May 13, 2008
Home sales continue to be slow in Davis County Utah. For April of 2008, only 277 single family homes were reported sold on the Wasatch Front MLS. This is almost 100 less homes sold than April of last year, down about 25%. One interesting statistic is that most of the homes that were sold during April were only on the market for a short period of time. 38% of the houses sold were listed for less than thirty days, and nearly 60% of the homes sold in April were on the market for less than two months. This shows that many of the new listings are pricing there homes right for today’s market and not for the booming real estate market of last year. The moderate homes are still selling at a relatively healthy pace.
The average price of Homes Sold in Davis County during April was $250,932. This is slightly down from 2007’s April numbers at $254,585.
Currently the average list price of homes on the market is $366,62, and the median price, is even more than this average price at $294,900. Here is a breakdown of the average list price of the major Davis County Cities:
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Davis County Real Estate, Home Sales Stats '08, Stats | Tagged: april, Davis County, home sales, Numbers, statistics | 
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Posted by Atrain
May 9, 2008
Unofficial Home Sales numbers from the WFRMLS show that Salt Lake County had 784 single family homes sold in April 2008. The average sold price of these properties was $287,949.
In comparison to 2007, home prices remained stable. Average Salt Lake home sales price in ‘07 was $287,797. The number of homes sold, not surprisingly, was down almost 29%. This decline in homes sold is actually an improvement over Salt Lake first quarter results.
Currently, Salt Lake County has 6,637 single family homes listed for sale. The median price of these MLS listings is $329,000 and the average price is $441,900, 35% higher than Aprils average sold price.
Number of Active Listings by City in Salt Lake County:
No Comments » | Home Sales Stats '08 | Tagged: april sales statistics, homes, Salt Lake, slc | Permalink
Posted by Atrain
May 5, 2008
Unofficial April Home Sales numbers for Utah County are in, and the declining trend isn’t changing in Utah County, Utah.
The number of homes sold in April in 2008, compared to a Utah County home sold in 2007, is down 35%, and the average price of homes sold in 2008 is down more than 9%.
Unofficially, 300 single family homes listed on the MLS were sold in Utah County this year and their average sold price was $253,553.
Currently there are 4,350 homes listed on the MLS in Utah County. The average price of these listings is over $400,000.
The good news is that there were more homes sold in April, than the average 1st quarter monthly totals. There is still too much inventory on the market and it is clearly a buyers market in Utah County, Utah Including: American Fork, Lehi, Orem, Provo, Payson, and Spanish Fork.
2 Comments | Home Sales Stats '08 | Tagged: april, home sales, utah county | Permalink
Posted by Atrain
April 28, 2008
You could say the housing market in Utah County is in pretty bad shape. Home sales in the first quarter were almost half of what they were in ‘2007. There were 511 less residential homes sold this year than last, and home prices even declined by about 5%. Happy Valley may not be so happy in the real estate market.
Only 717 residential houses and condos were sold in Utah County during the first Quarter. Currently there are 4,945 single family homes for sale in Utah County. At the first quarter rate of 239 homes sold each month, it would take 1 year and 8 months just to sell the homes currently for sale, and more homes are listed every day.
If you are trying to sell in Utah County, I would recommend dropping the price now, otherwise your property will be on the market for a very long time.
If you are looking to buy, you have plenty of selection. Unless the property you like is a screaming deal, make your offer low, the seller isn’t very likely to be receiving many other offers any time soon.
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Posted by Atrain
April 24, 2008
Home sales are down a little bit more than a little bit for the Salt Lake area for the first quarter of 2008. There were nearly half as many residential properties sold in Salt Lake County during the first quarter of 2008 compared to home sales in the first quarter of 2007.
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Posted by Atrain
April 19, 2008
According to the Pew Charitable Trust, 1 in 25 Utah homes are predicted to be in some stage of foreclosure during the next two years. Nearly 25% of all home loans given during Utah’s housing boom in 2005 and 2006 were given to subprime borrowers. Nationally, about 1 out of 10 subprime loans have experienced atleast the initial stages of foreclosure.
If these stats hold accurate it could have a severely negative impact on the Utah housing market and the economy. Utah’s previous high foreclosure rate was 2% in 2002. This would be double that amount.
On the positive, if Utah does receive a huge flux in the rate of foreclosures, housing prices will likely decline as inventory of available homes for sale will rise. This is also positive news for real estate investors looking for deals and ways to take advantage of distressed homeowners who may actually have equity.
Increased foreclosures further justify the recent changes the lending industry has made in required down payments and required documentation and credit status for getting mortgage loans. As many properties that are in distress are upside down with the recent decline in housing values along much of the Wasatch Front, banks will need to allow more short sales and loan modifications to reduce foreclosures.
This prediction also could prove to be completely inaccurate, and number of foreclosures will only slightly increase in Utah. All in all, this just the news of possible foreclosures in Utah gives a decrease in buyer confidence for the average potential home buyer. Buyers on the edge will not make the plunge if they believe that the value of the new property they will purchase will decline. It’s a buyers market in most of Utah, and when the interest rate is good real estate will still be a good long term investment.
