For the first time in years, you're better off trying to sell a home in Utah than in many of the formerly "hot" real estate markets of the 1980s.
Georgia Ball, president of the Salt Lake Board of Realtors, said local residents can ignore those news stories of a national recession in real estate. Sales on the Salt Lake Board's Multiple Listing Service (MLS) were up 10 percent last month and up 16 percent for the first 10 months of the year.Ball said the local market has surged dramatically in 1990. "What we see before us is a reawakening real estate market," she said, noting that a recent study by the University of Michigan published earlier in the Deseret News indicates Salt Lake City is among the least risky real estate markets in the nation.
Salt Lake Board figures show 5,340 homes in the Salt Lake area have been sold so far this year, up from 4,610 for the same period last year. The average selling price increased 5 percent to $84,454.
Condominium sales were up 14 percent with 659 sales. The average selling price of condos was $61,445, up 7 percent over the first 10 months of 1990.
So far this year, 120 duplexes have been sold, a 35 percent increase; 73 apartments, up 9 percent; and 368 building lots, an 11 percent increase.
Statewide, the trend also was bullish in the third quarter, reports the Utah Association of Realtors.
"Traditionally, the third quarter is a more active time for real estate in Utah," said Claudia Ashby, association president, "but we also believe this is an indication that Utah has passed through the low end of the cycle and is on the way back up."
Here are the sales figures for single-family homes that 11 of the 13 boards of Realtors that make up the 3,800-member Utah Association of Realtors reported for the third quarter:
SALT LAKE - Despite the strong year-to-date and October sales, the Salt Lake Board reported a 4 percent decrease in sales of single-family homes to the Utah Board of Realtors during the third quarter 1990 when compared to the second quarter. Average sales price reported was between $80,000 and $89,000. Conventional and FHA were the favored financing methods reported.
PARK CITY - The Park City board reported a 14 percent increase in sales during the third quarter over the second quarter with an average price for homes of $139,000, the highest average in the state. Most buyers used conventional financing.
UTAH COUNTY - The Utah County area continued "a steady uphill economic trend" with the board reporting a 5 percent increase in the third quarter over the previous three months. Average selling price was $79,000.
OGDEN - The Ogden Board said sales jumped 23 percent in the third quarter with the average selling price $79,000. Most buyers favored conventional financing.
BRIGHAM/TREMONTON - The Brigham City-based board reported a 26 percent increase in sales of single-family homes during the third quarter. Average sales price was $59,000 and FHA was the typical financing method.
LOGAN - The Logan board said third quarter sales were up 28 percent in the third quarter. Logan's average sales price was $69,999 with conventional and FHA the most popular methods of financing.
UINTAH BASIN - The Uintah Basin Board of Realtors said sales of single-family homes were up 13 percent in the quarter. Average sales price was $49,000 with cash and conventional financing used to buy most of them.
TOOELE COUNTY - The Tooele County Board reported a sales increase of 43 percent for single-family homes in the third quarter. FHA financing was used almost exclusively with the average selling price said to be $59,000.
WASATCH COUNTY - Wasatch County's Board said sales shot up 41 percent in the quarter with the average home selling for $49,000. Cash was the most popular method of payment.
CARBON/EMERY COUNTY - The Carbon/Emery Board, based in Price, had a slight decline in single-family home sales during the quarter, but the average price remained steady at $49,000. Seller and FHA financing were the most common.
CENTRAL UTAH - The Central Utah Board, based in Richfield, reported sales information for the first time in the third quarter so comparison figures were unavailable. Average sales price was $49,000 using cash and FHA financing.
The Utah Board said the local boards in Iron County and Washington County did not report complete statistics for the third quarter.