by Joel Carson
The number of Utah homes sold in the third quarter of 2011 is up 26 percent compared to sales in the third quarter of 2010. While Utah home prices were down 2.51 percent in 2011’s third quarter compared to 2010, strong sales numbers are encouraging.
In September alone, Emery County saw a 700 percent increase in home sales! Emery led the state's real estate activity in September followed by impressive increases over 2010 September activities in the following Top 10 Counties for September: Emery, Duchesne, Beaver, Morgan, Weber, Cash, Salt Lake, Kane, Washington, Juab, Carbon. In September the entire state experienced a 21 percent increase in home sales.
Third Quarter Sales Strong in 2011
In 2010’s third quarter a total of 5,909 homes sold compared to 7,494 homes this year. Properties are starting to move and we’re looking forward to more positive change. We still have a high foreclosure and short sale inventory and the completion of some bargain sales could account for a drop in median sales price from $195,000 in Q3 2010 to $174,000 in Q3 2011.
Third Quarter Utah Homes Selling Slightly Faster
In Q3 2010, homes stayed on the market a median 81 days before sold. In 2011, homes sold 3.7 percent faster – a median of 78 days on the market before being sold. Again, lower prices could be moving home buyers to action. Certainly the market will not remain a buyers’ market forever and there’s a good possibility today’s buyers will recognize significant appreciation over time.
Fewer Utah Homes Listed for Sale in Q3 2011
The number of new listings dropped significantly in Q3 2011 in comparison to the same quarter in 2010. During the quarter in 2010, a total of 14,962 new listings were reported. In Q3 2011, new listings dropped 14.76 percent to 12,754. Over time, the lower inventory will begin to drive prices higher. Everything is relevant here; it’s a simple matter of supply and demand. In fact, take a look at the chart below and you will see that the median percentage of new listings sold in Q3 2011 increased significantly compared to 2010 – by a whopping 48.89 percent. That is also a good sign. It’s healthy for the economy when inventory moves along; and, while the change isn’t much, we’re willing to celebrate any improvement!
Buy Your New Utah Home Now
The market is still right for bargain shoppers. Interest rates are absolutely incredible. Please take time to shop for Utah homes for sale online. Contact us immediately at 801-673-3333 if you have questions or want to tour a property in person!
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