Home Sales Trends for Utah | Home Sales Statistics for all Utah Counties | 2008 Utah Real Estate Facts - Figures
Number of homes sold, average sales price for single family homes, condos sold, days on market, price increases.

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    Home > > Utah Real Estate News & Trends > > April 2008 Real Estate Trends

Is It A Good Time To Sell A Home? It Depends….

April 7, 2008 

 

Many people have been asking me lately if it is a good time to sell their home or should they wait until the market is better. Timing the real estate market is a daunting task since the market is somewhat unpredictable. What is predictable is that the real estate market, like the economy; move up and down in cycles. Our current cycle as a nation is a downward trend. The current national downtrend is affecting Utah, but not to the same extent as many other states. Using the words of Utah’s economic advisor to the governor, “our state’s increase is starting to decrease.” That means we are still showing economic increases in the state as well as in real estate prices, but our increase is slowing.

 

Real estate often has regional factors and local factors that influence the market. For instance, our state’s unemployment rate is among the lowest in the nation. Our economy in Utah is still very strong. That is why Utah did not have a home price decrease in 2007 like most of the nation. In fact, the only county suffering a price decrease in Utah was Washington County. In this county, Saint George experienced explosive growth over the past decade. This explosive growth is now correcting itself.

 

Utah’s current real estate market favors buyers. There is a lot of inventory, interest rates are low and Sellers are willing to negotiate. This combination favors home buyers. Buyers waiting for better market conditions will likely be disappointed in the months ahead. Government actions to spur the economy will eventually take effect and as market conditions improve, home prices will increase.

 

Sellers may also feel they should wait until the market improves. However, it could be a mistake for Sellers to wait if they plan to purchase another home to replace the one they are selling. Waiting for the market to transition into a “Sellers Market” will help you increase your equity for your home, but it will also increase the cost of your replacement home. Any gain on the selling side will likely be adjusted upon purchasing a new property. Buyers who plan to upgrade their existing homes for a larger, modern home will likely find themselves paying a lot more later than if they purchased now.

 

In summary, home prices in Utah have been stable while the rest of the nation has had a pretty tough time. Below is a month-to-month trend report for Utah covering the past 12 years. As you can see, average home prices fluctuate from month to month but show a steady increase from year to year. The number of homes sold has decreased significantly over the past few months. The average home sold for $233,211 in 2006. In 2007 the average climbed to $255,880. The year-to-date 2008 average sold home price is $254,333. That is a good price trend, considering the winter months are traditionally the poorest months of the year for home sales.

 

All Utah Counties Sales by Month

Report Date: Monday, April 7, 2008
Area(s): ALL

 

Month

Count

Volume

*List $

*Sale $

*S to L

*sq. ft.

