Deseret News | Salt Lake County home sales fall 38%

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Salt Lake County home sales fall 38%

steve h. | 8:23 a.m. Dec. 30, 2008

We will continue to sit on the sidelines because the prices are still too high. The architecture on Utah homes is horrible. It takes 2800 square feet to be equivelant to 2300 feet in a well planned well built home outside of Utah. Homes are still 20-25% overpriced. Only in Utah has the median price risen year over year, however, the slipping sales number suggest there is a problem. Let supply and demand sort this out, please keep bonds and bailouts out of the equation.

Won't know the bottom? | 8:41 a.m. Dec. 30, 2008

We may not know the exact bottom but I suspect some of us non-professionals can get pretty close. How will we know? Easy, we will know when we start having job creation instead of loses, when foreclosures get back to historical norms and when prices are back in line with incomes. Interest rates are low but the banks are (gasp) requiring that you prove you can repay your loan. I suspect that is the main reason sales were so lousy last month (not because of the holidays) and why they will stay lousy until prices come down even more.

Median Sales Price | 8:51 a.m. Dec. 30, 2008

This is perhaps the most deceptive # around. The reality for that extra 4% is unreal. They should measure this on price per sq ft a number with its only flaws, but fewer than the median sales price. I would suspect for the same median dollars today you are getting 15% more sq ft, a home that is 5 years newer and in a better neighborhood. In 07 you got a dollhouse built in the 50's in tougher neighborhood.

Comments continue below

Cannon | 9:05 a.m. Dec. 30, 2008

Foreclosure are the market don't you get that?

Anon | 9:20 a.m. Dec. 30, 2008

Thanks for the advice about first time homebuyers buying within their means.

Oh, and P.S., If everyone did that, the median home price would drop to $175k. Not every household is a two-income household.

I'm single and work full time, and there's zero chance for me to afford a home in a neighborhood safe enough for a single 20-something woman to live in alone.

My plan, then, is to get a bullmastiff/rottweiler. However, I'd have to leave him all day long in order to keep my full time job that allows me the luxury of ghetto living at crippling cost.

So I'm sorry, but it's not all bad news to hear about sales (and eventually prices) softening a little. Sorry about the rant.

Jacob | 9:32 a.m. Dec. 30, 2008

WRONG - "Properties in the $200,000 to $250,000 range have been selling, to the extent that you can find them,"
1) Wrong - they are not selling, I know because I have been watching the mls. Look at how many photos of homes still show flowers from summer...
2) Wrong - you can still find them? The article says that 75% of homes are below $300k!
- This article was designed to think prices are down, then create a sense of urgency with phrases like: "The problem is, they are not going to know when the bottom hits" and "early next year".

DN editors, step it up.

RE | 10:26 a.m. Dec. 30, 2008

Come on !! It's a fantastic time to buy. There are so many good deals on homes right now and the rates are awesome!! If you think prices are going to come down much more your in fantasy land.

My take | 10:33 a.m. Dec. 30, 2008

Nationally prices are at 04 levels and skidding fast. Utah is slightly different, but best I can tell they are at early 06 levels. Sorry folks, but from my perspective this means at least 15% more to go. Once we have weeded out all of the artificial appreciation from 03-07 then we must look at surrounding economic conditions i.e., jobs, foreclosures, inventory, prices relative to median income etc. It is likely the banks are headed right back down the same dumb path they were at before (barring gov't intervention). I agree that the bottom cannot be timed, but I am guessing I can get within 2% of that bottom which is a lot less risky then buying now and potentially losing 25%.

Wrex | 10:42 a.m. Dec. 30, 2008

I'm ready to buy a bigger house, but the inventory is GARBAGE....

I'm sorry people, but your dated 60 year old brick bungalow that needs a ton of work, not to mention more space and some charm, is not worth $450,000 just because it is in zip code 84108!!!

GET REAL!

Foreclosure Wave | 12:13 p.m. Dec. 30, 2008

The Franklin Squires frauds are all in foreclosure proceedings right now, and should be gushing out of the pipeline in short order. Then, prices will fall dramatically right here in Utah! A couple of more months, a couple of more months!

Then, when unemployment hits 10%, the prices will drop even more, and when 1500 retail stores close in Utah, even more, and when inflation hits from all of the bailouts, it will get really interesting (not a good thing).

And then, when all taxpayers are paying $28,000 a year just for Obama's health care plan on top of regular taxes, it will probably just zero out.

Warren | 12:57 p.m. Dec. 30, 2008

I'm new to the area- what are the Franklin Squires frauds?

Down, down, down | 5:56 p.m. Dec. 30, 2008

Be patient, the downward momentum in Utah is unprecedented. Prices are sure to slide another 50% to 60% over the next 12 to 18 months. This recession is here to stay for another 2 to 3 years according to most economists. It's going to be wicked hard times around here!

Besim | 12:29 p.m. Jan. 3, 2009

Homeowners, please don't put your home on the market just to see how much is it worth. If you HAVE TO sale it; be prepared to sell it for less than you owe, that's reality! Only houses priced correctly are selling; priced correctly according to location, condition, timing & terms.
There is a 7,500 homes for sale in Salt Lake County and 1,400 under $180,000, and I'm sure Anon, single women can find nice & safe home to live in.

50 to 60%??? | 5:18 p.m. Jan. 9, 2009

Your are insane! Do you think we are going back to the 80's and early 90's?

Utahs population is expected to double in the next 30 years!!! Do you even understand how much growth that is? Trust me our 8-9 months of home inventory cant keep up with that. If you think we can double in size and watch house prices go down then you really do live in la la land.

P.S. Utah historically follows California's housing market. We are seeing prices rebound in California. So if history holds true that means Utah is not far behind. I know Optimism is never popular, but you people seem to need some

Mark | 12:52 p.m. Jan. 11, 2009

Best time for desperate/underwater Homeowners to sell their home. We are going to see home prices just decrease over time. at least 30% over next year according to Moody's. Also the 2006-2007 type home prices will not be a reality again for next 10 years. Time to cut your losses and feel fortunate.

JR | 11:08 p.m. Feb. 8, 2009

The research at our firm has showed that Utah is curiously about 8 to 12 months behind the rest of the majority of the US economy. Although, recent major downturns might have decreased that amount of time. Utah should expect an additional home value loss of approximately 25 - 35% (depending on the area). It is true that rates are very attractive, however, the problem is not that there aren't enough people who want to buy, the problem is that Utah doesn't have an economy that holds enough high paying salaries to support many of the high home values. Banks capital is still tight, and so buyers will need to be well qualified to become approved. There just aren't enough buyers who can clear that hurdle. The homes may be worth more, but without enough people to afford such homes, the value trend has only one place to go--down.

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Stuart Johnson, Deseret News

For-sale signs stand in the yard of home in Bluffdale. Sales of existing homes fell to a 13-year low in Salt Lake County in November. The president of the Realtors board said December also has been slow.

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Salt Lake County home sales fall 38%