April 14, 2009

ALL REAL ESTATE IS LOCAL – Northern Utah March, 2009 Statistics

Sorry to have been absent for a period of time. We just moved into new office quarters with the intent to create the real estate office of the future to accommodate the needs of the real estate agents of the future. Moving is very time consuming plus we have been assisting our buyer clients to make their purchases. The result is less time to blog! Sorry about that.

There is still much focus on the economy with an emphasis on monitoring the progress of the return of real estate. The following are the statistics for March 2009. Because all real estate is Local, we thought you would like to know what is happening locally with home sales, home prices, as well as the time it takes to sell a home in the various Northern Utah Counties.

In order to determine when the housing rebound will occur, we need to keep track of the unit sales data, new listings, and monitor the price of homes to see when they begin to move up again. We will try and give you this information in the first week of the following months. Here are February, 2009 results.

Unit Sales are the number of properties closed in the month.
Median Price is the middle number of the range of homes sales.
Average Price is the just that, the average of all homes sold.
DOM is the Days on the Market needed to sell the home.
New Listings are the number of new listings added in the month.
Total Listings are the aggregate of all the listing currently on the market.
Month of Inventory is the number of months it will take to clear the current inventory based on the current sales rate.

For those who want to compare numbers of a month by month base here are the numbers for January, 2009 and here are the numbers for February, 2009.

If you are renting and have not owned a home for awhile, this is a great time to be a buyer. With tax incentives, low prices, and high inventory, now is the time to make that purchase. If you need help with the mortgage prequalification process please do not hesitate to contact me (steve@welchagency.com).

Posted By: Steve Randall