Salt Lake area home prices (for homes that actually sell) appear to be relatively flat at this time. The good news is that it would appear that Salt Lake still has some cushion considering that the median existing single-family home price "in the West" was $290,600 and Salt Lake came in at only $234,200.
In the West, the median existing single-family home price was $290,600 in the second quarter, which is 17.4 percent below a year ago. After Yakima, the strongest metro price increase in the West was in the Salt Lake City area, at $234,200, up 0.5 percent from a year ago; all other metro areas reported for the West were down from the second quarter of 2007. (From NAR via Marketwatch)
Even though I own a home here myself, I am more than happy to see Salt Lake lag behind other markets in the West. If their prices are coming down, and we are lower than they are, that just goes to show that Salt Lake curbed pricing before Salt Lake's home prices got out of hand. Ideally, the other markets will stabilize at a point higher than Salt Lake which will allow Salt Lake to move back into a conservative but positive level of year-after-year home price appreciation.
The good news would appear to be that buying (or owning) a home in Salt Lake is still one of the best bets in the country. And, if you plan on holding your home for 10 years or more, historically, you should come out ahead.
If you are planning to purchase a home in the Salt Lake City area, make sure you get an Agent on YOUR side of the transaction!
If you have excellent credit and will be buying a $250,000-$750,000 home in the next 30-60 days and would like an agent who will work exclusively for you, call us at (801) 969-8989 or contact us via the link on this page.
©2008 Homebuyer Representation, Inc. "The Real Estate Agents on the Buyer's Side" ™ Exclusive Buyers Agents (EBA) - All Rights Reserved
Exclusive Buyer Brokerages do not list homes and never represent Sellers. Their agents represent Buyers ONLY on the Buyer's side of the transaction. They work to get BUYERS the Best Price and Terms when they Buy...
©2008 Homebuyer Representation, Inc. - Salt Lake City, UT
Exclusive Buyers Agents (EBA) - All Rights Reserved