I know, I know…. the market is supposed to be horrible and everything bad and the sky should be falling. But even so, average prices aren’t dropping in Salt Lake County and the local economy is soaring. All factors indicate that our local real estate market will continue to move toward a flat sales rate for a while with the seasonal slowdown and the high inventory levels, but we have no bubble in Salt Lake and real estate will continue to be a solid financial investment.
In fact, we’re still the #1 market in the country for appreciation in 2007.
(update) According to the latest MSN report on 12-28-07, Salt lake was #3 in the nation, Provo and Ogden were also in the top 5 in the country.
Utah has the nations fifth-lowest foreclosure rate.
Salt Lake’s real estate market has appreciated 12.9% year-over-year for third quarter 2007.
And job growth is still booming (Utah remains far and away the best economically performing state in the nation, said Mark Knold, senior labor market economist with the Utah Department of Workforce Services) and we still have record-low unemplyment rates.
In fact, accroding to Kelly K. Matthews, executive vice president and economist for Wells Fargo Bank, Utah’s economy is the best it’s ever been and will continue to be so at least through the first half of next year!
Sorry to all of you “sky-is-falling” people out there…