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

Utah Real Estate Market Trends for 2009

January 9, 2010

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.

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