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Salt Lake City Shifts Away From Neutral Housing Market
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Blanch Evons
Some areas are reporting rising home prices, while others are reporting longer days on the market, say Salt Lake City Realtors.
Steve Martens "Avenues-area average sales price is $322,246. Days on market has improved to 60 days. Interest rates and value of homes are both going upward and expected to continue upward for 2004.
Martens advises, "With such strong first-quarter sales, it is time to act."
"Our market area includes Salt Lake City, North & South Salt Lake, Murray Holladay, Cottonwood, and the Millcreek areas," explain Realtors Al and Patricia Fenimore. "The average three-bedroom home sells for just over $177,746 and four bedrooms for $285,894. The average days on the market indicates 75 days with 639 homes sold in the last 90 days and 1,584 new listings. This indicates that 23 percent of the homes will be sold in 90 days.
Says Realtor Steve Fairbanks, "When people think of Salt Lake City, they generally think of the valley as a whole. Statistics for Salt Lake County for the first quarter 2004 show the average home sales price was $188,531 (four or more bedrooms averaged $220,641) and condo sales averaged $136,371. The average days on the market was 62 days. Overall market increase was 4.9 percent, although some areas were down from previous statistics.
"Buyers have lots of inventory to choose from, and the interest rates are great. Homes below $150,000 are selling quicker, especially those in good condition. The number of foreclosed properties has increased, but they are not necessarily proving to be real steals," suggests Fairbanks.
"Many new homes are available," he adds, "but the best buys can be made on existing homes. If you want new, make sure you get an agent to represent you before you look. Onsite agents represent the builder and not you. Remember also, no matter what incentives they offer, there is no free lunch."
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