Utah Real Estate Market Trends 2009 - Salt Lake Real Estate Statistics

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Utah Real Estate Market Trends for 2009

January 9, 2010Salt Lake City Utah Real Estate

Utah home sales in 2009 show a welcomed increase over 2008. Single family sales were up while condo sales were down. This home market trend report examined sales figures for the state with particular focus on the seven counties around Salt Lake - Salt Lake County, Utah County, Davis County, Summit County, Wasatch County, Tooele County and Weber County. Below is a summary of the major trends for last year.

Demand

Demand for homes in Utah increased slightly in 2009. That increase was 1.5%. Demand for condominiums; however, fell by 10%. The time it takes to sell residential real estate (number of days between listing date and contract date) rose to an average of 87 days, an increase of 19% from 2008. Fewer Sellers are putting their homes on the market.

Supply

Low demand in the Utah real estate market has led many home sellers to wait for an improved market before listing their homes on the market. This fact is evidence by a 16% drop in the number of new listings in 2009. For home sellers that did choose to list their homes for sale, 44% of new listings were sold. This is a significant gain of over 19% over the previous year. Currently there is an 8-and-a-half month supply of homes for sale listed on the market. That is nearly 3 months less than the supply at the beginning of 2009.
Utah Real Estate - Mountains
Of the seven counties near Salt Lake, Davis County is likely to be the first to move into a Sellers market. Davis County currently holds only a 6 and-a-half month supply of homes for sale listed on the market. Davis County also has the fewest number of days to sell a home listed on the market with an average of 81 days for 2009 and currently trending at 79 days.

Price

The average single family home sold price was $243,435 in 2009, down by 6% from the previous year. The average condo sold price was $182,810, down by less than 4%. The average square foot price for the state is $94. Tooele has the best price bargains at an average of $80 a square foot, while Summit County post an average of $230 square foot.

Conclusion

Utah is still a buyers market with good inventory and low prices. If supply continues its downward trend, buyers can expect fierce competition for homes that are priced with the market. Home sellers should continue to see a decrease in the number of days it takes to sell their home. Prices will likely rise again slightly this year for single family homes. With the significant number of condos being constructed, low demand may force developers to part with their newly built condominiums for less than planned. Condo buyers are likely to see some significant bargains this year.

Market highlights are indicated in yellow.

 

  Salt Lake Utah Davis Summit
Single Family Home Ave Sold Price $267,289 $244,861 $235,876 $680,564
Condo Ave Sold Price $178,495 $155,253 $162,404 $472,831
Ave New Listing Price $288,924 $271,725 $266,537 $920,551
Diff b/w Ave List Price Ave Sold Price $7,939 $6,895 $6,080 $47,786
Single Family Homes Sold 9,092 4,389 3,059 244
Condos Sold 1,879 768 311 210
Total Homes Sold 10,971 5,157 3,370 454
Active on Market 1/9/2009 6,701 3714 1827 917
Current Inventory (months)         7.33          8.64         6.51       24.24
Ave Square Feet of Homes Sold 2,491 2,794 2,591 2,521
Ave Sold Price Per Square Foot $102 $84 $89 $230
Ave Days on Market 82 90 81 122

 

  Tooele Wasatch Weber All Counties
Single Family Home Ave Sold Price $186,099 $339,503 $178,297 $243,435
Condo Ave Sold Price $145,877 $201,749 $130,951 $182,810
Ave New Listing Price $210,961 $490,905 $207,360 $287,467
Diff b/w Ave List Price Ave Sold Price $4,155 $17,108 $4,436 $7,713
Single Family Homes Sold 644 271 2,526 22,790
Condos Sold 33 33 267 3,708
Total Homes Sold 677 304 2,793 26,498
Homes Active on Market 1/9/2009 555 429 2058 18,807
Current Inventory (months)         9.84        16.93         8.84        8.52
Ave Square Feet of Homes Sold 2,304 3,040 2,154 2,499
Ave Sold Price Per Square Foot $80 $105 $81 $94
Ave Days on Market 93 122 88 87

 

 

Notes:
Average Days on Market = # days between listing date & contract date.
Current Inventory = # months to sell current active listings on the market.

Source: WFRMLS (This information is deemed to be reliable, however WFRMLS & RealestatehomesUtah.com do not guarantee accuracy.)

Report Date: Jan 9, 2009

 

 

 

 

More Utah Real Estate Market Trend Reports

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Property That Sells In Salt Lake County - March, 2007

National & Utah Real Estate Trends - April, 2007

Salt Lake and Utah County Housing Market - May, 2007

Utah Real Estate Trends for 2007 - June, 2007

Top Utah Home Builders - June, 2007

Utah Real Estate Market Sales - July, 2007

South Jordan Utah Home Market Trends - August, 2007

Ten Year Real Estate Trends for Salt Lake County - September, 2007

Salt Lake County Real Estate Trends - October, 2007

Home Sales Trends in Utah - November, 2007

Utah Home Market Trends Favor Buyers - December, 2007

Utah Home Market Statistics for 2007 - January, 2008

Home Buying Advantage - Winter or Summer? - February, 2008

Salt Lake City Ranked #1 for Home Buying Bargains - March, 2008

Is Now A Good Time to Sell A Home? - April, 2008

Utah High Schools In the Top 5% of the Nation - May, 2008

Salt Lake City, Utah Ranked #3 For Home Sellers - May, 2008

Utah Real Estate Market Pulse - June, 2008

Utah Home Prices Increasing - June, 2008

Utah Housing Market - July, 2008

Federal Home Purchase Incentives - August, 2008

Utah's Strong Economy and the Housing Market - September, 2008

Utah Ranked #1 - October, 2008

Utah Home Market Trends - 2009

Semi-Annual Utah Real Estate Trend Report - July 2009

Utah Home Run Grant Incentive For New Construction Homes - Sep, 2009







 

 

 

 

 

 

 

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Utah Real Estate Market Trends 2009


Real estate statistics for Salt Lake County, Davis County, Utah County, Summit County, Wasatch County, Weber County, Tooele County, UT.


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