Shhh Don’t tell Anyone
April 13th, 2008 Categories: Real Estate News
Salt Lake Real Estate Market
Showing Signs of Improvement
Shhh Don’t tell anyone but the Salt Lake Real Estate Market inched forward. Could be seasonal, could be amazing interest rates, could be buyers are not listening to media, it could be a lot of things or a combination of all of the above.
Number of residential units sold in Salt Lake County for the month of March is up a little over 17% from February and up 30% from January. Average sold price up a hair nothing special. List to sale ratio went from 97% to 98%.
One of the things not reflected in the price is seller concessions to the buyer. For example if a property is listed for $280,000 and the buyer and seller agree to the list price BUT the seller agrees to pay $7,000 in closing cost concessions to the buyer. The price was $280,000 as reported but the affective price to the seller was $273,000.
Although appraisers will not count the concession when appraising, it still shows up in averages.
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Thanks for the insight. It is nice to hear good news from the mainland. The Honolulu market is strong.
Aloha,
Keahi
RE/MAX 808 Realty
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