I recently meant with a client in Herriman concerning the sale of his existing home and purchase/build of a new home. Shay wanted sales statistics and my thoughts on the trends in Herriman Home Sales. This market never fails to surprise me in what I found.

First off as most of us know the values are dropping in Herriman average selling prices year to date thru the end of the second quarter over last year to date have declined 11.88% and look for the average thru the end of the 3rd quarter to decline an additional 5 to 6 percent. However, here are the numbers that did surprise me. The number of sales are up significantly over the same period of time 34.98% with the number of new listings being down 26.44% .  Second one that caught my eye was the average selling price per square foot in the Herriman area obviously this number has dropped since this time last year but what I did see is it really hasn’t changed since November 2008. this leads me to believe that the drop in the average selling price in the area is a false indicator and what is happening is the average size of the homes in the area that are selling is also dropping falsely lowering the average selling price. 

As I said that is significant with those types of changes I would venture to guess that the decline is hitting bottom once the available home numbers continue to decrease. Marketing time is up thru the second quarter however, not what I would consider to significant, 14 days to and average of 80 days.

So buyers looking to buy up this could be your time to get back to looking your average per square foot cost is not going to get much lower if at all. Those of you looking to get your first home it is appearing that people are starting to snatch these homes up and with the favorable FHA rates and time running out on the First Time Home Buyer Credit you better get moving.

So Hope all this helps!!!  FYI due to this I happen to know a very nice upper end home available that is looking for a new owner at a very fair price. Do not hesitate to contact me on this home or others in the area!!