Salt Lake County Market Update

Salt Lake County Market Update

Market Update For Salt Lake County

Statistics For Salt Lake CountyBoring statistic time! Now comes before us the Salt Lake County market update for February 2010.  This time we are approaching things a bit differently and comparing year to year .  Yes, I know that most everyone has come out comparing 4th quarter 2009 to 4th quarter 2008 with weaping, wailing, and gnashing of teeth however, in our humble opinion, this information is not entirely accurate.  Pricing and sales fluctuate during a quarter , so to accurately gage what is happening in the market, let’s take a look at the year to year trend.

For example

Let’s take a look at single family homes in Salt Lake County over the last 3 years.  The average price for a single family home in Salt Lake County increased from 2006 to 2007 by 9.56 % (the last year of the madhouse sellers market).

Now we all know, unless you were on a deserted island and had no TV or internet news channels, that sales prices  (we are talking Utah here, remember Real Estate is a local issue) decreased in 2008 and 2009.  However, in Salt Lake County the decrease in 2008 was only 2.76% and 6.99% in 2009.

Therefore, at the beginning of 2010 we are dead even with 2006 prices.  So, like Walmart, we have “rolled back the prices” to 2006 levels, which means that most areas of the Salt Lake Valley are in the affordable category again.  Similar trends have happened in Tooele, Davis, Utah counties.

Now, if you’re a first time homebuyer…

This means great things to you.  Not only are prices more affordable, but there are incentives like the $8000 first time homebuyers tax credit and extremely low interest rates to help you into that home.  Likewise, if you have lived in your Buying A House Is A Great Move Right Nowhome for 5 years and are ready to move up, the same interest rates AND a $6500 move up tax credit is available to you.  And by the way, those can be claimed THIS year to help you furnish that new home, put in a yard, or what ever you want to do.

If you are thinking, or know someone who is, about making a move, give us a call.  We can answer your questions and give you the information you need to make an educated decision…besides, we love to talk! Call us today!