North Salt Lake, UT Real Estate News

By Alan Barker
(Boomerang Leads)
North Salt Lake homes sold in 2008 stayed quite consistant with 2007's numbers. Sales only went down 1.65%, which is a big difference from the rest of the area.  Median sold price decreased 8.93% to $229,945 and average sold price decreased 15.48% to $297,098. Inventory is up to 9.29 months. With high inventory and overpriced homes, some issues are created. Current median price is up 26.43% and average price is up 31.15% These numbers are not official
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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.  On a year over year, YTD comparison currently 6.76 % of new listings are 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. For more details or just to chat about market conditions please feel fre...
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