Weber County Home Sales Way Down in January

Real Estate in Weber County Utah started out really slowly to begin 2010. Unofficially, January posted just 116 residential home sales. This is down by more than 10% from January of last year, which was also a bad month for number of home sales. This is the lowest single month of total home sales since 1997, when I was still in high school.

The number of homes for sale in Weber County also went up during January. At January’s slow pace of home sales, Ogden Real Estate has an absorption rate of more than 19 months. There are currently 2,108 homes for sale in the Ogden area.

Prices of Homes for Sale in Ogden continue to drop. The current median price of Weber County Real Estate listings is $174,900. The average list price of Ogden Homes for Sale went up last month, it is now at $236,036 (28% higher than January’s average sales price of $168,446)

Are Mortgage Interest Rates About to Rise?

• Are Interest Rates About to Rise?

  Starting next month, expect to see a steep rise in interest rates.

  tags: interest rates, mortgage rates

  • Federal Reserve Bank of New York President William Dudley says the central bank will scale back Its purchases of mortgage-backed securities late next month

  • the Fed will act if rates spike too much. Still, analysts worry that the end of the MBA purchase program and expiration of the home-buyer tax credit, along with higher premiums and tighter underwriting of FHA mortgages, will work together to stifle home sales and price stabilization in the coming months.

2010 Real Estate Sales Starting off Slowly in Cache County

Nobody knows exactly how well the Logan Real Estate market will do this year. The last half of last year were much improved with their year over year comparisons.

Well the numbers for the first month of 2010 are mostly in. And so far, the numbers look pretty dismal. I normally don’t do market condition stats quite this early simply because there are always some slowLogan Realtors out there who just forget to update their listings in the MLS. But, if these numbers hold accurate, home sales this January are worse than last year, and mark the single worst month for number of Cache County Home sales in nearly nine years.

Thus far, only 39 residential MLS listings in Cache County have been reported as sold. This is down nearly 5% from January last year, which was the worst month of the year for home sales.

The average price of homes sold during January was also down. The 39 homes that sold had an average price of $166,581 and a median sold price at just $146,250. This is the lowest single month average since May of 2006.

While home sales and prices were down, the amount of Logan Utah Homes for Sale was up. Cache County currently has 718 residential homes for sale. This is nearly 30 more homes for sale than we had during February of last year.

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Cache County Land Sales Numbers

While the housing market in Cache County is doing pretty well, Cache County Land is far from recovery. For residential lots of more than an acre, we’re looking at more than three YEARS of active inventory. The prices of these Cache County lots still need to come down in price by about 15-30%. Here is a break down of Cache County Land Sales Number and prices for lots less than an acre.

Lot’s Less Than .25 Acres

Lots smaller than a quarter acre are rarely sold individually. Neighborhoods with smaller lots are generally owned buy builders and developers. But, for the few lots that actually did sell last year, this was one of the bright spots. Nine smaller lots sold last year, and there are less than seven currently for sale. That’s less than a years worth of inventory!

Prices of the Lots for Sale are also doing well. As you can see from the graph below, the list price of the current Cache County Properties for sale is about par, or even less than the average sold price the last three years.

Lots Between .26-.5 Acres

Now this is where it starts to get ugly. There are currently 113 residential lots for sale in Cache County. Only 34 properties in this range sold last year. That is nearly 40 months of inventory. Not only is there a huge surplus of these types of lots for sale, but the average price of the active listings is $22,00 higher than the average sold price last year. The most ridiculous thing is that these list prices are still higher than lots of this size have EVER sold for. Sellers need to face reality and substantially lower their prices.

Lots Between .5-.74 Acres
Between half an acre and .74 acres there are 55 lots for sale. Last year, only 8 sold. That is 132 months of active inventory. The median list price of these type of lots is $33,000 higher than the median price of the ones that sold last year.

Lots Between .75-.99 Acres
The larger lots less than an acre are also struggling. Only five of these properties sold last year. There are 28 properties currently for sale. The average list price of these properties is higher than they have ever sold before. The current median list price is $169,000. Four lots sold in 2009 and these lots had a median sales price of $76,000.

Search Logan Utah Real Estate Now!

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December Home Prices UP for Salt Lake

The median and average sales price of Salt Lake County Homes actually went up during December compared with recent months. Part of this may be due to the fact that many of the first time buyers rushed their purchases so they could beat the then expected tax credit during November, nevertheless, it is good to see the gap between list price and sales price narrowing in Salt Lake County. The list price of Salt Lake homes for sale continues to drop.

