June best Month of Home Sales for Salt Lake since August of 2007

June Home Sales for Salt Lake County exceeded the 1,100 sales mark for the first time in over a year.  Thus far, 1160 residential homes in Salt Lake County have been reported sold. This is a good indicator that the Salt Lake Real Estate market has already bottomed out. So if you’ve been waiting for the bottom, you might have already missed it.

There are currently 7699 active residential listings on the MLS in SLC. At June’s pace, this is less than 7 months of available inventory.

Weber County Home Sales and Prices up in June

June was the best month for home sales in Weber County Utah in nearly a year. There were 281 residential homes sold as reported on the MLS for Weber ber County. This number is up 13% from May. 

In addition to an increase in home sales, surprisingly, the median and average price of homes listed in Weber County also rose for the first time in over a year.

The number of new listings for sale in the Ogden area went up to  2212. At Junes sales pace, we Weber County has 7.87 months of inventory.

Weber County 2nd Qtr 08-09

 

Overall, Weber County saw a pretty large decrease in number of homes sold from 826 to 678.  Prices are slightly down with median sold price decreasing 3.51% and average sold price decreasing 5.78%. 

Condos in Weber had a 22% decrease in number sold.  Average and median prices were also down by over 10%.  Inventory was at about 11 months.  More information on Weber cities is below.

Ogden Homes: There are currently 675 homes listed for sale in Ogden with 8.33 months of inventory.  Last quarter, the number of homes sold decreased 24.3% when comparing to the 2nd quarter of 2008.  Median price barely decreased and average sold price went down 7.23%.

North Ogden Homes: North Ogden had the only increase in the county and sold 61 homes compared to 54 during the 2nd quarter of ‘08.  It was also the only city to have increases in both average and median sold price.

Roy Homes: Roy sold 33 less homes, decreasing 18.86%.  Average sold price slipped 7.58% to the upper 150’s and median price slipped 5.55% to the lower 150’s. 

Upper Ogden Valley: Eden, Huntsville, and Liberty went from selling 11 homes in the second quarter of 2008 to selling 8 homes in the second quarter of 2009.  There are 170 homes currently on the market creating over 5 years of inventory.

Utah County 2nd Quarter 08-09

There was actually an overall increase in the number of sold homes in Utah County. Numbers went from 1,006 during the second quarter of 2008 to 1,138 during the second quarter of 2009. Sold price decreased 10.22% on average and 8.52% on median.

Condos in Utah County saw losses across the board. 20% less homes were sold and prices also decreased, but by less than 5%. Continue reading to find more information about individual cities.

American Fork Homes: Three more homes sold during the 2nd quarter of 2009 than what sold during the second quarter of 2008. Median sold price decreased 6.5% and average price decreased 16.22%. Inventory is 9.31 months.

Eagle Mountain Homes: Eagle Mountain had a large increase in number of homes sold, up 27%. On the other hand, prices decreased 13-14%.

Highland/Alpine Homes: Homes in Highland and homes in Alpine also had an increase, selling 13 more homes last quarter. Yet median and average sold price both decreased more than 10%.

Lehi Homes: Lehi experienced a 1% increase in the number of homes that sold last quarter. The increase in homes sold most likely came at the cost of median price dropping 16.84% and average price dropping 19.36%.

Orem Homes: Orem increased the number of homes sold from 119 to 123. Median price slipped from $227,000 to $197,700 and average price went from $263,599 to $224,803.

Payson Homes: Payson had the largest decrease in percentage of homes sold in the valley but actually only sold 7 less homes. Sold price decreased less than 3% and inventory is 14 months.

Pleasant Grove Homes: The only city to have both increases in price and in the number of homes sold was Pleasant Grove. Home sales were up 11.54%, median sold price was up 8% and average sold price was up 1.65%.

Provo Homes: Home sales in Provo decreased 17.12%. Median price decreased 12.39% to the upper 100’s and average price decreased 2.52% to the lower-mid 200’s. Inventory is close to one year.

