|At $400,000 this year in Salt Lake City, “The inventory is high, as opposed to what you may have been looking at two years ago,” says Harvey.
This home is a good example of what buyers can get in a planned community close to the city, says Harvey. “If you go a little bit further out, to say Sandy, Utah, or Draper or Harriman, you’ll be able to find a larger home — closer to 3,500 or 4,000 square feet — with similar fit and finish.” Lot sizes will be a little bigger: 1/4 to 1/3 of an acre.
Closer to Salt Lake City, “That’s where you’re dealing with older properties, such as bungalows from the 1920s through 1940s that are smaller square footage and configured a little differently,” he says. “In that price range, they’d be somewhat rehabbed and updated.”
If you were looking for downtown condominiums, depending on location, you could get something fairly new with granite, stainless steel appliances and hardwoods in cabinets and floors, ranging from 1,200 to 2,000 square feet, he says.
Median home prices are down 1 percent from the previous year, according to the National Association of Realtors. The median home price in the area was $229,600 in 2008.
However, in some areas, prices receded 15 percent to 20 percent, Harvey says.
Overall, he says, buyers will discover “a better buy and more product to select from” this year.