January 31, 2011
Are Home Prices Stabilizing in Northern Utah?
The Utah Association of Realtors recently released their Local Market Update Report for the State of Utah which identifies market trends for the number of units sold and median home price trends for every county. In the Northern Utah Counties of Weber, Davis and Salt Lake, the market was not kind to sellers – with Weber County showing a 29.5% drop in 4th Quarter unit sales, Davis County showing a 31.6% drop in unit sales, and Salt Lake County showing a 27.2% drop in unit sales for the 4th Quarter of 2010 when compared with the same quarter of 2009. This shows the market is still soft but predictions are that unit sales will increase in 2011.
The median price of homes in Weber County for the entire year decreased 3.5% when compared with prices of homes in 2009. Davis County home values dropped 2.3% and Salt Lake County prices fell 3.5% when compared to 2009 prices.
Points to Ponder:
It appears that the rate of decrease is slowing but sellers must price their homes for the current market if they are to sell. The trend for 2011 will be for more unit sales but that will also be countered with an increase in listings from foreclosures, shadow inventory (pent up demand), and the normal new listings that will come in the spring. For sellers, it is best to price the home at the market value earlier in the year when prices are higher rather than in the second half of the year when prices will have dipped some more. For more details on specific neighborhoods and cities please at anytime.
Posted by: 
Steven Randall
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