Friday, September 11, 2009
Utah County Market Update....
So you may be wondering what the market is doing now that you have noticed that Utah is #7 in foreclosures in the country. We have a larger number of short sales than most states.
Statistics are from the WFRMLS as of the 2nd quarter of 2009;
Single family average sales price: $240,973 -10.73% Change from 2008.
Days on market: 92 21.05% Change from 2008.
Number of homes sold: 1176 17.60% Change from 2008.
New listings: 3250 -20.91% Change from 2008.
Average % of new listings sold: 42.52% 40.02% Change from 2008.
New average asking price: $273,067 -14.32% Change from 2008.
The average single family sales price has dropped from the 2nd quarter of 2008 by 10.73%. Contributing to this, is the high number of short sales we have in this state and the number of bank owned homes. To compete with the short sales, sellers are having to reduce their sales prices.
The days on market has gone up by 21.05%. This contributing factor to this can be, the short sales take 90+ days to negotiate with bank. There are multiple offers on most short sales. If a home is well priced (price below market value) they will have multiple offers on them. This is true of bank owned homes and short sales.
The average number of single family homes sold went up by 17.60% from 2008. This shows possible signs of the market bottoming.
The average number of listings went down by 20.91%. This shows the inventory is going down. The factors in this may be that sellers are holding on for the market to return and the number of homes selling going up.
The average % of new listings sold went up by 41.02%. The sellers and banks are more aggressively marketing their homes for sale by choosing sales prices that are below the average or are at current market value.
The average asking price wend down by 14.32%. Sellers and banks are using current comparable and are aggressively marketing their homes for sale. The number of bank owned and short sales on the market can contribute to this as well.
Please feel free to give me a call, email or text me if you have any questions.