Northern Utah real estate local market update
FoulgerGroup’s Northern Utah real estate market update. I hope things find you you well. The vibrant colors of all have ended along the Wasatch Front. I hope you were able to take some time and enjoy the beautiful season! Soon the days will turn from warm and sultry to crisp with filtered light, there is a quicker pace to living. Time which seemed so abundant during the summer is once again filled with school back in session, sports games and homework.
A recent article in the Salt Lake Tribune headlined “Median home price in Salt Lake rises for first time in 5 years” and “selling prices are rising for the first time since the 2007 collapse of the housing bubble”.
Although, these are encouraging statements, we remain cautiously optimistic.
According to the Wasatch Front Multiple Listing Service, third quarter residential home sales statistics for Salt Lake County 2011 vs. 2012 did show signs of improvement year over year. The cumulative days on market declined 50% (number of consistent days of market exposure), residential home sales increased 12.2%, median sales price increased 9.62%, inventory (number of homes listed for sale on the MLS) declined 1.65% and the median asking price increased 9.1%.
Distressed sales are making up a smaller percentage of total real estate sales. In April, about one in five Utah home sales was either a foreclosure or short sale, according to CoreLogic, a data and analytics company. That’s down from about one in three last year. That’s also better than the U.S. share of one in four. Of the 4,542 total Utah home sales in April, 21 percent were either short sales or foreclosures. Twelve months ago, nearly 32 percent of all statewide sales were distressed. In April, it would have taken 4.4 months to clear the supply of distressed homes (properties 90 days or more delinquent). Last year, the supply of distressed homes was almost double at 8.3 months.
Utah’s unemployment rate for August 2012 was 5.8% down from the height (during the housing market demise) of 8.3% in January of 2010.
In an effort to keep you informed on the current housing market, attached are the Northern Utah real estate local market reports for August. Please let us know if you have any questions and know we are here to help with all your real estate needs.
Click below for your Northern Utah real estate local market update in pdf format:
All-Counties – Northern Utah local market update August 2012
Davis County – Northern Utah local market update August 2012
Morgan County – Northern Utah local market update August 2012
Summit County – Northern Utah local market update August 2012
Weber County – Northern Utah local market update August 2012
Housing Supply Overview – Northern Utah local market update August 2012
Monthly Indicators – Northern Utah local market update August 2012
By Dean Foulger