A lot of commenters on my blog think that home prices in Utah will come down in the double digits. While prices may come down slightly in some areas, the big issue is that there are too many high end and overpriced homes. The average Utah MLS listing is about 32% higher than the average home selling price. Even the current median price of listed homes is 23% higher than the median price of sold homes during the second quarter of 2008. In the major Northern Utah Counties: Salt Lake, Utah, Davis, Weber, Cache and Tooele County, the average price of a home sold during the second quarter of 2008 was $248,786. The current average list price of Utah homes on the MLS in these counties is $364,791.
These statistics are unofficial, but will be really close when the actual numbers come out in the next few weeks.
July 2, 2008 at 5:24 am
To me the telling issue is the # of homes on the market and average DOM. How has that changed over Q2 of 07 for example?
July 2, 2008 at 8:41 am
You can see here: http://www.ucaor.com/statistics.htmClick along the tabs along the top. Again the AVG is a bad number to follow, you want the median.
July 2, 2008 at 8:44 am
Looks like the UCOR site is down, that is where you will want to go to see homes on market historically.