*$/ sq ft

*Beds

*Baths

*DOM

Aug 1995

6

$1,088,700

$186,031

$181,450

98%

3,130

$58

4

3

44

Sep 1995

7

$659,627

$95,443

$94,232

99%

2,093

$45

3

2

50

Oct 1995

7

$801,041

$117,106

$114,434

98%

2,218

$52

3

2

93

Nov 1995

733

$94,334,398

$131,292

$128,696

98%

2,109

$61

3

2

53

Dec 1995

1,463

$190,113,271

$132,720

$129,948

98%

2,110

$62

3

2

54

Jan 1996

1,078

$143,064,777

$135,529

$132,713

98%

2,162

$61

3

2

56

Feb 1996

1,236

$159,496,450

$131,254

$129,042

98%

2,070

$62

3

2

67

Mar 1996

1,480

$196,503,652

$135,049

$132,773

98%

2,099

$63

3

2

55

Apr 1996

1,624

$214,988,774

$134,740

$132,382

98%

2,044

$65

3

2

56

May 1996

1,783

$244,181,358

$139,374

$136,950

98%

2,121

$65

3

2

54

Jun 1996

1,619

$225,680,452

$141,803

$139,395

98%

2,131

$65

3

2

56

Jul 1996

1,649

$227,965,634

$140,908

$138,245

98%

2,126

$65

3

2

56

Aug 1996

1,757

$246,359,554

$143,425

$140,216

98%

2,143

$65

3

2

54

Sep 1996

1,787

$242,336,023

$138,245

$135,611

98%

2,079

$65

3

2

55

Oct 1996

1,666

$226,271,635

$138,612

$135,817

98%

2,112

$64

3

2

57

Nov 1996

1,345

$186,867,372

$141,777

$138,935

98%

2,123

$65

3

2

62

Dec 1996

1,408

$196,314,463

$142,238

$139,428

98%

2,149

$65

3

2

66

Jan 1997

1,132

$166,710,416

$150,820

$147,271

98%

2,190

$67

3

2

72

Feb 1997

1,215

$169,530,519

$142,165

$139,531

98%

2,134

$65

3

2

72

Mar 1997

1,575

$219,559,701

$142,190

$139,403

98%

2,106

$66

3

2

66

Apr 1997

1,668

$224,145,904

$136,813

$134,380

98%

2,023

$66

3

2

65

May 1997

1,773

$251,019,629

$144,498

$141,579

98%

2,118

$67

3

2

64

Jun 1997

1,657

$246,548,529

$152,166

$148,792

98%

2,189

$68

3

2

68

Jul 1997

1,792

$264,190,471

$150,462

$147,428

98%

2,165

$68

3

2

74

Aug 1997

1,860

$270,076,081

$147,994

$145,202

98%

2,140

$68

3

2

72

Sep 1997

1,735

$251,144,541

$148,100

$144,752

98%

2,167

$67

3

2

76

Oct 1997

1,678

$240,000,346

$146,152

$143,028

98%

2,156

$66

3

2

71

Nov 1997

1,454

$213,450,197

$150,482

$146,802

98%

2,175

$68

3

2

70

Dec 1997

1,533

$233,685,090

$155,780

$152,436

98%

2,288

$67

3

2

73

Jan 1998

1,130

$166,369,016

$150,614

$147,229

98%

2,177

$68

3

2

81

Feb 1998

1,321

$197,765,862

$153,141

$149,709

98%

2,200

$68

3

2

82

Mar 1998

1,758

$253,288,842

$146,845

$144,078

98%

2,133

$68

3

2

75

Apr 1998

1,743

$262,120,162

$153,139

$150,384

98%

2,158

$70

3

2

76

May 1998

1,552

$238,323,085

$156,714

$153,559

98%

2,226

$69

3

2

72

Jun 1998

1,945

$301,707,652

$158,068

$155,120

98%

2,212

$70

4

2

69

Jul 1998

1,890

$291,718,836

$157,282

$154,349

98%

2,196

$70

3

2

70

Aug 1998

1,936

$295,760,352

$155,682

$152,769

98%

2,194

$70

3

2

69

Sep 1998

1,909

$290,172,019

$155,063

$152,002

98%

2,181

$70

3

2

68

Oct 1998

1,831

$275,046,217

$152,969

$150,216

98%

2,157

$70

3

2

66

Nov 1998

1,491

$225,316,461

$154,025

$151,118

98%

2,180

$69

3

2

68

Dec 1998

1,817

$275,446,942

$154,643

$151,594

98%

2,181

$69

3

2

70

Jan 1999

1,094

$172,056,647

$160,403

$157,273

98%

2,243

$70

3

2

74

Feb 1999

1,313

$197,515,358

$153,608

$150,431

98%

2,160

