Utah Real Estate & Salt Lake City Real Estate Statistics
Utah Real Estate
In many categories Utah Real Estate has taken off. I encourage my sellers to be in the market when my sellers want to take their homes off the market in December. Even though the shoppers are fewer, those shopping are serious. Still, the showings are fewer in December. Under normal situations, from the first Saturday after New Years day until Mid April the market is at it’s best. Already I have had offers on listings that have had none for months and weeks. One offer came from a couple that has been looking at this downtown Salt Lake City Condominium for weeks.
Utah Real Estate Statistics
An important statistic for the serious buyer or seller is the absorption rate statistic. Let me know by leaving a comment or contacting me by email which statistic or market in Utah you would like me to publish. There are so many to look at. I have chosen for this article $500,000 to $600,000 condominiums as I have a listing in downtown Salt Lake City, Garden Towers, in this price range. It does have an offer going back and forth at this time. The absorption rate is a realistic way to calculate the average days on market to expect. The graph below shows the absorption rate by different time periods which helps see the trends.
Studying this chart tells us that the market for this price range in condominiums, for Utah is improving. The 12 month days on market is 15.87 months and it steadily improves to 10.25 months. That is still a longer waiting time for sellers so patience, pricing right, and great marketing is important. Note this is a number for our entire Wasatch real estate MLS.
It is better to break your studies down to the areas you are interested in. Next I will do an absorption rate statistic for downtown Salt Lake City and nearby. Although these four zip codes, 84101, 84102, 84103, and 84111 do extend more than a walkable trip to downtown Salt Lake City they do cover downtown. I like to do my searches with those four zip codes and then work towards City Creek and Temple Square.
Sellers in downtown Salt Lake City, in this price range have a challenge. The downtown condominium property most watch is the City Creek properties, 99 West for example. No sales in the last two months, only one in the last six months. There are some great condominiums in this price range. Being close to downtown is terrific. I can attest to that, we live less than a block from Temple Square. If you have an awesome condo to sell in this market, more than ever it takes a great marketing plan, good pricing, and patience if you are a seller in this range.
Now lets move south in Salt Lake to an area that includes Draper. We have several real estate agents that work this market. Let me lead you to one if this is your interest. Instead of zip codes I will use the MLS area map of areas 107, 108 and 109. Click here to see the map. This also stretches out to Riverton, South Jordan, and Cottonwood Heights. Oops, there are only three properties, condominiums in this price range currently for sale. All listed and not sold for a year.
The next area that you could shop for condominiums in this price range is Park City. I work with Leslie Saunders who lives in the area, is a member of that MLS, and should you be interested will post an article on Park City Statistics.