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.