Business Briefs for Saturday, June 24
Coldwell Banker Residential Brokerage of Utah issued its quarterly Home Price Comparison Index report for the first quarter of 2006. This report provides information on average home values, average sales price, and overall appreciation rates for all of the ZIP codes in Utah, and found that, once again, Utah homes have appreciated.
The average sales price of a home in Utah is $243,200 as of the first quarter in 2006. In the first quarter of 2005, the average sales price for a home in Utah was $207,242, showing an increase of approximately $36,000 in average sales prices in the past year, or a 17 percent appreciation. U.S. home prices overall were 12.5 percent higher in the first quarter of 2006 than they were in the same period in 2005. This data reaffirms that home prices continued to grow considerably faster over the past year than of non-housing goods and services reflected in the Consumer Price Index. House prices rose 12.5 percent while prices of other goods and services rose on average 4.2 percent in the first quarter of 2006.
Locally, ZIP codes in the neighborhoods of 84032 (Heber City) and 84060 (Park City), as well as 84105 & 84117 (Salt Lake City), have seen impressive appreciation rates of 40 percent, 39 percent, and 61 percent, 32 percent, and 34 percent respectively during the first quarter of this year. In a ranking of all U.S. metropolitan cities, Salt Lake City was ranked number 76 for having the greatest percent change in house prices. Salt Lake City in particular experienced a 16.25 percent increase in home values over the past year, representing a 3.45 percent increase since the fourth quarter of 2005.
In a national comparison, the State of Utah moved to number 15 in the United States as showing the greatest percent change in housing prices, reflecting an increase of 14.94 percent in just one year and an increase of 3.08 percent over the last quarter. In the fourth quarter of 2005, Utah was rated number 18 in comparison to other states, showing a three rank increase in just a few short months. Leading states in home prices and home appreciation values included Arizona, District of Columbia, California and Virginia.
Windermere takes day off to serve community
Windermere Real Estate branches across the country took last Wednesday off to serve local communities and to give back to the communities where they work. Community Service Day, as they call it, an annual event where more than 8,000 Windermere associates put real estate aside for a day to spruce up city parks, schools, playgrounds, senior centers.
On June16, all Windermere branches across the West Coast gave back to their communities. Windermere’s Park City office worked with the Park City Senior Citizens Center. Agents gave the interior a face-lift with new paint and refreshed the gardens for the summer.
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Court report: Week of June 22