represent you before you look. Onsite agents represent the builder and not you. Remember also, no matter what incentives they offer, there is no free lunch."
Realtor Patricia Fenimore says, "The Average three-bedroom home sells for just over $162,100 and a four-bedroom for $272,734.00. The average days on the market indicates 72 days with 424 homes sold in the last 90 days and 1188 new listings. This indicates Less Then 50 percent of the homes will be sold in 90 days."
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