3 Comments | Foreclosures, Home Buying, Utah Economy | Tagged: Foreclosures, predictions, short sales, utah | Permalink
Posted by Atrain
April 16, 2008
A recent article in the Deseret News gives evidence that the Utah economy and job growth is slowing. Much of this slowing is result of slow down in the construction and housing industry. Even with the slowdown, Utah is among the best nationally in job growth and low unemployment.
According to the article,
“Utah’s economy is being pulled down by this, and the first and most noted industry feeling its negative effects is construction,” he said. “The nation’s credit crunch has so negatively influenced the Utah housing market that new housing approvals over the past six months are below half of what normally is approved.”
According to the report, Utah lost 2,100 construction jobs in the past year. Knold said that Utah might easily shed 10,000 construction jobs over the next two years.
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No Comments » | Utah Economy | Tagged: construction, economy, housing, job growth, utah | Permalink
Posted by Atrain
April 8, 2008
An article in the Deseret News today stated that Pending Home sales were at an all time time low in the United States in February. Unlike last year, it appears that Utah is also in on the national home sale woes.
WASHINGTON — An industry group said Tuesday that pending U.S. home sales fell in February to the lowest reading since the index began, signaling the housing market distress is not yet over.
The National Association of Realtors’ seasonally adjusted index of pending sales for existing homes fell to 84.6 from January’s upwardly revised reading of 86.2. The index stood at 107.6 in February 2007.
Wall Street economists surveyed by Thomson/IFR had predicted the index would inch up to a reading of 86.3.
A reading of 100 is equal to the average level of sales activity in 2001, when the index started. The previous low was August’s reading of 85.8, recorded at the height of the credit crunch.
With house prices falling and credit continuing to tighten, many economists say the housing market is likely to worsen in the coming months, though some remain hopeful about a recovery in the second half of the year. Read More
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Posted by Atrain
April 2, 2008
The first quarter of 2008 is officially over. Although the official home sales stats aren’t in yet, here are some unofficial numbers that give us a little picture of the housing market in the Salt Lake Area. Home sales are way down, listing prices are substantially more than sold prices, and high end homes are having trouble selling. It’s a great time to be a buyer in Salt Lake, and if you’re in the market for a high end home, make sure you offer low….really low because there are lots of expensive homes on the market, and they aren’t going anywhere anytime soon.
This graph shows the relationship of the average list price of the major Salt Lake County cities. In every city the average list price is substantially more Expensive.
The blue column of this graph shows the number of single family houses sold in the larger cities of Salt Lake County during the 1st quarter. The second column is the number of active listings as of March 3, 2008. Most cities have more than three times the number of listed homes vs. sold homes in the first quarter. Seasonally, the first quarter is always the slowest quarter for home sales in Utah.
Here are the same statistics for the major smaller cities in Salt Lake County.
|
Average Sold |
Average Active |
Number Sold |
Number Listings |
| Kearns |
$ 172,000 |
$ 184,000 |
Kearns |
43 |
78 |
| Midvale |
$ 226,000 |
$ 280,000 |
Midvale |
26 |
104 |
| Bluffdale |
$ 495,157 |
$ 617,000 |
Bluffdale |
9 |
126 |
| Murray |
$ 256,000 |
$ 355,000 |
Murray |
41 |
142 |
| Taylorsville |
$ 221,000 |
$ 274,000 |
Taylorsville |
75 |
149 |
| Cottonwood Heights |
$ 378,000 |
$ 544,000 |
Cottonwood Heights |
33 |
169 |
| Magna |
$ 180,000 |
$ 196,000 |
Magna |
59 |
172 |
| Holladay |
$ 377,000 |
$ 820,000 |
Holladay |
26 |
180 |
|
Average Sold |
Average List Price |
#of Houses Sold |
#of House Listings |
| Riverton |
$ 317,000 |
$ 426,000 |
Riverton |
74 |
304 |
| Herriman |
$ 328,000 |
$ 460,000 |
Herriman |
77 |
377 |
| West Valley |
$ 196,000 |
$ 234,000 |
West Valley |
152 |
465 |
| South Jordan |
$ 381,000 |
$ 466,000 |
South Jordan |
112 |
559 |
| Draper |
$ 499,000 |
$ 685,518 |
Draper |
85 |
562 |
| West Jordan |
$ 247,000 |
$ 297,000 |
West Jordan |
247 |
592 |
| Sandy |
$ 331,268 |
$ 535,000 |
Sandy |
169 |
636 |
|
Average Sold |
Average Active |
Number Sold |
Number Listings |
|
|
|
|
|
|
|
Average Q1 Sold |
Average List Price |
|
|
| SLC Houses |
$ 286,000 |
$ 418,000 |
SLC Houses |
529 |
1506 |
|
|
|
|
|
|
| SLC Condos |
$ 226,000 |
296000 |
SLC Condos |
161 |
525 |
|
|
|
|
|
|
| SL County |
$ 290,000 |
442000 |
Salt Lake County |
1772 |
6222 |
No Comments » | Home Buying, Home Sales Stats '08, Salt Lake Real Estate | Tagged: 2008, graph, home sales, Salt Lake, salt lake county, Stats | Permalink
Posted by Atrain
