One part of the market that is really struggling it high end homes. There are several reasons why this is the case. One reason is because several years ago new construction and million dollar homes were being built at a rapid pace. With a slow down in the market there are more million dollar homes than people are buying. Another reason these home might not be selling is because it is harder to get a loan today than it was a few years ago. This is even more true with Million Dollar Homes.
The Salt Lake Board of Realtors reported that “In the first nine months of 2009 in Salt Lake County, there were 40 sales of homes at $1 million or greater. That is down 34 percent compared to 61 sales above the million dollar mark during the same January through September period a year ago (there were 71 home sales at $1 million or greater in Salt Lake County for all of 2008). In 2007, the year home prices peaked in Salt Lake County, there were 134 homes that closed at $1 million or greater. In 2006, there were 133.”
The news that million dollar homes are harder to sell in this market it not good for current home owners, but at the same time this can be good for those that are in the market for a high end home!!
Tags: High End Homes, Million Dollar Homes, Salt Lake County Million Dollar Homes
Avg. Sales Price: 379,000
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