Luxury Residential Property Trends
August 16, 2007
In a study conducted by
luxuryhomeUtah.com using data from the Wasatch Front Regional
Multiple Listing Service (WFRMLS), Salt Lake County has the most million
dollar properties currently
listed on the market for sale. As of
August 16, there were 295 residential listings currently active.
Summit County is second with 190 residential listings.
Homes for sale at $750,000 and
above prices are having a difficult time selling. In that price
range, there were 736 expired listings in Salt Lake County and
216 expired listings in Summit County over the past 225 days.
During the same time period, there were 1,274 homes newly listed
on the market at $750,000 or above price range for Salt Lake
County. Summit County had 461 new listing in that price range.
High inventory and large number of homes not selling translates
into big opportunities for buyers. In this current market,
luxury home buyers can choose from a great selection and make
offers to eager sellers.
The chart below displays figures
for residential property priced at $1 million and above within
nearby counties:
Luxury Residential Properties Sold
in Utah
|
$1
Million Plus Residential Properties |
Salt Lake |
Summit |
Utah |
Davis |
Wasatch |
Weber |
|
# Current Listings on WFRMLS |
295 |
190 |
142 |
55 |
36 |
27 |
|
# Properties Currently Under Contract |
34 |
61 |
13 |
1 |
4 |
1 |
|
# Expired Listings Past 225 Days |
344 |
147 |
109 |
49 |
30 |
23 |
|
# Sold Listings Past 225 Days |
91 |
78 |
36 |
10 |
4 |
2 |
Source: WFRMLS and
luxuryhomeUtah.com.
This information is deemed to be reliable, however WFRMLS and
luxuryhomeUtah.com
do not guarantee accuracy.
Barry J. Preusz
Realtor® |
Luxury Property
Specialist
Equity Real Estate, 7090 Union Park Center, Midvale Utah, 84047
Office: (801) 253-6771
