Davis County Real Estate Sales Up, Prices Down

During November, residential Davis County Real Estate sales were up by 25% compared with last year, while average prices were down by almost 3%. The median price of homes sold declined to $191,950, it’s lowest level in years. So far, 295 Davis County Homes have been reported sold by real estate agents who report too the Wasatch Front MLS.

Currently there are 1,909 active Davis County residential listings for sale, the exact same number as a month ago. This is the first time in eight months that the level of real estate inventory hasn’t decreased. This non decrease in homes for sale may be partially attributed to the expansion of the home stimulus tax credit. With the expansion, a $6,500 tax credit is now available for existing home owners looking to buy. Before they can buy, most of these people need to sell their homes, and are thus listing them for sale.

Despite the increase in inventory, Davis County Utah still has a healthy supply of inventory at just 6.47 months.

Why You Should Buy Utah Real Estate this Winter

Fannie Mae is predicting that the national housing recession has ended. In the US as a whole, home sales are expected to rise next year by double digits, and home prices are expected to stabilize next year. That is, not drop in value for the first time in a few years. In Utah, especially in the Salt Lake and Davis County areas, we are already seeing signs that these real estate markets have bottomed out.

If you are thinking of buying Utah Real Estate sometime in the next couple years, from a financial standpoint, this winter just might be the BEST time to buy. Here are some reasons why:

Government Tax Credits

If you haven’t heard, the $8,000 tax credit for first time buyers has been extended through April. In addition, it has been expanded, and open to current homeowners. This Tax Credit  of $6,500 is available for buyers making less than $220,000 per year, who have lived in their current home for five out of the last eight years.

With this new tax credit, you actually have until June to buy, you just need to get the property you are purchasing under contract by the end of April.

Plenty of Selection for Large Utah Homes
There is an oversupply of large homes in Northern Utah. Here are the numbers of homes for sale, and the amount of inventory based on the last six months of home sales for homes larger than $3,000 square feet:

• Cache County Real Estate:  220 properties for sale, 11.58 months of inventory.
• Box Elder County Real Estate: 93 homes for sale bigger than 3,000 square feet, or 18.6 months of active inventory!
• Weber County Real Estate: 511 properties for sale, 11.93 months of inventory,
• Davis County Utah Real Estate:  700 homes larger than 3,000 square feet for sale, 8.52 months of inventory.
• Salt Lake Real Estate: 2094 active listings, 8.36 months of inventory.
• Tooele Utah Real Estate: 170 properties for sale, 12.14 months of inventory.
• Utah County Real Estate: 1,516 homes for sale, 8.8 months of inventory.

Mortgage Interest rates are Incredible
Mortgage Rates for conventional mortgages with 80% LTV are currently less than 5%, for 30 year fixed mortgages right now. 15 year fixed, and 5-year ARM’s are even less expensive.

A$250,000 home loan at 5% interest has approximatelly the same monthly payment as a $200,000 mortgage loan at a 7%.

The current interest rates are worth tens of thousands in terms of affordability.

Moderate Homes are Selling
One fear many current home owners have is being able to sell before they can buy. The good news is that starter and more moderate homes in Northern Utah are actually selling. Prices of these homes aren’t as high as they were a a few years ago, but sellers of these these types of homes, who price their home right, are usually getting near asking price.

Here is the break down in the amount of inventory for sale for homes with less than 2,000 square feet:

• Davis County has just 4.86 months of inventory.
• Weber County 7.0 months of inventory.
• Box Elder County 7.18 months of inventory.
• Cache County: just 6.15 months of real estate inventory.
• Salt Lake County: 3,066 homes for sale, 6.53 months of inventory.
• Tooele County:  191 homes for sale, 8.19 months of inventory.
• Utah County: 1155 Homes for Sale, 7.15 months of inventory.

If you are thinking about buying a new home in Utah, this winter really might be the best time to do it. To view all the currently listed Utah Homes for sale visit: NorthernUtahHomeSearch.com

Third Best Month of The Year for Davis County Home Sales

October was the third best month of the year for Davis County Real Estate Sales. Thus far, as reported by the WFRMLS, 320 Davis County Homes have sold. This is up by 19% compared with October of Last Month, and is up nearly 5% from Septembers home sales numbers.

Compared with last year, home prices in Davis County are down by 4.5%. During October the average price of homes sold in Davis County was $226,312.  Overall Home prices tend to be leveling off. The price of homes sold per square foot has been consistently around $90 for the last year now. The price per square footage has actually risen slightly in recent months.

Davis County Utah currently has 1909 homes for sale. At Octobers sales pace, this gives Davis County less than 6 months of active inventory, making the Davis County Real Estate Market a balanced market. In addition to a healthy amount of real estate inventory, the average days on market has also been steady over the past few months. During October, the average Davis County home sold was on the market for 77 days..

 

1 in 7 listed properties in Davis County Short Sales

Davis County Utah is seeing an increase in the number of Short Sales. There are currently 279 Davis County homes for sale in need of short sale approval totalling 14.43 percent of all Davis County MLS listings.

