Salt Lake City Real Estate -Market Utpdate, 3^rd Quarter 2008.

The market during the third quarter of 2008 for Salt Lake City real estate was significant because if you'll remember, the market came to a screeching halt with the first signs of mortgage problems around June/July of 2007.  So now for the first time we can see how the slower Salt Lake City market of today compares to the slowdown we experienced a year ago.  

Overall the market was down in all categories.  In Salt Lake County 14% fewer homes sold this year, the homes that did sell took almost twice as long, and prices fell about 8.3%.  There is approximately 9 months of inventory available-8,506 homes for sale with an average of 1,002 homes sold per month.   It's an extremely competitive market that isn't expected to change significantly for at least another year. 

If you're going to succeed at selling your Salt Lake City home, you need to pay very close attention to the essentials:  Condition, Price, and Marketing.  Obviously location plays a part, but there's not much that can be done about that.   If you're a Salt Lake City home buyer, there are some great opportunities emerging in this market-especially as you go up in price.  You'll probably have to sell your home for less than you could of when the Salt Lake City real estate market was at it's peak but you'll more than make up the difference on your purchase. 

For more information about Salt Lake City real estate, please visit this Salt Lake City Real Estate information website.