Salt Lake County Home Prices - 3rd Quarter 2007
Information on Salt Lake County home prices for the 3rd quarter 2007.
3rd Quarter 2007 Home Prices
While the number of home sales in Salt Lake County has seen a large decrease compared to the levels seen last year, home prices continue to climb, albeit at a much slower pace.
For the third quarter 2007 14 zip codes saw a double-digit home price increase, 14 zip codes saw a home price increase in single digits and 2 zip codes saw prices decrease compared to the same quarter in 2006. The up market area of Holladay had the largest percentage increase of over 24%, while the Avenues zip code 84103 had the largest fall of 11.86%.
The slowdown in the Salt Lake real estate market means that we have gone from a sellers market to more of a balanced market. One of the main reasons for the slowdown is the recent tightening of rules for loan applications. This tightening is affecting many areas of the mortgage market including sub-prime, undocumented loans and jumbo mortgages. The next few months should tell us what the full impact of these changes will be on home prices and the overall real estate market.
The Utah Business magazine recently published an interesting article on the state of the Utah Real Estate Market. The article explains why the market has not collapsed like it has in other areas of the U.S.
| City | Postcode | Median Price | Units Sold | Percentage Change |
|---|---|---|---|---|
| Copperton | 84006 | N/A | N/A | N/A |
| Cottonwood | 84121 | $337,000 | 39 | up 2.32% |
| Draper | 84020 | $393,900 | 48 | up 9.43% |
| Holladay | 84117 | $395,000 | 30 | up 3.67% |
| Holladay | 84124 | $389,900 | 32 | up 24.37% |
| Magna | 84044 | $180,000 | 26 | up 19.6% |
| Midvale | 84047 | $220,000 | 29 | up 2.33% |
| Murray | 84107 | $260,000 | 42 | up 8.33% |
| Riverton | 84065 | $374,545 | 46 | up 18.62% |
| Salt Lake City | 84101 | N/A | N/A | N/A |
| Salt Lake City | 84102 | $285,000 | 38 | up 11.22% |
| Salt Lake City | 84103 | $390,000 | 43 | down 11.86% |
| Salt Lake City | 84104 | $147,500 | 36 | up 13.55% |
| Salt Lake City | 84105 | $298,250 | 36 | up 7.28% |
| Salt Lake City | 84106 | $264,450 | 32 | up 6.33% |
| Salt Lake City | 84108 | $397,500 | 37 | up 2.05% |
| Salt Lake City | 84109 | $350,000 | 37 | up 10.6% |
| Salt Lake City | 84111 | $209,000 | 36 | up 22.94% |
| Salt Lake City | 84112 | N/A | N/A | N/A |
| Salt Lake City | 84113 | N/A | N/A | N/A |
| Salt Lake City | 84116 | $178,950 | 31 | up 21.69% |
| Sandy | 84070 | $249,900 | 36 | up 14.11 % |
| Sandy | 84092 | $397,950 | 41 | up 7.57% |
| Sandy | 84093 | $347,600 | 37 | up 0.75% |
| Sandy | 84094 | $251,050 | 28 | up 0.82% |
| South Jordan | 84095 | $368,000 | 51 | up 6.05% |
| South Salt Lake | 84115 | $184,000 | 34 | up 12.2% |
| Taylorsville | 84118 | $195,000 | 33 | up 15.08% |
| Taylorsville | 84123 | $234,000 | 32 | down 0.85% |
| West Jordon | 84084 | $225,000 | 35 | up 7.66% |
| West Jordon | 84088 | $274,450 | 38 | up 5.56% |
| West Valley | 84119 | $178,000 | 28 | up 13.41% |
| West Valley | 84120 | $195,500 | 34 | up 11.75% |
| West Valley | 84128 | $221,500 | 35 | up 11.47% |
Data for home prices information provided by WFRMLS