Clearfield Utah had  had the highest rate of Davis County short sales where  20% of the homes listed on the MLS are short sales. Bountiful has the lowest percentage of listed  short sales at just 7.7%.

For more info visit DavisCountyHomes.wordpress.com

Davis County 3rd Qtr 08-09

Davis County saw an overall increase, albeit small, in the number of homes sold.  About 15 more homes sold when comparing to this time during 2008.  Both median and average price of homes slipped about 5% and prices are similar to what they were last quarter.

As far as condos in Davis County are concerned, numbers were down.  The number of condos sold went from 93 to 86, falling about 8%.  Prices also slightly fell, selling at about $165,000 compared to about $10,000 more last year.  More information about each individual city can be found below.

Bountiful Real Estate: The number of homes sold increased by 18%, which is much better than the decrease last quarter.  Median sold price went down 3.5% but average sold price increased by 3%.  Median listed prices are in the $300,000 range while average prices jumped 44% to the $500,000 range.

Centerville UT Real Estate: It appears that there has not been much of a change when comparing the third quarter of 2009 to the third quarter of 2008.  Homes sold didn’t see much of a change and median price slipped by just less than 1%.  Average sold price took a bigger hit, falling 5.4%.

Clearfield Utah Real Estate: Clearfield experienced the largest increase in number of homes sold by a landslide, jumping 37%.  With that said, average price decreased about $10,000 and median price decreased about $5,000.

Clinton Real Estate: Sales declined about 5%, so only about five less homes were sold this quarter.  Sold price decreased 7% on median and 9% on average, causing homes to sell in the upper 100’s.

Farmington Real Estate: Farmington saw the largest decrease in number of homes sold, from 44 to 36.  Median sold price decreased 2.5% or about $7,000, and average sold price decreased 11% or about $38,000.  Median home prices are currently in the mid 300’s.

Kaysville UT Real Estate: Two more homes were sold this quarter but median prices fell $55,000.  Average sold price also slipped from the lower 300’s to the upper 200’s.

Layton Real Estate: The number of homes sold in Layton increased by 5%  Average sold price decreased about 5% and median sold price decreased 7%.  Current home prices are about 15% higher than what sold prices were.

North Salt Lake Real Estate: Three less homes sold this quarter when comparing to 3rd quarter last year.  North Salt Lake was the only major city to actually increase in sold price.  Median sold price increased 5% and average sold price went up 12%.

Median Home Price in Davis County Less than $200K

During September, more than half of the 304 homes sold in Davis County Utah were less $200,000. This is the lowest monthly median for Davis County Utah Homes Sold in years.

Compared with September of last year, Davis County Real Estate sales were up by more than 10%.

There are currently 1927 homes for sale in Davis County Utah. This is the lowest level of active inventory in several years. There are approximately 450 (18%) less homes for sale than there was at this time last year. At Septembers home sales pace, Davis County has just 6.33 months of active inventory.

August Home Sales Numbers for Davis County

Real Estate in Davis County continues to move along steadily. Although minor, Davis County saw year over year improvements in home sales for the third straight month.

For August, 310 residential homes in Davis County sold. Right now there are 1983 mls listings in Davis County. The median price of these listings is $240,000, down $4900 from last months median list price. The median sold price of homes in Davis County during August was $207,000 which has been pretty consistent since March.

At August’s home sales pace Davis County Utah has just 6.45 months of real estate inventory, making it one of the most stable areas in Utah.

With tax credits and downpayment assistance running out quickly, it’s a good time to buy Homes in Bountiful or Real Estate in Layton. Visit UtahCornerstone.com to start your real estate home search today.

Davis County Home Prices Leveling Out

The real estate decline in Davis County Utah clearly appears to be ending. For the first time in over a year, the median list price of Davis County Homes for Sale actually increased.

The average sold price does seem to still be going down. During July, the median price of homes sold in Davis County Utah was just $200,000, and the average sold price was $224,737. This is the lowest monthly price total for real estate in Davis County in years. Home prices per square foot were up slightly during July, up to $90. This signifies that smaller homes are the ones that have been selling. The average Davis County Home sold in July was 2,477 square feet.

Inventory levels in Davis County also continue to decline. There are currently 2056 residential homes for sale.

At July’s sales pace, Davis County has just 6 months of inventory, signifying a balanced real estate market.

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

Davis County Real Estate Inventory Normalizing

The Davis County Real Estate market is clearly showing signs that it is normalizing. The average days on market is down, and home sales are increasing while housing inventory is decreasing. Real Estate inventory is almost at balanced levels. At May’s home sales rate, there is less than 8 months of active home listings in Davis County Utah.

During May, 267 residential home listings were reported sold by the Wasatch Front Regional MLS. This is down by 19% compared with May of last year, but up 10% from April. The average price of these homes sold is also down to $221,832, 10% less than the average sold price a year ago.