Salt Lake Real Estate Market Still on Top for 2007

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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…

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3 thoughts on “Salt Lake Real Estate Market Still on Top for 2007

  1. It seems like homes are moving faster since the start of the year. There is a lot more activity and people seem very upbeat about this year especially because of all the jobs coming in.

  2. you are kidding right. When you can buy more home in North Las Vegas than you can in North Salt Lake, then something is wrong. Housing prices have increased at a ridiculous rate over the past 6 years. Utah’s housing market is not invinsible to the subprime meltdown- just a little behind the curve. It will follow the national trend and prices will fall. Salaries just can’t keep up.

  3. wow! It’s April now and I found this bit on Google. It’s amazing how things in Utah have come to a screeching halt in Q1. Not a single point on this post is correct in April of 08. Hang on, it’s going to be a hard fall back to reality.

    “Sorry to all of you “sky-is-falling” people out there…”

    And I guess we are all sorry for you now… Ha! Ha! Ha!

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