$70

3

2

71

Mar 1999

1,833

$274,581,793

$152,497

$149,799

98%

2,166

$69

3

2

69

Apr 1999

1,817

$275,361,546

$154,252

$151,547

98%

2,146

$71

3

2

63

May 1999

2,020

$313,346,642

$157,603

$155,122

98%

2,174

$71

3

2

65

Jun 1999

2,191

$354,493,469

$164,959

$161,795

98%

2,232

$72

3

2

65

Jul 1999

1,952

$316,599,432

$165,069

$162,192

98%

2,264

$72

3

2

67

Aug 1999

2,101

$328,786,560

$159,217

$156,491

98%

2,211

$71

3

2

70

Sep 1999

1,871

$304,028,584

$165,630

$162,495

98%

2,219

$73

3

2

76

Oct 1999

1,643

$261,273,771

$161,899

$159,022

98%

2,215

$72

3

2

76

Nov 1999

1,800

$285,678,649

$161,323

$158,710

98%

2,200

$72

3

2

74

Dec 1999

1,749

$273,828,399

$158,966

$156,563

98%

2,216

$71

3

2

79

Jan 2000

1,178

$186,231,848

$161,311

$158,092

98%

2,188

$72

3

2

85

Feb 2000

1,503

$244,644,480

$165,308

$162,771

98%

2,192

$74

3

2

84

Mar 2000

1,962

$313,236,863

$162,245

$159,652

98%

2,205

$72

3

2

80

Apr 2000

1,816

$292,210,373

$163,462

$160,909

98%

2,208

$73

3

2

80

May 2000

2,220

$358,452,702

$163,988

$161,465

98%

2,228

$72

3

2

74

Jun 2000

2,330

$392,452,933

$171,786

$168,435

98%

2,303

$73

4

2

75

Jul 2000

1,908

$323,169,169

$172,252

$169,376

98%

2,299

$74

3

2

75

Aug 2000

2,289

$376,387,170

$167,310

$164,433

98%

2,259

$73

3

2

75

Sep 2000

1,881

$309,781,524

$167,308

$164,690

98%

2,273

$72

3

2

77

Oct 2000

1,968

$329,671,357

$170,837

$167,516

98%

2,265

$74

3

2

80

Nov 2000

1,728

$278,124,207

$163,179

$160,952

99%

2,238

$72

3

2

77

Dec 2000

1,604

$255,733,232

$161,915

$159,435

98%

2,175

$73

3

2

81

Jan 2001

1,316

$210,693,032

$162,925

$160,101

98%

2,252

$71

3

2

86

Feb 2001

1,672

$269,729,908

$163,745

$161,322

99%

2,202

$73

3

2

82

Mar 2001

2,064

$333,902,459

$164,389

$161,774

98%

2,235

$72

3

2

78

Apr 2001

2,028

$317,769,345

$158,590

$156,691

99%

2,163

$72

3

2

75

May 2001

2,327

$378,508,784

$164,657

$162,660

99%

2,236

$73

3

2

72

Jun 2001

2,346

$390,322,567

$168,815

$166,378

99%

2,271

$73

4

2

71

Jul 2001

2,222

$372,260,902

$169,864

$167,534

99%

2,255

$74

4

2

73

Aug 2001

2,488

$422,214,278

$172,459

$169,700

98%

2,263

$75

4

2

78

Sep 2001

1,795

$290,592,583

$164,381

$161,890

98%

2,196

$74

3

2

74

Oct 2001

2,067

$335,581,936

$165,559

$162,352

98%

2,210

$73

3

2

73

Nov 2001

1,833

$296,263,402

$164,177

$161,628

98%

2,208

$73

3

2

74

Dec 2001

1,854

$313,143,599

$172,492

$168,902

98%

2,249

$75

3

2

81

Jan 2002

1,647

$260,812,665

$160,947

$158,356

98%

2,158

$73

3

2

80

Feb 2002

1,483

$224,898,594

$154,150

$151,651

98%

2,158

$70

3

2

86

Mar 2002

1,833

$294,954,286

$163,786

$160,913

98%

2,212

$73

3

2

81

Apr 2002

2,254

$362,683,349

$163,637

$160,907

98%

2,188

$74

3

2

74

May 2002

2,632

$432,992,862

$167,454

$164,511

98%

2,235

$74

3

2

75

Jun 2002

2,338

$404,979,544

$176,806

$173,216

98%

2,326

$74

4

2

72

Jul 2002

2,449

$416,217,811

$173,203

$169,954

98%

2,295

$74

4

2

72

Aug 2002

2,656

$440,103,888

$169,070

$165,702

98%

2,224

$74

4

2

73

Sep 2002

2,178

$365,189,503

$170,869

$167,672

98%

