So here is our market update for March. In a nut shell, things are looking good. Oddly enough, prices seem to be coming down to $100.00 a foot in new construction. I didn't expect to see that but that is what seems to be happening. Riverton, South Jordan, and Herriman, due to such a crazy amount of inventory, are now starting to sell again. Prices have DEPRECIATED out there quite a bit because everyone and their mom built a spec home. Sandy and Cottonwood Heights have slowed down, but still no depreciation. It's pretty flat right now. The homes that are selling are being priced way below the competition.
During the boom, there were over 10,000 homes for sale. Then came the crash--still 10,000 homes for sale but only about 20% being absorbed. During the over correction phase prices came flying down and sellers stopped putting their homes on the market. We went down to 6500 homes for sale in Feb of this year. Now, we are currently at 7700, with about 780 selling a month. Not too bad. Not too bad.
Prices seem to be stabilizing. One thing that is changing is time on market. It is taking alot longer for homes to sell.
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1 comment:
This makes me feel better!
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