Daily Herald | Posted: Wednesday, April 23, 2008 11:00 pm
Real Estate
Existing home sales plunge 42 percent in Utah County -- Sales of single-family homes in Utah County plunged 42 percent to 716 units in the first three months of the year from the same period in 2007, according to a report from the Salt Lake Board of Realtors. In the first quarter, the median sales price for a single-family home in Utah County dropped 2 percent to $229,940 from $234,700 in same year-ago period.
Sales of condominiums in the first quarter fell 35.2 percent to 186 units from 287 units a year ago, while median sales prices inched down 0.24 percent to $158,125 in the first quarter from $158,500 a year ago, according to the Utah County Board of Realtors.
"Things have slowed, no one would be surprised by that," said Taylor Oldroyd. But monthly sales of single family homes have been picking up steadily since December as the weather warms up and as the state's economic fundamentals remains relatively strong compared with the rest of the nation, he said.
"Sellers have begun to price their properties more competitively," said Jillinda Bowers, president of the Salt Lake Board of Realtors. "This has created great values in certain price classes for some home buyers and has resulted in month-over-month sales increases. With new home prices running nearly $100,000 more compared to older inventory, buyers are seeing existing homes as a better value."
People On the Move
Utahn to head national construction trade group -- Rich Thorn, president and chief executive of the Associated General Contractors of Utah was named chair of the Executive Leadership Council and a member of the 2008 executive board of AGC of America, a national construction trade group. As chair of the leadership council, Thorn will oversee a group of AGC association members nationwide.
Coldwell Banker honors seven agents in Orem -- Seven sales agents with the Orem office of Coldwell Banker Residential Brokerage have earned membership in its International Diamond Society for achieving top sales. They are Julie Bryner, Curtis Chapple, Amy Laster, Leesa Nuttall, Shauna Russell, Shane Sulz and Kenna Wagner.