Utah Luxury Home Trends | Salt Lake Luxury Home Trends | 2008 Luxury Home Trends in Utah
Luxury home market trends for Salt Lake, Utah, Wasatch, Davis, Summit and Weber Counties, UT - Average Sold Price, Number Sold

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Utah Luxury Property Sales Trends for 2008

Residential sales trends for five Salt Lake area counties - Davis, Salt Lake, Summit, Utah & Wasatch

 

January 19, 2009Luxury Home Properties

There were 319 luxury real estate transactions in 2008, involving residential properties priced over $750,000. Only one property sold for more than $5 million compared with six that sold in 2007. The highest priced property sold for just over $5 million. Nearly 38% of the luxury homes sold between $750,000 and $999,999, the lowest price range. Over 85% of the luxury homes sold were less than $2 million dollar homes. It took an average of 164 days on the market to sell these luxury properties. Generally, the higher the purchase price, the longer the market time.

The chart below displays a summary of home sales in the five county Utah area:

 

 

 

 

 

 

2008 Luxury Home Market Summary Report

Davis, Salt Lake, Summit, Utah & Wasatch Counties

Sold Listings

List Price Range

# Listings 

 Avg Days on Mkt

$750,000

 - 

$999,999

119

113

$1,000,000

 - 

$1,249,999

50

176

$1,250,000

 - 

$1,499,999

53

146

$1,500,000

 - 

$1,749,999

23

142

$1,750,000

 - 

$1,999,999

25

235

$2,000,000

 - 

$2,249,999

8

212

$2,250,000

 - 

$2,499,999

12

82

$2,500,000

 - 

$2,749,999

9

185

$2,750,000

 - 

$2,999,999

8

242

$3,000,000

 - 

$3,499,999

0

0

$3,500,000

 - 

$3,749,999

4

139

$3,750,000

 - 

$3,999,999

2

352

$4,000,000

 - 

$4,249,999

0

0

$4,250,000

 - 

$4,499,999

0

0

$4,500,000

 - 

$4,749,999

0

0

$4,750,000

 - 

$4,999,999

1

99

$5,000,000

 - 

and over

1

14

Total Listings: 319

Median Price

Average Price

Low Price

High Price

Avg Market Time

1,050,000

1,296,254

800,000

5,080,000

134

Source: WFRMLS and luxuryhomeUtah.com. This information is deemed to be reliable, however WFRMLS and luxuryhomeUtah.com do not guarantee accuracy.

 

Links to other reports:

Million Dollar Properties on the Utah Market

Luxury Residential Property Trends

Park City Home Values Increase Over the Past Ten Years

Luxury Home Amenities & Buyer Demands

Park City and Deer Valley Luxury Home Trends (Summit & Wasatch County Trends)

Utah Luxury Condo Market

Utah Luxury Home Market 2007 Statistics

 

 

 

 

Equity Real Estate Logo

 

Barry J. Preusz
REALTOR | Luxury Property Specialist

Equity Real Estate, 1218 East 7800 South, Salt Lake City, Utah 84094

Office: 801-993-0083



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