Saratoga Springs Homes: Saratoga Springs had an unbelievable increase in number of homes sold, doubling what was sold one year ago. More homes were sold in Saratoga Springs than any other city in the county with the exception of Lehi. Median price decreased 6.27% and average sold price dropped 14.42%.

Spanish Fork Homes: Spanish Fork realized decreases of more than 15% in number of homes sold and prices they were sold at. Inventory is currently at 10.33 months.

These stats are not official

Tooele County 2nd Quarter 08-09

Tooele County experienced a decrease from 201 to 182. Median price of homes sold decreased 2.23% and average price decreased 5.72%. Inventory is currently at 8.79 months.

Davis County 2nd Quarter 08-09

The number of homes sold in Davis County decreased about 13%. Overall, sold prices did drop but only by single digits. Median price went down 4.5% and average sold price went down 7.2%. There are currently 1,817 homes listed for sale on the MLS.

Davis County Condos sold also decreased just over 13% from 95 to 82. Median price slipped only 2% but average price dropped 12.5%. There is close to 8 months of inventory. Check out more information about the major cities in Davis County below.

Bountiful Homes: Bountiful experienced one of the larger decreases in number of homes sold in the county, dropping 22%. Average sold price slid 17.5% and median sold price decreased almost 11%. There is close to one year of inventory.

Centerville Homes: Centerville was the only town in the county to have increases across the board. Number of homes sold increased 26%, median sold price increased 2.77%, and average sold price increased just 0.84%.

Clearfield Homes: The largest decrease in number of homes sold in the county was in Clearfield. Homes sold dropped 34.23% from 111 to 73. Median sold price went up 4.1% and average price increased 0.54%.

Clinton Homes: Clinton had a small decrease in homes sold, down 6.82%. Median and average sold price both decreased about 5%.

Farmington Homes: Three less homes sold last quarter. Both median and average sold price went down about 4%.

Kaysville Homes: The largest increase in homes sold happened in Kaysville, up from 56 homes to 74. Median sold price also went up, increasing from $268,500 to $275,000. Average sold price decreased 18.57%.

Layton Homes: There was a decrease in homes sold from 228 to 191. Median sold price decreased 2.61% and average sold price decreased 4.35%.

North Salt Lake Homes: North Salt Lake experienced an 8% increase in number of homes sold. Average sold price dropped about 32% and median sold price slipped just above 9%.

These stats are not official

Cap and Trade Could Severely Hurt Real Estate Recovery

I stumbled on this blog, and it has some great info. If this is passed it will seriously slow down the housing recovery, and thus the overall economic recovery. Something like 25% of Americans are upside down already, do you really think they’ll be able to sell their homes if they also have to throw in an additional $5k to meet required energy efficient standards? It’s one thing if a buyer wants to do it for their own enjoyment and energy savings, but to make it required for everyone in the middle of a recession? That’s just plain stupid.

• Let’s put a cap in Cap and Trade

• This Cap and Trade Deal could have a huge impact for the real estate market.Here are a few of the highlights:

  tags: cap and trade, obama

  • Cap and Trade (Waxman-Markey) bill
  • The bill will give Obama and friends the right, no the mandate, to enter your home and inspect it before you’re "allowed" to sell your home.
  • Your home, your little piece of privacy, will need to be evaluated by a certified government inspector to gage how friendly it is to our environment. If your windows are drafty, you very well might have to replace them before a sale would be "permitted". If your furnace is old, better find $4k laying around to replace it. Inefficient refrigerator? I see a trip to Lowes in your near future. If you don’t feel like updating the home per your new, even bigger brother’s request, that’s no problem really. You just won’t be allowed to sell your home.
  • the bill specifically calls for the inclusion of an outlet in every garage that would be capable of charging your electric car

Salt Lake County 2nd Quarter 08-09

For the most part, Salt Lake County saw decreases across the board when comparing the second quarter of 2008 to 2009. A few cities sold more homes this quarter but other than that, numbers have gone down. Overall, the county sold 9% less homes and average sold price went down just over 7%.