While Salt Lake home prices were up compared with recent months during December, on a year over year basis they were down. The median sales price dropped 4.86% compared with a year ago, and the average home sales price was down 3.9%. This is the smallest year over year price decline by month in 2009.

Inventory of Homes for Sale in Salt Lake continue to decline. There are currently 6,749 Homes for Sale in Salt Lake County Utah. This is nearly 200 less homes on the market than last month, and is nearly 1000  less than January 2009.

Q4 Home Sales up for Davis County Up Again

Like Q3, Home sales in Davis County were up during the fourth quarter. Home sales were up 19% as 867 residential real estate listings sold during the fourth quarter in Davis County. Q4 home sales were even up  compared with the fourth quarter of 2007.

Fourth quarter home prices were down compared with last year. The median price of homes in Davis County was less than $200,000, down 6.5 percent from last years median price of $213,750.

The average price of Q4 homes sold was also down, but not by nearly as much. 2009’s Q4 average sold price was $227,887, down from $233,966.

More Luxury Homes are Selling in Davis County

December’s home sales numbers look like prices are way up. The average price of the homes that sold were up, but this doesn’t actually mean that home prices have appreciated.

During December there was a much higher percentage of high end Luxury Homes that sold in Davis County Utah. 18 homes sold that were priced above $400,000.  The median price of homes in Davis County that sold was $219,000, the highest monthly average since July of 2008. The average sold price was $245,207.

Notice the sharp increase in prices of homes sold on this graph.

Home sales by month were way down during December, which isn’t a surprise, as they typically are this time of  year. Even with the huge November for home sales, annual sales in Davis County were still up compared with December of last year.  219 Davis County Homes sold compared with 213 in December of 2009.

Davis County Real Estate inventory also continues to drop. There are currently 1848 residential real estate listings, down by more than 11% compared to this time last year.

December Home Sales in Weber County Down

December Home Sales in Weber County Utah were down nearly 16% compared with December of 2008. This shows as that the first time buyer tax credit has had an impact in persuading buyers to purchase Weber County homes, as last month, when the tax credit was expected to expire home sales were UP by 30%.

The price of homes for sale in Ogden continue to decline. The current median list price in Weber County Utah is  $174,900.  The number of homes on the market is also down, and there are currently 2056 residential real estate listings in Weber County.

The average price of homes that sold during December was $166,996, 29% less than the average list price. The median sold price of $148,000 was 16% less than the median sold price.

Utah outlook on housing is improving – Deseret News

• Utah outlook on housing is improving – Deseret News

  Here is some information from a great article in the Deseret News about the housing market future of Northern Utah. According to Jim Wood the director of the University of Utah’s Economic and Business research. Home prices in Salt Lake will likely decline this year, but the market has bottomed. Home prices will start going up in 2010 as there will be increased demand for Utah Real Estate.

  tags: salt, lake, market, predictions, home, sales, trends

  • In Salt Lake County, we’ve probably touched bottom in 2009 and we’re going to see a slight improvement in 2010," Jim Wood, director of the University of Utah’s Bureau of Economic and Business Research

  • In 2009, only 900 new single-family homes were built in Salt Lake County — the lowest level since the war years of the 1940s

  • Salt Lake County home sales this year will show some slight improvement over last year, he said

  • median housing prices in the Salt Lake metropolitan area peaked during the third quarter of 2007 at $246,600, dropping just over 11 percent over a two-year period to $218,900.

  • Wood predicted that home values along the Wasatch Front would continue to decline this year, falling another 3 percent to 5 percent.

  • This will bring the decline in median sales price of homes in Salt Lake County to 15 percent through 2010," he said in the report. "By then, the price declines should be over, replaced by stable to slightly improving prices in 2011.

  • Demand in the Utah housing market is on the upswing, as is the state’s overall population.

    "Between 2010 and 2011, we’re going to have to build 100,000 new housing units in Utah to meet the needs of pent-up demand and growth by the end of 2011," Nelson said.

  • The bottom has passed and we are going to be inching up, and 2011 and 2012 are going to be extraordinary years for homebuilding.

Posted from Diigo. The rest of my favorite links are here.

Weber County December Sales Down, Q4 Up

Home Sales during the fourth quarter for Weber County Real Estate were actually up, even though December home sales numbers struggled compared with last year.

During the Fourth Quarter, 776 homes in Weber County sold, compared with 667 in Q4 of 2008.

The median and average price of these homes was also substantially down. During 2008, the median price of Weber County Homes was $159,900. This year, the median price was down to $153,900. The average price of homes sold saw a drop of 9.4% from $178,836 to $169,575.