2,229

$75

3

2

80

Oct 2002

2,355

$381,597,225

$164,673

$162,037

98%

2,223

$73

4

2

72

Nov 2002

2,042

$342,723,673

$170,975

$167,837

98%

2,251

$75

4

2

75

Dec 2002

2,306

$386,705,160

$171,067

$167,695

98%

2,273

$74

4

2

79

Jan 2003

1,779

$289,327,440

$166,675

$162,635

98%

2,205

$74

4

2

77

Feb 2003

1,820

$286,586,083

$160,754

$157,465

98%

2,206

$71

3

2

75

Mar 2003

2,296

$382,249,163

$169,923

$166,485

98%

2,232

$75

3

2

75

Apr 2003

2,411

$401,542,799

$169,963

$166,546

98%

2,251

$74

3

2

69

May 2003

2,628

$427,539,819

$165,329

$162,686

98%

2,225

$73

3

2

68

Jun 2003

2,589

$447,430,802

$176,092

$172,820

98%

2,319

$75

4

2

67

Jul 2003

2,823

$497,376,779

$179,312

$176,187

98%

2,309

$76

4

2

65

Aug 2003

3,033

$526,111,907

$176,962

$173,463

98%

2,275

$76

4

2

70

Sep 2003

2,742

$462,800,230

$171,767

$168,782

98%

2,241

$75

3

2

68

Oct 2003

2,728

$458,349,004

$171,552

$168,016

98%

2,224

$76

3

2

67

Nov 2003

2,307

$397,995,270

$175,992

$172,516

98%

2,266

$76

4

2

69

Dec 2003

2,327

$386,231,363

$168,999

$165,978

98%

2,236

$74

3

2

72

Jan 2004

1,724

$284,659,368

$168,456

$165,116

98%

2,206

$75

3

2

73

Feb 2004

1,972

$335,502,578

$173,563

$170,133

98%

2,229

$76

3

2

75

Mar 2004

2,462

$410,252,064

$169,099

$166,634

99%

2,172

$77

3

2

74

Apr 2004

2,940

$507,440,603

$175,436

$172,599

98%

2,226

$78

4

2

70

May 2004

3,094

$543,478,421

$178,151

$175,656

99%

2,257

$78

4

2

66

Jun 2004

3,562

$642,977,758

$183,444

$180,510

98%

2,254

$80

4

2

63

Jul 2004

3,090

$559,409,800

$183,731

$181,039

99%

2,272

$80

4

2

64

Aug 2004

3,409

$617,798,311

$184,066

$181,226

98%

2,289

$79

4

2

66

Sep 2004

3,012

$547,564,558

$185,075

$181,794

98%

2,243

$81

4

2

67

Oct 2004

2,875

$530,129,205

$187,461

$184,393

98%

2,248

$82

4

2

70

Nov 2004

2,795

$524,338,830

$190,257

$187,599

99%

2,287

$82

4

2

70

Dec 2004

2,720

$507,850,550

$189,643

$186,710

98%

2,265

$82

4

2

71

Jan 2005

2,080

$387,076,520

$189,268

$186,094

98%

2,280

$82

4

2

72

Feb 2005

2,309

$438,667,589

$193,107

$189,982

98%

2,293

$83

4

2

79

Mar 2005

3,253

$624,524,189

$194,949

$191,984

98%

2,264

$85

4

2

69

Apr 2005

3,243

$619,952,519

$193,585

$191,166

99%

2,248

$85

4

2

62

May 2005

3,723

$725,860,961

$197,037

$194,967

99%

2,282

$85

4

2

62

Jun 2005

4,105

$840,835,489

$206,969

$204,832

99%

2,318

$88

4

2

64

Jul 2005

3,788

$757,709,399

$201,916

$200,029

99%

2,291

$87

4

2

56

Aug 2005

4,349

$885,394,184

$206,200

$203,586

99%

2,305

$88

4

2

58

Sep 2005

3,846

$805,283,016

$211,855

$209,382

99%

2,301

$91

4

2

54

Oct 2005

3,534

$759,412,601

$217,599

$214,888

99%

2,323

$93

4

2

54

Nov 2005

3,358

$707,449,419

$213,332

$210,676

99%

2,285

$92

4

2

54

Dec 2005

3,189

$680,670,463

$215,568

$213,443

99%

2,287

$93

4

2

51

Jan 2006

2,390

$515,945,564

$217,996

$215,877

99%

2,254

$96

4

2

57

Feb 2006

2,648

$570,838,803

$218,033

$215,574

99%

2,275

$95

4

2

54

Mar 2006

3,696

$803,232,459

$219,630

$217,325

99%

2,233

$97

4

2

51

Apr 2006

3,489

$773,955,433

$223,753

$221,827