About 30% less condos sold in the second quarter of 2008. Sold price dropped a few percent but current median listed price is almost $200,000, about 15% more than what condos sold for in 09. Check out more detailed information about major cities below .

Cottonwood Heights Homes: Number of homes sold was cut in half to 36. Active listings are 4.5 times that much so there is over one year of inventory. Median and Average sold price decreased more than 10% and homes are listed for more than what they sold for during the second quarter of 2008 and 2009.

Draper Homes: There was actually an increase of 33% in number of homes sold. Median sold price decreased 4.81% and average sold price decreased 13.53%. Inventory is at 7.42 months.

Herriman Homes: Herriman took part in the largest increase of homes sold from 119 to 166. Current inventory is only five months and sold price decreased close to 10%.

Holladay Homes: The Number of homes that sold in Herriman decreased 5.88 percent. Median price decreased 11.70% but average price actually increased 32.36%. Right now median home prices are 40% higher than what they sold for last quarter.

Kearns Homes: Only 5 less homes sold in Kearns last quarter. Twice as many homes are actively listed and there is 6.14 months of inventory. Sales are down more than 10%.

Magna Homes: About half as many homes sold in Magna last quarter when comparing with the second quarter of 2008. Average price decreased 16.36% and median price decreased 15.49%. There are currently 174 active listings.

Midvale Homes: Midvale also witness a large decrease in number of homes sold. Current median price is about the same as what homes sold for in 2008. There is 14 months of inventory.

Riverton Homes: Riverton sold 9 less homes during the second quarter of ‘09, slipping 8.26%. Median sold price decreased 5.23% and average sold price went down 11.52% from the lower 300’s to the upper 200’s.

Salt Lake City Homes: The capital just barely only saw single digit decreases. The decrease in number of homes sold was very close to the double digits at 9.97% and the decrease in average price was at 9.4%. There is 6.8 months of inventory.

South Jordan Homes: South Jordan was one of the few to increase in number of homes sold and went up 13.33%. At the same time, median price dropped 20% and average price decreased 19%.

Taylorsville Homes: Median sold price went from the lower 200’s to the upper 100’s. Homes sold went from 91 to 77 and average sold price slipped 4%. There are about 100 more homes listed currently than what sold last quarter.

West Jordan Homes: 60 less homes were sold in West Jordan, dropping 18.52%. Average sold price went down 8.6% from $249,454 to$228,002 and median price slipped 9.8% from $239,900 to $216,400.

West Valley City Homes: Number of homes sold decreased about one quarter which puts West Valley about in the middle when comparing with other cities in the county. Inventory is at a healthy 8.64 months and median sold price decreased 9.23%.

These stats are not official.

New Housing Stimulus for Utah? There Might Be a New Home Run Grant

• Utah Lt. Gov. Herbert eyes boost for housing – Salt Lake Tribune

  • Lt. Gov. Gary Herbert said Tuesday he is considering a second round of state stimulus to the housing market, similar to the $6,000 Home Run Grant incentive to homebuyers that helped generate $376.7 million in home sales in the past three months
  • The specifics of the new stimulus program are still being worked out
  • one possibility the group is considering would be a smaller grant that could be given to more people and could potentially include the purchase of existing homes.
  • Another option would use state funds to provide an advance on the $8,000 federal tax credit to first-time homebuyers, who would then have to repay the state when the federal money arrived.
  • The Home Run Grant Program, proposed by Huntsman and approved by the Legislature earlier this year, used $10 million in federal stimulus money to entice prospective homebuyers into purchasing a never-lived-in home.
  • An economic analysis of the program projected that it would create more than 7,200 jobs, generate nearly $240 million in wages and $20 million in property taxes.

Utah Ranks 5th Nationally for Foreclosure Filings

• Utah Ranks 5th Nationally for Foreclosure Filings

  According to RealtyTrac.com, Foreclosure Filings in Utah are getting up there with states like Arizona, California, and Florida. During May, Utah Ranked 5th Nationally for foreclosure filings. Up 115% from May of 2008. One out of every 316 homes received some sort of foreclosure notice.

  tags: foreclosures, may 2009, utah