Salt Lake County Median Home Prices
March 8th, 2009 Categories: Real Estate News
Salt Lake County Median Home Prices
Here are some stats For Salt Lake County Real Estate for you to look at. It is a report for the median sold price with a one year snap shot and a ten year snap shot. This report covers up to Feb 2009.
It looks like to me that the median price for Salt Lake County is trying to level out at around $225,000, which is where we need to be.
Salt Lake County Median Household Income
The median household income in Salt Lake County is approximately $65,300 according to eFannieMae.com. Using a factor of 3.5 and you get an amount of $228,550 which is what the median household income can afford, now other factors are at play. How much other debt you have, interest rates…
Salt Lake County Population
Salt Lake County has approximately just over a Million people with 300,000 people between the ages of 6-18 years of age and this is not a new trend. That gives approximately 25,000 people a year entering the housing market. That combined with no real increase in new construction in that price category for quite some time.
Salt Lake County Foreclosures
We are starting to see some foreclosures prices coming down some. Entry level home buyers do not have the cash to renovate these homes which leaves only investors to buy them, and an investor has to acquire them at a price that will allow for the renovation and a profit, so banks are starting to get smart and cleaning them up and netting a little more money and home buyers are getting better choices.
Salt Lake County Real Estate Summary
So in summary, the continual pressure coming into the market and lack of new inventory and the median price range, I think that segment of the market has corrected. Now does that mean prices are not going to come down, absolutely not? There is more to it than that, jobs, rates… The higher end newer stuff well that one is tough to really get a handle on.
We have actually been through this before right here in Salt Lake County, the last time we did not have all the big high end stuff. That was a result of the new hybrid and exotic loans that turned nice little couples into speculators, they called themselves investors more like but really they were uneducated gamblers.
The higher end homes will not correct till all the vacant lower price homes get absorbed. The buyers for the high end are sitting in homes that they have to sell and they cannot afford to compete against the banks in price. I am thinking we have another 18-24 months.
So if you are considering buying, selling, or investing as your agent I can and will do the research for you. If you are in the market for a Luxury home go to Salt Lake Luxury Foreclosures
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