99%

2,238

$99

3

2

48

May 2006

4,202

$948,794,590

$227,797

$225,796

99%

2,266

$100

4

2

43

Jun 2006

4,290

$1,011,754,588

$238,087

$235,840

99%

2,295

$103

4

2

40

Jul 2006

3,871

$925,849,861

$241,164

$239,176

99%

2,306

$104

4

2

40

Aug 2006

4,196

$1,027,493,289

$247,800

$244,874

99%

2,306

$106

4

2

41

Sep 2006

3,739

$909,919,131

$246,495

$243,359

99%

2,286

$106

4

2

41

Oct 2006

3,561

$871,753,238

$248,020

$244,806

99%

2,292

$107

4

2

40

Nov 2006

3,368

$828,282,678

$249,404

$245,927

99%

2,289

$107

4

2

42

Dec 2006

2,891

$717,408,569

$251,279

$248,152

99%

2,309

$107

4

2

48

Jan 2007

2,580

$629,062,533

$246,870

$243,823

99%

2,249

$108

4

2

51

Feb 2007

2,669

$665,094,694

$252,645

$249,192

99%

2,245

$111

4

2

51

Mar 2007

3,545

$934,758,065

$267,780

$263,684

98%

2,273

$116

4

2

49

Apr 2007

3,418

$869,807,750

$258,053

$254,479

99%

2,244

$113

4

2

45

May 2007

3,640

$930,305,562

$259,056

$255,578

99%

2,224

$115

4

2

43

Jun 2007

3,542

$936,149,410

$268,803

$264,300

98%

2,275

$116

4

2

43

Jul 2007

3,231

$873,210,911

$275,313

$270,260

98%

2,286

$118

4

2

44

Aug 2007

3,329

$881,478,055

$270,331

$264,788

98%

2,269

$117

4

2

46

Sep 2007

2,247

$572,877,418

$259,869

$254,952

98%

2,214

$115

4

2

48

Oct 2007

2,428

$611,951,109

$258,562

$252,039

97%

2,229

$113

4

2

53

Nov 2007

2,126

$538,393,253

$260,032

$253,242

97%

2,257

$112

4

2

54

Dec 2007

1,896

$463,056,156

$250,558

$244,228

97%

2,189

$112

4

2

60

Jan 2008

1,591

$397,760,000

$257,293

$250,006

97%

2,265

$110

4

2

66

Feb 2008

1,863

$452,558,464

$250,130

$242,919

97%

2,241

$108

4

2

68

Mar 2008

2,080

$522,150,460

$257,426

$251,034

98%

2,267

$111

4

2

66

Apr 2008

291

$79,551,064

$280,524

$273,371

97%

2,460

$111

4

3

71

Total:

340,731

$63,353,784,275

$179,818

$176,719

98%

2,227

$79

3

2

66

* Columns marked with an Asterix contain Average values.  Months with no sales are not displayed in this report.
DOM = "Ave. Days on Market". The "Days on Market" column is calculated by counting the days between the Listing Date and the Contract Date (the date the home goes under contract).

 

 

Source: WFRMLS and realestatehomesUtah.com. Figures are considered reliable but not guaranteed.

 

_________________________________________________________________

 

More Utah Real Estate Market Trend Reports

 

 

South Jordan Real Estate Trends - February, 2007

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

 


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Barry J. Preusz

REALTOR, Residential Specialist


1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083



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Utah Home Sales Trends | Home Sales Statistics for all Utah Counties | 2008 Utah Real Estate Facts - Figures


Utah number of homes sold, average sales price for Utah single family homes, Utah residential properties sold, average days on market, price increases. Year-to-date residential sales and real estate trends for Salt Lake, Utah, Davis, Weber, Summit, and Wasatch Counties. Properties sold in the Utah and the resulting trends.

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