Holladay, UT Real Estate News

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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION   Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.    SUMMARY Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  This is NOT a good time for those with low and/or no risk tolerance to purchase.  High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.  Some are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperien...
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By Debbie Aldrich, Salt Lake City Realtor - Salt Lake County, Cottonwood Heights
(The Watts Group Real Estate )
Not far from Cottonwood Heights in Salt Lake Countyis another great little town known as Holladay and those that live there feel like it is a Holiday every day of the year, you can tell by the great smiles an Friendly people there.  Not far from Cottonwood Heights in Salt Lake Countyis another great little town known as Holladay and those that live there feel like it is a Holiday every day of the year, you can tell by the great smiles and friendly people there.  On July 29, 1847 pioneers known as the Mississippi Company, led by John Holladay, arrived in the Salt Lake Valley which is now in Salt Lake County.  They discovered a free flowing, spring fed stream,  most of the group went  to the Fort in Great Salt Lake for the winter but two or three men built dugouts along this stream and wi...
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By Alan Barker
(Boomerang Leads)
Real Estate in Holladay sold only three less homes last quarter.  Current Holladay homes are priced as some of the most expensive in the county.  Median sold price went down 11.7%, but prices are currently around $500,000.  Average sold price saw a large increase of 32.36%.  Current listings are way up, averaging at $924,090.
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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION   Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.    SUMMARY Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  This is NOT a good time for those with low and/or no risk tolerance to purchase.  High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.  Some are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperien...
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By Alan Barker
(Boomerang Leads)
Average sold price and number of sold homes in Holladay stayed pretty neutral.  Median sold price dropped almost 10% and inventory is up to 16 months.  On average, current prices on Holladay homes have more than doubled which likely means that more million dollar homes have entered the market.  Median prices have also seen a large increase and are listed at prices 39% higher than what sold last quarter.  
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By Alan Barker
(Boomerang Leads)
Homes sold in Holladay followed the trend and dropped by almost 30%.  Median price went down by 11.75% to $278,000.  Average price decreased by 16.37% to $315,114. Even though prices decreased last year, Holladay has an over priced inventory.  The median price is higher than last years sold price by 36% and the average price has more than doubled to $716,896. With over one year of inventory, there are 243 homes for sale in Holladay UT. Buyers have the advantage in the current market, and sellers of many of these expensive homes may have to decrease their price before they will sell. These numbers are not official.
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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION     Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.         SUMMARY Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom.  This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing.  Some are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperienced buyer.  Also it is good to note that ...
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We still are having a low percent of new listings being SOLD.  Currently (4.22)% on a year over year, YTD comparison and we need positive % of listings sold, with positive price action to confirm market bottom. Please see data below.                                                                                  PRICE ACTION   Other good signs in addition to positive price action is lower DOM (days of the market) and lower new listings.             SUMMARY  Currently we are not seeing the needed positive price action to confirm a market bottom.  This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing. For more details or just to chat about market conditions please feel free to contact me. Thank you       D...
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By Alan Barker
(Boomerang Leads)
So How's the Real Estate Market in Holladay Utah? First off there are some really expensive homes for sale in Holladay, There are more than 110 homes on the MLS in Holladay priced above half a million. and 42 homes for sale that are priced at more than 1 million. The most expensive listing in Holladay is almost 8 million. Because of all these high end homes, the average price of Holladay Utah home listings is an outrageous $702,281. The median price, the price where half of the listings are more expensive and half are less expensive stands at 428,000. There are currently 280 active MLs listings. During the first half of '08 only 108 homes listed on the MLS were actually sold in Holladay. The median price of these sold homes was just $285,000 and even the average price was just $304,856....
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Holladay residents like the area for its location close to downtown and close to the mountains.  The area has large mature trees.  This is unusual for the Salt Lake valley because when the pioneers got here in the 1800’s there were very few trees in the valley.  Holladay is also known for its large lots and large homes.   The boundaries of Holladay are roughly 3900 south to 6000 south and everything above highland drive or about 1300 east.  The City of Holladay was incorporated in 1999 in an effort by the residents to have more control over the development in the area.  Some goals as listed on the City of Holladay’s website are:        Make the central Holladay business area more pedestrian friendly Create biking and walking trails through the community Curtail downsizing of building l...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Holladay Utah Home values declined slightly for the second straight month but are still almost 30% higher than they were in May 2006. Holladay has historically maintained strong home values and I'm confident the slight decline is more a market mix of homes sold in the area versus a city-wide decline in values.   The absorption rate of listing inventory (the number of months it takes to sell the current listings at the current sold rate) declined in May when it would usually increase as April and May are two of the highest listing months of the year. That is great news for sellers indicating we could be moving from a neutral market in Holladay towards a sellers market. All stats were taken from WFRMLS as of 6/9/2007 and are subject to change. For a directory of Real estate Agents in Utah...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Holladay home sales increased 31% from March 2007 but declined 22% from April 2006. Home values declined 1.5% from March 2007 and were up 12% from their April 2006 levels. Days on market shortened by 27% from March but increased 12% from April 2006.       2006 2007 Change % Homes Sold 2721-22% Average Sold Price $398,664 $448,609 +12% Condos Sold 0 4+400% Average Sold Price $218,692 $255,750 +17% Average Days On Market 34 38 +12% Holladay home values remain strong as usual. Volume is down compared to 2006 levels but that is consistent with the rest of the county for home values above $250,000. Condo sales in Holladay are limited so the comparison to 2006 values is based on the 1st quarter sales in 2006.    If you want any further information on your neighborhood drop me a line at SaltLa...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
Holladay homes sales drop 21.5% while values rise 26.36%The following table compares home and condo sales in Holladay Utah between March 2006 and March 2007. Please be cautious in making any buy or sell decisions based on a single months analysis. Quarterly and trend analysis are much more meaningful than isolating a single month. But, it is interesting to compare our statistics to what we see in national and regional activity and trends.   March 2006March 2007Change %Homes Sold1915-21.05% Average Sold Price$352,141 $444,973+26.36% Condos Sold62-66.67%Average Sold Price$204,150 $182,500 -10.62%Average Days On Market4941 -16.33%  Wow, the number of sales have dropped significantly but prices have risen by 26.36%. It is interesting to see days on market dropping when sales have dropped so...
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By Keith Jeppson - Salt Lake City Real Estate
(Everest Realty Group)
The numbers are in and Holladay, Utah residents are anxious to hear how we did in home appreciation compared to last year and especially compared to projections. If you recall, Utah ranked #1 in appreciation in 2007 with an increase statewide of 17.55%. And the Salt Lake Metropolitan area, which included Holladay,  was forecasted to increase 5.40% in 2007. So how have we done so far? Holladay, which includes zip code 84124 continues to see the following aggressive growth:1st Quarter 2006 Sales Compared to 1st Quarter 2007 20062007% ChangeHomes Sold485412.50%Average Home Sold Price$373,457$392,847+5.19%Condos Sold148-42.86%Average Condo Sold Price$218,692$171,050-21.78%New Listings106146+37.74%Average List Price$406,021$532,911+31.25%Average Days on Market4345+4.65%  Compared to 2006, th...
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Holladay, UT Real Estate Professionals