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Utah Real Estate Market Activity Jan 1 - June 30 2009 Salt Lake real estate statistics for first half of 2009
       
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Utah
Real Estate Market Trends for the First Half of
2009
July
3, 2009
The
figures are in for home and condo sales in Utah for the first half of 2009. The latest real
estate market study conducted by
realestatehomesUtah.com, using WFRMLS data,
found that the average Utah single home price is
down 4% so far in 2009 compared with the average
home price in 2008. Utah condos have slipped by
6%. Single family homes in Utah are selling for
$10,170 less on average in 2009 while Utah
condos are down similarly by an average of
$10,841. However, Tooele County is showing a 12%
price gain for condominium prices so far in
2009. An interesting quark in the figures is
that Summit County is showing a slight price
gain of 2% for condos while at the same time
experiencing a significant drop in the number of
condominiums sold.
Another trend showing a market slow-down is the
number of days it takes to sell a home on the
market. In 2007, the average number of days a
home remained on market until sold was 48. In
2008 that number jumped to 73 days. So far in
2009, the average number of day to sell a Utah
home is 90.
 A
positive trend for Utah is that home buyers are
getting more square feet for their money. The
average square foot price for homes in Utah has
fallen by 13% so far this year while also
providing new home buyers an additional 8% more
square footage with their purchase.
Conclusions:
Utah home prices are still feeling the effects
of a national economic downturn, offering
current home buyers many bargains on the market.
The inventory of Utah homes currently listed on
the market will take approximately 11 months to
sell, relatively unchanged from last year. Utah
home owners that price their homes competitively
with the market can expect at least a three
month wait to find a buyer for their home. Is it
time to buy a new home or condo?
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Salt Lake |
Utah |
Davis |
Summit |
Wasatch |
Tooele |
Weber
Utah (All Counties) Real Estate Statistics
|
|
All Counties 2009 1/2 |
All Counties 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$248,839 |
$259,009 |
-4.1% |
|
Condo Ave Sold Price |
$178,887 |
$189,728 |
-6.1% |
|
Ave New Listing Price |
$301,154 |
$330,233 |
-9.7% |
|
Single Family Homes Sold |
9,797 |
22,146 |
|
|
Condos Sold |
1,497 |
4,061 |
|
|
Current Inventory (months) |
11 |
11.04 |
3.2% |
|
Ave Square Feet of Homes Sold |
2,544 |
2,333 |
8.3% |
|
Ave Sold Price Per Square Foot |
$94 |
$106.25 |
-13.0% |
|
Ave Days on Market |
90 |
73 |
18.9% |
Salt Lake
County Real Estate Statistics
|
|
Salt Lake 2009
1/2 |
Salt Lake 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$276,088 |
$287,196 |
-4.0% |
|
Condo Ave Sold Price |
$184,121 |
$189,087 |
-2.7% |
|
Ave New Listing Price |
$302,165 |
$337,543 |
-11.7% |
|
Single Family Homes Sold |
3,947 |
8,660 |
|
|
Condos Sold |
765 |
2,078 |
|
|
Current Inventory (months) |
10 |
10.35 |
-6.9% |
|
Ave Square Feet of Homes Sold |
2,569 |
2,321 |
9.7% |
|
Ave Sold Price Per Square Foot |
$102 |
$115.33 |
-13.1% |
|
Ave Days on Market |
85 |
64 |
24.7% |
Utah County Real Estate Statistics
|
|
Utah 2009 1/2 |
Utah 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$249,641 |
$266,801 |
-6.9% |
|
Condo Ave Sold Price |
$157,641 |
$168,805 |
-7.1% |
|
Ave New Listing Price |
$157,799 |
$322,558 |
-104.4% |
|
Single Family Homes Sold |
1,833 |
3,632 |
|
|
Condos Sold |
301 |
833 |
|
|
Current Inventory (months) |
12 |
13.74 |
-11.8% |
|
Ave Square Feet of Homes Sold |
2,863 |
2,449 |
14.5% |
|
Ave Sold Price Per Square Foot |
$85 |
$100.58 |
-18.3% |
|
Ave Days on Market |
91 |
82 |
9.9% |
Davis County Real Estate Statistics
|
|
Davis 2009 1/2 |
Davis 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$237,089 |
$248,503 |
-4.8% |
|
Condo Ave Sold Price |
$165,632 |
$181,384 |
-9.5% |
|
Ave New Listing Price |
$278,673 |
$301,112 |
-8.1% |
|
Single Family Homes Sold |
1,321 |
3,043 |
