January 26, 2008

Market Stats

I just wanted to share with my readers the current statistics in the market right now. I will refer to the number of homes in the Salt Lake and Davis County areas because that is where I mostly focus my business.
  • There are currently 9286 homes for sale.
  • In the last 30 days 685 homes sold.
  • That means only 7% of homes on the market sold last month.
  • There were 3246 homes that came on the market in the last 30 days.
  • There is a 13.5 month supply of homes on the market right now.
  • There were 15% more homes listed in the last 7 days than compared to what sold in the last 30 days.

These statistics are startling. Looking at these numbers we know that we are in a fast depreciating market. We are seeing 1-2% depreciation in every area of my market place. I predict that we will be in this declining market for at least 18 months and I don't see values hitting the peak that we saw last spring for another 5 years.

This down market has many positive sides to it, like:

  • Not anyone can sell real estate, it takes skills to price a home ahead of the market, to stage a home, and to sell the home.
  • If you are looking to move up, this is the perfect market to do so. You will get a better price on your home now than ever before.
  • The Federal Reserve has been dropping interest rates dramatically to combat what they are calling the 'worst housing slup' this nation has ever seen.
  • Sellers are desperate for a great agent to help them know how to sell their home now vs. waiting a few more months and getting less.

January 25, 2008

Utah's sagging home sales market likely to bring price decreases....

I wanted to share with you a great article from the front page of the Salt Lake Tribune this morning. I was able to share some information with the writer, Lesley Mitchell, and was quoted in this article. Here is the link: http://www.sltrib.com/ci_8073812.

UNDER CONTRACT

Here is a great example of the benefit of having a knowlegable realtor who knows the market and being willing to price your home right!
The home in Herriman that I listed only 2 weeks ago went under contract this week! It really is a wonderful thing to see that all of the skills that I am working so hard on for my clients are paying off. We were really able to get them a great price on this home and they are getting an increadible price on their next home.
Considering that only 3% of the homes in Herriman sold in the last 30 days we're pretty happy.

January 11, 2008

Just Listed in Herriman...



I just listed this beautiful home in Herriman for $275,000! Call me for more information at 450-0997. At this price - it won't last long!!