|
|
Condos Sold |
135 |
307 |
|
|
Current Inventory (months) |
8 |
8.14 |
3.1% |
|
Ave Square Feet of Homes Sold |
2,623 |
2,497 |
4.8% |
|
Ave Sold Price Per Square Foot |
$88 |
$96.83 |
-10.0% |
|
Ave Days on Market |
84 |
71 |
15.5% |
Summit County Real Estate Statistics
|
|
Summit 2009 1/2 |
Summit 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$784,941 |
$898,373 |
-14.5% |
|
Condo Ave Sold Price |
$383,570 |
$375,173 |
2.2% |
|
Ave New Listing Price |
$938,426 |
$958,056 |
-2.1% |
|
Single Family Homes Sold |
87 |
260 |
|
|
Condos Sold |
65 |
224 |
|
|
Current Inventory (months) |
86 |
49.02 |
43.3% |
|
Ave Square Feet of Homes Sold |
2,570 |
2,472 |
3.8% |
|
Ave Sold Price Per Square Foot |
$229 |
$254.25 |
-11.0% |
|
Ave Days on Market |
122 |
117 |
4.1% |
Tooele County Real Estate Statistics
|
|
Tooele 2009 1/2 |
Tooele 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$187,483 |
$201,418 |
-7.4% |
|
Condo Ave Sold Price |
$150,455 |
$132,373 |
12.0% |
|
Ave New Listing Price |
$222,317 |
$236,615 |
-6.4% |
|
Single Family Homes Sold |
276 |
637 |
|
|
Condos Sold |
16 |
29 |
|
|
Current Inventory (months) |
11 |
9.74 |
11.5% |
|
Ave Square Feet of Homes Sold |
2,275 |
2,299 |
-1.1% |
|
Ave Sold Price Per Square Foot |
$81 |
$85.75 |
-5.9% |
|
Ave Days on Market |
92 |
75 |
18.5% |
Wasatch County Real Estate Statistics
|
|
Wasatch 2009 1/2 |
Wasatch 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$344,247 |
$394,880 |
-14.7% |
|
Condo Ave Sold Price |
$241,061 |
$323,174 |
-34.1% |
|
Ave New Listing Price |
$509,589 |
$577,043 |
-13.2% |
|
Single Family Homes Sold |
119 |
186 |
|
|
Condos Sold |
11 |
18 |
|
|
Current Inventory (months) |
26 |
32.77 |
-27.7% |
|
Ave Square Feet of Homes Sold |
3,190 |
2,908 |
8.8% |
|
Ave Sold Price Per Square Foot |
$101 |
$134.08 |
-32.8% |
|
Ave Days on Market |
125 |
100 |
20.0% |
Weber County Real Estate
Statistics
|
|
Weber 2009 1/2 |
Weber 2008 |
% Change |
|
Single Family Home Ave Sold Price |
$180,956 |
$190,202 |
-5.1% |
|
Condo Ave Sold Price |
$132,788 |
$140,113 |
-5.5% |
|
Ave New Listing Price |
$217,633 |
$227,268 |
-4.4% |
|
Single Family Homes Sold |
1,120 |
2,741 |
|
|
Condos Sold |
117 |
362 |
|
|
Current Inventory (months) |
11 |
9.18 |
13.4% |
|
Ave Square Feet of Homes Sold |
2,184 |
2,082 |
4.7% |
|
Ave Sold Price Per Square Foot |
$81 |
$88.08 |
-8.7% |
|
Ave Days on Market |
90 |
73 |
18.9% |
|
Note: Ave Days on Market = # days between listing
date & contract date. |
|
Current Inventory = # months to sell
current active listings on the market. |
|
% change compares 12 months of 2008 to only
6 months of 2009. |
|
|
Source: WFRMLS (This information is deemed to be reliable,
however WFRMLS & RealestatehomesUtah.com do not guarantee accuracy.) |
|
Report Date: Jul 3, 2009 |
Salt Lake |
Utah |
Davis |
Summit |
Wasatch |
Tooele |
Weber |
All Counties for Utah
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Ranked #1
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Barry J. Preusz
REALTOR®, Residential Specialist
7090 South Union Park Center, Ste 650
Midvale, Utah 84047
Office: (801) 253-6771
Click Here to Contact Us
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Rights Reserved
Utah Real Estate Market Activity Jan 1 - June 30 2009
Real estate statistics for Salt Lake County, Davis County,
Utah County, Summit County, Wasatch County, Weber County, Tooele
County, UT.
Salt Lake City, Utah Real Estate Services.
Serving Alpine, Alta, American Fork, Bluffdale, Bountiful, Cedar Hills, Centerville, Cottonwood Heights, Daybreak, Deer Valley, Draper, Eagle Mountain, Emigration Canyon, Farmington, Heber City, Herriman, Highland, Holladay, Kamas, Kearns, Layton, Lehi, Lindon, Magna, Mapleton, Midvale, Midway, Murray, North Ogden, North Salt Lake, Ogden, Orem, Park City, Payson, Pleasant Grove, Provo, Riverton, Salt Lake City, Salt Lake County, Sandy, Saratoga Springs, Snowbird, South Jordan, South Ogden, South Salt Lake, Spanish Fork, Springville, Sundance, Summit County, Taylorsville, Tooele, West Bountiful, West Jordan, West Valley, Woods Cross, Utah County.
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